Record sales and first Scottish store for Skechers
Lifestyle footwear firm Skechers USA Inc has posted record results for its first quarter ended March 31.
Net sales for the quarter rose 11.6% to $384.9 million compared with $344.9 million for the same period in 2007. Net earnings were a record $32.8 million compared with $23.9 million.
Gross profit for the quarter of 2008 was $172.2 million, or 44.7% of net sales, compared with $149 million, or 43.2% of net sales, in the first quarter of last year.
Chief operating officer, David Weinberg, said: "We are pleased with our consistent growth and record earnings, and look to the coming year with an eye on further developing our domestic and international business in our existing markets and building our brand in the recently launched Brazil and China arenas, as well as growing our company-owned store base by another 20 to 25 locations – including our first in Scotland, which is opening this week."
The company now expects second quarter sales to be in the range of $350 million to $365 million.
