• Q3 net profit slumps 77% to US$8.3m
  • Net sales down 25.7% to $412.2m
  • Blames comparisons with record quarter

Tough comparatives with last year and falling sales led to a haemorrhaging of third quarter profit at footwear company Skechers USA.

Company COO and CFO David Weinberg pointed to growth across much of Skechers’ international business, but admitted: “The decrease in revenues is primarily attributable to a combination of comparisons against a record third quarter 2010, the decline in higher-priced toning footwear, and lower than expected sales across many of our other Skechers footwear lines.”

He added that the company expected to continue to face “challenges” in the fourth quarter, but said: “We are pleased with the strides we have made to better position our business for 2012.”

Skechers CEO Robert Greenberg said: “Last year we were experiencing record sales growth as the leaders of an explosive new category.

“This year we are leveraging that learning – both in product development and distribution.”