• Q3 net profit increases 49% to US$36.4m
  • Sales surge 36.8% to $554.6m
  • Warns of rising inventories after over-booking

Footwear company Skechers USA registered earnings and sales surges in the third quarter, but warned that its inventories were above target thanks to cancelled orders.

“The continued demand for our diverse product offering resulted in growth across our domestic and international wholesale and retail channels,” said David Weinberg, Skechers COO and CFO.

“While the demand for our product remains high and we continue to experience growth in many categories, including toning, several accounts over-booked for back to school and cancelled orders, resulting in more inventory than initially planned.

“We expect to strategically work through this newer inventory at reasonable margins over the next six months or so.”