November 17, 2011, 1:23 PM

Web sales drop precipitously for Skechers in Q3

Year-to-date e-commerce revenue is also down 25%.

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Q3 web sales fell 25.4% for Skechers.

E-commerce sales continue to decline for shoemaker and retailer Skechers USA Inc.

For the third quarter ended Sept. 30, Skechers, No. 336 in the Internet Retailer Top 500 Guide reported:

  • Web sales of $4.4 million, a 25.4% drop from $5.9 million in Q3 2010.
  • Total sales dropped 25.7% to $412.2 million from $554.6 million.
  • Net earnings of $8.3 million, down 77.3% from net earnings of $36.6 million in Q3 2010.

Internet Retailer calculates that web sales comprised 1.1% of total revenue in the third quarter, the same as in Q3 2010.

“The decrease in revenues is primarily attributable to a combination of comparisons against a record third quarter 2010, the decline in higher-priced toning footwear and lower-than-expected sales across many of our other footwear lines,” says chief financial officer David Weinberg.

For the first three quarters Skechers also reported:

  • Web sales of $15.4 million, a 26.7% drop from $21.0 million in the first three quarters of 2010.
  • Total sales dropped 14.8% to $1.32 billion from $1.55 billion.
  • Net loss was $9.8 million compared with net income of $132.9 million in the first three quarters of 2010.

Internet Retailer calculates that web sales comprised 1.2% of total revenue in the first nine months quarter, compared with 1.4% in the prior year.

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