• Q1 profit of 33m versus $7.6m
  • Sales grows 21% to $546.5m
  • Gross margin improves to 44%

Skechers USA has seen its first-quarter profit increase more than four-fold, on the back of double-digit sales growth and higher margins. 

Net earnings reached US$33m in the three months to 31 March, compared to $7.6m in the year before.

Sales grew 21% to $546.5m from $451.6m last year, driven by increases in its domestic and international wholesale units, as well as growth in its worldwide company-owned retail business.

Gross margin improved to 44% over 42.7% in the prior year period.

"The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations," said COO and CFO David Weinberg.

This, he added, was achieved despite Easter falling late in April and the extreme cold weather experienced in most of the US throughout the quarter.

Skechers noted that April has started off "very strong" in terms of order rates, revenues and backlogs, all which have accelerated since year end.

"We believe this positive trend will continue through the second quarter and back half of the year as the demand for our key product initiatives in the US, Asia, Europe, the Middle East and South America remains very high," added Weinberg.