Heelys posts fivefold rise in Q1 profit

US: Heelys posts fivefold rise in Q1 profit

By just-style.com | 9 May 2007

Heelys Inc, the maker of wheeled shoes, has reported a five-fold increase in first quarter profit, exceeding both internal and external expectations.

For the three months ended 31 March net income soared 399% to $8.5m versus $1.7m a year ago, while net sales increased 262% to $49.4m from $13.7m. Diluted earnings per share rose to $0.30 from $0.07 last year

Mike Staffaroni, president and chief executive officer of Heelys, said: "We are very pleased with our recent financial performance, as well as our efforts to further heighten our brand recognition and increase our presence at retail."

He Staffaroni added: "While we have grown rapidly over the past 12 months, we believe significant growth prospects still lie ahead."

For the second quarter of fiscal 2007, the company expects net sales to range from $65-70m and diluted earnings per share to be between $0.37 and $0.40.

Sectors: Finance, Footwear

Companies: Heelys