E-commerce revenue dropped 17.1% in Q3, but is up 42% for the year.
It was a tough third quarter online for Skechers USA Inc., but year-to-date e-commerce revenue is up by a healthy margin.
For the third quarter ended Sept. 30, Skechers, No. 354 in the Internet Retailer Top 500 Guide, reported:
- Web sales decreased year over year 17.1% to $5.8 million from $7.0 million.
- Total sales increased 36.8% to $554.6 million from $405.4 million in the third quarter of 2009.
- Retail sales increased 17.4% to $111.8 million from $95.2 million.
- Net earnings grew year over year 48.6% to $36.4 million from $24.5 million.
In its recently filed third quarter earnings report with the U.S. Securities and Exchange Commission, Skechers didn’t give a reason for the year-over-year decrease in web sales. The company said it was satisfied with its overall performance in the third quarter. “Our third quarter net sales of over $550 million represent a new quarterly record,” says chief financial officer David Weinberg.
Internet Retailer calculates the web accounted for 1% of total sales compared with 1.7% in the third quarter of 2009.
For the first nine months, Skechers reported:
- Web sales increased year over year 41.9% to $21.0 million from $14.8 million.
- Total sales increased 49% to $1.55 billion from $1.04 billion in the first three quarters of 2009.
- Retail sales increased 32.5% to $301.4 million from $227.5 million.
- Net income was up year over year by 395.9% to $132.9 million from $26.8 million.
Internet Retailer calculates the web accounted for 1.4% of total sales, the same as in the first three quarters of 2009.