Footwear firm Skechers USA has swung to a first-quarter profit, helped by strong sales.
The Manhattan Beach, California based company said net earnings in the three months to March 31 were $6.7 million compared to a net loss of $3.7 million the year before.
Net sales jumped 28.6% to $451.6 million from $351.3 million, with double digit improvements in each of its channels, including domestic wholesale, international wholesale, company-owned retail stores, and e-commerce.
Gross profit for the quarter was $192.7 million or 42.7% of net sales compared to $155.7 million or 44.3% of net sales last year.
CEO David Weinberg described the sales hike as “an indication of the increased demand for our brand and our diverse product offering, which now includes the growing Skechers Performance Division.
“Additional indicators of the strength of our business are the 47% increase in pairs sold in our domestic wholesale channel and the 12.2% increase in comparable sales in our domestic and international Skechers stores, which are the first to receive our new product.”
He added: “Based on the strong acceptance of the brand and the current demand for our product, we believe we are well positioned for growth.”