USA: Skechers Announces 'Record' Q1 Results
Footwear firm Skechers USA Inc today announced record financial results for the first quarter ended 31 March 2002.
Net sales rose 7.7 per cent to $244.9 million compared to $227.5 million in the first quarter last year, and net earnings increased 18.6 per cent to $20.3 million, up from $17.1 million.
Gross profit for the first quarter of 2002 was $102.5 million compared to $99.3 million in the first quarter of the prior year.
Michael Greenberg, president of Skechers USA, commented: "Internationally, Skechers is quickly gaining momentum. For the remainder of 2002, our plans are to intensify our presence in those European countries where we have assumed direct control of our distribution. We have already taken a direct role with regard to our distribution in Spain."
He said the company was raising its earnings per share guidance for fiscal 2002 to $1.69.
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