In its second-largest acquisition, Amazon buys the company for $970 million.
Skechers USA Inc. hot footed its way to strong online sales growth in 2009 even as total revenue remained flat. E-commerce revenue increased year over year 24.9% as total revenue declined 0.7%.
Skechers USA Inc. hot footed its way to strong online sales growth in 2009 even as total revenue remained flat.
For the year ended Dec. 31, Skechers, No. 373 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 24.9% to $22.6 million from $18.1 million in 2008.
- Total sales decreased 0.7% to $1.43 billion from $1.44 billion in the prior year.
- Retail sales increased 13.7% to $321.9 million from $283.1 million in 2008.
- U.S. comparable-store sales increased 3.7%.
- Domestic wholesale revenue decreased 5.4% to $763.5 million from $807.0 million from the previous year.
- International wholesale revenue decreased 1.2% to $328.5 million from $332.5 million in 2008.
- Net earnings were $50.9 million compared with $53.5 million in the prior year.
Internet Retailer calculates the web accounted for 1.6% of total sales in 2009 compared with 1.3% in 2008.“Although it remains a small part of our total business, our e-commerce revenue improved significantly for the quarter and the year,” Skechers chief operating officer David Weinberg told Wall Street analysts on the company’s recent year-end earnings call. “We are investing in improved software and redesigning the shopping experience to be more user-friendly and pleasant for consumers.”
For the fourth quarter Skechers also reported:
- Web sales increased 66.0% to $7.8 million from $4.7 million in the fourth quarter of 2008.
- Total sales grew 30.4% to $388.6 million from $298.1 million in the previous year.
- Retail sales increased 41.5% to $321.9 million from $227.5 million.
- The company didn’t report U.S. comparable-store sales.
- Domestic wholesale revenue increased 37.7% to $219.1 million from $159.1 million in the fourth quarter of 2008.
- International wholesale revenue increased 8.5% to $143.7 million from $132.5 million in the fourth quarter of 2008.
- Net earnings were $27.9 million compared with a net loss of $20.4 million in the prior year.
Internet Retailer calculates the web accounted for 2.0% of total sales compared with 1.6% in Q4 2008. “We are taking a proactive approach to our e-commerce business through redesign and an increased presence on social media sites,” says CEO Robert Greenberg. “We believe we are in a strong position from a product, marketing, distribution and financial standpoint as we begin the year.”