US: Skechers Q1 profit surges on soaring sales
- Q1 net profit US$56.3m ($8.2m)
- Sales up 43.5% to $492.8m
- Strong April sales “have continued momentum”
Footwear company Skechers USA recorded a huge increase in first quarter profit thanks to a 43.5% surge in sales.
The company said first quarter net earnings were US$56.3m, compared to $8.2m for the same period last year.
Sales were $492.8m, while operating income surged to $81m from $6.2m last year.
“We believe challenging times, such as the past couple of years, present opportunities,” said Robert Greenberg, Skechers CEO.
“We believe that our decisive actions in 2009, including the continued development of new product and consistent marketing efforts, resulted in our accelerated growth, improved profitability and a growing buzz about Skechers in the first quarter.”
Greenberg said the company had registered “strong” April sales in its wholesale and international businesses, along with double-digit retail store comps.
“We believe our momentum will continue throughout the year,” he said.
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