US: Skechers' “remarkable year” ends in Q4 profit
- Q4 net profit US$4m, versus $57.7m loss
- Net sales up 39.7% to $395.6m
- CEO expects strong H1 in 2013
Footwear business Skechers returned to profit in the company’s fourth quarter and full-year results, ending what its CEO dubbed a “remarkable” year for the company.
A surge in sales in the fourth quarter restricted the full-year sales decline to 2.9%, reaching US$1.56bn, while Skechers recorded a full-year net profit of $9.5m, compared to a loss of $67.5m in 2011.
David Weinberg, Skechers COO and CFO, said there had been improvements across all revenue channels in the fourth quarter, highlighting 72% growth in the company’s domestic wholesale business.
Men’s and children’s footwear recorded double-digit growth, but were outstripped by triple-digit growth for women’s lines.
Describing 2012 as a “remarkable year”, CEO Robert Greenberg said: “Our focus and execution have translated into a strong fourth quarter, and as we continue to grow our businesses around the world, we believe this positive momentum will continue and we will experience a strong first half of 2013.”
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