US: Sales surge nets Q4 profit for Skechers
Author: just-style.com | 18 February 2010
- Q4 net profit US$27.9m, versus $20.4m loss
- FY profit down 1.3% to $54.7m
- Focuses on international growth in 2010
A fourth quarter sales surge of more than 30% helped footwear company Skechers to post a net profit of US$27.9m, up from a $20.4m loss in the same period last year.
The US company said sales had risen by 30.4% to $388.6m in the three months to 31 December, boosted by a 17.4% comparable store sales increase for its US and international stores.
Full-year net sales edged down 0.3% to $1.44bn, while net earnings fell 1.3% to $54.7m.
Skechers COO and CFO David Weinberg hailed the fourth quarter figures as “a significant achievement in a difficult economic environment”, and attributed it to careful expense management, retail strength and improved sell-through.
Company CEO Robert Greenberg said Skechers was well-positioned for continued growth, thanks to a 40% increase in backlog at the end of 2009 and positive reactions to new products.
“We are keenly focused on growing our international business, and believe our newly added international subsidiaries in South America and distributors in Mexico and India have strong potential, as we have only scratched the surface in these countries,” he added.
“We will also build on our meaningful retail base with more new stores in the United States and markets in Europe, and we are taking a proactive approach to our e-commerce business through redesign and an increased presence on social media sites.”
Skechers is also due to break ground on its new 1.8m sq ft distribution centre in California during the first half of 2010, the company said.
Sectors: Finance, Footwear, Retail
Companies: Skechers
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