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HotPix 2010
MR's Annual look at interesting companies that might be under your radar, as published in the April 2010 issue. Click here to browse.
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Strong top-line growth has propelled Skechers back into profit in its second quarter.
Second quarter 2010 net sales increased 68.9% to US$504.9m. Earnings from operations for the period reached $58.8m compared to a loss from operations of $7.7m in the second quarter of 2009. Net earnings were $40.2m versus a net loss of $5.9m in the same period last year.
"Our second quarter net sales of over $500m are a first in our 18-year history. In addition, we achieved record second quarter operating income, net earnings and earnings per diluted share on the heels of a record first quarter," said David Weinberg, chief operating officer and chief financial officer. "The significant revenue growth is attributable to strong operational execution and product development and delivery across our domestic and international wholesale and retail channels, as well as via our e-commerce platform. We believe our momentum is being meaningfully supported and enhanced by our continued marketing efforts globally."
For the six months ended 30 June2010, net sales were $997.6m compared to net sales of $642.4m n the first six months of 2009. Net earnings were $96.5m, compared to net earnings of $2.3m in the first six months of 2009.
Robert Greenberg, CEO, said: "We reached a new revenue milestone with our first ever quarterly net sales of over $500m and nearly $1bn for the first six months of 2010. This growth is a significant achievement given that the US retail market has only slightly improved from last year.
“The combination of our strong position and product momentum has resulted in continued penetration in the footwear market and increasing demand for our Skechers brand both in the United States and around the world.”
