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SKECHERS COO satisfied with Q2 performance

24
Jul '08
SKECHERS USA Inc, a global leader in lifestyle footwear, announced financial results for the quarter ended June 30, 2008.

Net sales for the second quarter of 2008 were $354.6 million compared to $352.2 million in the second quarter of 2007. Net earnings for the quarter were $14.6 million versus net earnings of $14.9 million in the second quarter of 2007. Net earnings per diluted share were $0.31 on 46.8 million diluted shares outstanding versus diluted earnings per share of $0.32 on 46.8 million diluted shares outstanding for the second quarter of 2007.

“Our record second quarter revenues of $354 million are in line with our expectations and the guidance we gave a few months ago,” stated Fred Schneider, chief financial officer of SKECHERS. “We are especially pleased with our continued strong international sales, and believe that we will continue to see growth in key areas around the world. While we did not experience domestic wholesale growth in the quarter, SKECHERS wholesale sales in the U.S. were slightly better than anticipated, which we feel is meaningful given the very soft retail environment.

Our company-owned retail business has also been impacted by the weak domestic economy, with sales essentially flat on an increased store base. Our profitability is also in line with our expectations, and our balance sheet remains extremely strong, allowing us to continue to execute our growth plans both domestically and internationally.”

For the six months ended June 30, 2008, net sales increased 6.1 percent to $739.5 million compared to net sales of $697.1 million in the first six months of 2007. Net earnings were $47.5 million, compared to net earnings of $38.8 million in the first six months of 2007. Net earnings per diluted share in the first six months of 2008 were $1.02 per share on 46.7 million diluted shares outstanding versus $0.84 per share on 46.8 million diluted shares outstanding for the same period last year.

Gross profit for the second quarter of 2008 was $157.2 million compared to $152.0 million in the second quarter of 2007. Gross margin was 44.3 percent for the second quarter of 2008 compared to 43.2 percent in the second quarter of 2007. Gross profit for the first six months of 2008 reached $329.4 million or 44.5 percent of net sales versus $301.1 million or 43.2 percent of net sales in the first six months of 2007.

Robert Greenberg, chief executive officer of SKECHERS, said: “At just 16 years old, we are young compared to many other global footwear companies, yet we are a top brand in both market share and awareness, and we are continuing to grow.

In fact, a recent NPD poll tracked the top footwear brands by sales in 10 major categories, and SKECHERS appeared in 6 of these categories, more than any other brand, including the No. 1 position in Juniors' Men, Juniors' Women and Low Performance Footwear.

This is an important indication of the strength of the SKECHERS brand in the United States. We believe consumers remain committed to a brand that delivers both style and comfort, and our accounts remain committed to a brand they know will deliver the right footwear at a good price and provide marketing support for their product.


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