Manhattan Beach, CA—Skechers USA recorded a stronger fourth quarter profit, boosted by a double-digit revenue hike and more robust gross margins.
On Wednesday afternoon, the footwear and accessories company posted net income of $14.2 million, or 28 cents a share, compared with income of $4 million, or 16 cents a share, a year ago. That was well ahead of analysts’ estimate for 8 cents a share.
Net sales rose 14% to $450.7 million ahead of analysts’ forecast for $448.58 million. Comp sales at its own retail stores rose 12.8%.
For the full year, the company’s revenues rose 18.3% to $1.846 billion, with gross margins rising from 43.8% to 44.4% and net profit hitting $54.8 million, up from $9.5 million in 2012.
CEO Robert Greenberg said Skechers’ “more diversified product approach resulted in strong sales across our distribution channels. We weathered the unseasonably cold winter in the Midwest and Northeast thanks to one of our strongest boot collections, and the unseasonably warm weather in the West thanks to one of our strongest sport collections.”
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