Home / Knowledge / News / Fashion / SKECHERS Q2 sales in line with expectations
SKECHERS Q2 sales in line with expectations
23
Jul '09
SKECHERS USA Inc, a global leader in lifestyle footwear, announced financial results for the second quarter ended June 30, 2009.

Second quarter 2009 net sales were $299.0 million and the net loss was $5.9 million. In the second quarter of 2008, we had net sales of $354.6 million, a record for second quarter net sales, and net earnings of $14.6 million. Second quarter loss per diluted share was $0.13 based on 46.3 million weighted average shares outstanding as compared to net earnings per diluted share of $0.31 based on 46.8 million weighted average shares outstanding in the second quarter of 2008.

“Our second quarter 2009 sales are in line with our recent expectations in light of today's soft retail environment,” began Fred Schneider. “Our revenues continue to be negatively impacted by the weakness in the global economy, yet we have reacted in a strategic and aggressive manner to these challenges by continuing to focus on managing our inventory and expenses, and further strengthening our product offering and balance sheet.

While we continued to experience margin pressure in the early part of the quarter, margins improved in June and we believe our inventory is now clean. In addition, our expenses are in line with our current business. Importantly, we are maintaining our position in the global footwear market and we currently expect to be profitable in the second half of the year.”

For the six months ended June 30, 2009, net sales were $642.4 million compared to net sales of $739.5 million in the first six months of 2008. Net earnings were $2.3 million, compared to net earnings of $47.5 million in the first six months of 2008. Net earnings per diluted share in the first six months of 2009 were $0.05 per share on 46.4 million diluted shares outstanding versus net earnings of $1.02 per share on 46.7 million diluted shares outstanding for the same period last year. Included in diluted earnings per share for the first six months of 2009 is a $1.9 million reduction in income tax expense or $0.04 per share adjustment recorded in the first quarter that relates to the prior year.

Gross profit for the second quarter of 2009 was $122.6 million or 41.0 percent of net sales compared to $157.2 million or 44.3 percent of net sales in the second quarter of last year. Gross profit for the first six months of 2009 was $248.0 million or 38.6 percent of net sales versus $329.4 million or 44.5 percent of net sales in the first six months of 2008.

Robert Greenberg, SKECHERS chief executive officer, commented: "We just completed three weeks of product review with our key accounts and are pleased with the reaction to our Spring 2010 collections for each of our brands. Though many of these accounts continue to feel the impact of the weak economy, we believe they are looking to SKECHERS to meet their immediate needs and for the coming Spring season due to the relevance of our styling and the value we offer consumers.


Must ReadView All

Last-minute changes in USMCA keeps lid on e-com

Textiles | On 18th Oct 2018

Last-minute changes in USMCA keeps lid on e-com

Eleventh hour changes to a new trade deal torpedoed US hopes of...

Courtesy: Haggar

Apparel/Garments | On 18th Oct 2018

Haggar uses Repreve fibre made of recycled water bottles

Haggar, a US based apparel brand established in 1926, has recycled...

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

Textiles | On 18th Oct 2018

Revenue from RIL petrochemicals soars 56.2% in Q2FY19

The revenue from the petrochemicals segment of Reliance Industries...

Interviews View All

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Rahuul Jashnani, Jashn

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Tejas N Patel, Navin D Patel,

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search