USA: Skechers Brand Reaches New Heights
Skechers USA Inc, a global leader in lifestyle footwear, today announced that net sales for the second quarter of 2001 increased 40.9 per cent to $230.9 million compared to $163.9 million in the second quarter of the previous year.
Net income rose 40.1 per cent to $16.8 million versus net income of $12.0 million in the second quarter of 2000.
For the six-month period ended June 30, 2001, net sales reached $458.4 million, a 54.2 per cent increase compared to sales of $297.2 million in the first six months of the prior year. Net income rose 81.0 per cent to $33.9 million, as compared to net income of $18.7 million in the first six months of the prior year.
Gross profit for the second quarter of 2001 increased 43.4 per cent to $99.2 million compared to $69.1 million in the second quarter of the prior year. Gross margin improved 80 basis points to 43.0 per cent versus 42.2 per cent in the second quarter of the prior year. Gross profit for the first six months of 2001 reached $198.5 million, or 43.3 per cent of sales versus $122.8 million, or 41.3 per cent of sales in the first six months of the prior year.
Michael Greenberg, president of Skechers stated: "We believe the Skechers brand is reaching new heights by gaining market share throughout each of its product categories. We also believe that we achieved solid results despite the difficult retail environment and look forward to continued growth in the back-to-school season and beyond. Supporting this outlook is our June 30, 2001 backlog increase of more than 50 per cent and our early July meetings with major retail accounts that told us, Skechers is a bright spot in a weak retail environment."
Mr Greenberg stated further: "We moved up our production cycle time and reduced our lead times, which resulted in the increase in inventory. Our inventory levels are on plan, which is evidenced by our overall commitment to inventory and production."
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