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Wednesday, November 11, 2009 |
Skechers posts an exceptionally strong third quarter online
Shoe manufacturer and retailer Skechers USA Inc. turned in a strong third quarter e-commerce performance.
For the third quarter ended Sept. 30, Skechers reported:
- Web sales increased 47.9% to $7.1 million from $4.8 million.
- Total sales grew 0.6% to $405.4 million from $403.1 million.
- Retail sales increased 20.2% to $95.3 million from $79.3 million.
- U.S. comparable-store sales increased 7.8%.
- The web accounted for 1.8% of total revenue compared with 1.2% in the prior year.
- Domestic wholesale revenue decreased 10.1% to $202.9 million from $225.6 million.
- International wholesale revenue increased 7.2% to $100.1 million from $93.4 million.
- Net earnings were $24.2 million compared with $28.2 million in the prior year.
“The increased third quarter revenue was driven by growth within our international business and double-digit improvement in our retail channel, as well as strong growth in our online business,” Skechers chief operating officer David Weinberg told Wall Street analysts on a recent earnings call.
For the first three quarters:
- Web sales increased 10.4% to $14.8 million from $13.4 million.
- Total sales decreased 8.8% to $1.04 billion from $1.14 billion.
- Retail sales increased 7.8% to $227.5 million from $211.1 million.
- U.S. comparable-store sales decreased 1.1%.
- Domestic wholesale revenue decreased 16% to $544.4 million from $647.9 million.
- International wholesale revenue decreased 3% to $262.1 million from $270.3 million.
- Net earnings were $26.7 million compared with $75.7 million in the prior year.
“The reaction by consumers to our fall product has been exceptional,” says Skechers CEO Robert Greenberg. Skechers is No. 373 in the Internet Retailer Top 500 Guide, (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name).
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