Skechers Q4 Profit Up on Strong Sales

Celebrating Valentine’s Day: Skechers’ SKCH Plus 3 wedge

Celebrating Valentine’s Day: Skechers’ SKCH Plus 3 wedge

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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Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com