Skechers’ Q1 sales up by 11.2%
Skechers USA, Inc., designer, developer and marketer of a diverse range of footwear for men, women and children, has announced financial results for the first quarter ended March 31, 2005. Net sales rose 11.2% to $246.2 million compared to $221.5 million in the first quarter of 2004. Net earnings were $10.3 million versus net earnings of $7.0 million in the first quarter of the prior year.
Gross profit for the first quarter of 2005 was $101.2 million compared to $89.7 million in the first quarter of last year. Gross margin was 41.1% for the first quarter of 2005 compared to 40.5% in the first quarter of 2004. Selling, general and administrative expenses declined slightly to 34.3% of net sales in the first quarter of 2005 compared to 34.8% of net sales in the first quarter of 2004.
"Our reported net sales of $246.2 million for the first quarter of 2005 represent our highest first quarter revenues in the company's nearly 13-year history, and the fifth consecutive quarter of year-over-year top-line increases," said David Weinberg, chief financial officer of Skechers USA, Inc.
Key Spring 2005 styles in each Skechers’ product lines produced double digit sell-throughs and remain strong going into the second quarter. The fashion brands, including the newly launched Marc Ecko Footwear and 310 Motoring, are also finding their place in the market. To support Skechers and fashion brands, the company launched targeted marketing campaigns that included print, television and outdoor mediums.
The company now expects second quarter 2005 sales to be in the range of $245 million to $255 million.
