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Branded footwear marketer Skechers Q2 sales go up 12.5%

28 Jul '05

4 min read

Award-winning & leading global lifestyle footwear retailer SKECHERS USA Inc announced financial results for the second quarter ended June 30, 2005.

Net sales for the second quarter of 2005 rose 12.5 percent to $263.9 million compared to $234.7 million in the second quarter of 2004. Net earnings for the quarter were $15.9 million versus net earnings of $8.3 million in the second quarter of 2004.

Net earnings per diluted share were $0.38 on 44,120,000 diluted shares outstanding, above First Call consensus of $0.25 per diluted share, and 81.0 percent higher than net earnings per diluted share of $0.21 in the second quarter of 2004.

"Much like their record first quarter 2005 sales, their reported second quarter net sales of $263.9 million represent their highest second quarter revenues in the Company's history," began David Weinberg, chief financial officer of SKECHERS USA Inc. "This marks the sixth consecutive quarter of year-over-year top-line quarterly increases, a clear testament to the continued strength of their brands."

For the six-month period ended June 30, 2005, net sales were $510.1 million compared to net sales of $456.2 million in the first six months of 2004. Net earnings were $26.2 million, compared to net earnings of $15.4 million in the first six months of 2004. Net earnings per diluted share in the first six months of 2005 were $0.62 versus net earnings per share of $0.39 for the same period last year.

Gross profit for the second quarter of 2005 was $111.5 million compared to $95.2 million in the second quarter of 2004. Gross margin was 42.3 percent compared to 40.6 percent in the second quarter of 2004. Gross profit for the first six months of 2005 reached $212.0 million, or 41.6 percent of sales versus $184.9 million, or 40.5 percent of sales in the first six months of 2004.

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