Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Total sales for the shoe manufacturer decreased 3% on the year
A renewed focus on expanding product offerings and a strong 2012 fourth quarter helped shoe manufacturer Skechers USA Inc. rebound from an underwhelming 2011 fiscal year.
- For the year ended Dec. 31, Skechers, No. 441 in the Internet Retailer Top 500 Guide, reported:
- Online sales were $21.9 million, a 9.0% increase from $20.1 million in 2011.
- Total sales were $1.56 billion, down 3.1% from $1.61 billion.
- Net earnings for 2012 of $10.5 million compared with a net loss of $67.5 million in 2011.
- E-commerce sales made up 1.4% of net sales in 2012 compared with 1.3% in 2011.
“2012 was a remarkable year for Skechers,” says Robert Greenberg, chief executive officer. “We grew our existing product divisions, broadened our offering to consumers with several new product lines, established an award-winning performance division and further grew our heritage business.”
The company expects to remain profitable in 2013. “2012 marked a return to profitability with growth in all of our revenue channels in the fourth quarter,” says David Weinberg, chief operating officer and chief financial officer. “With backlogs up double digits for our combined domestic and international wholesale businesses, and a strong start to the first quarter, we are confident that our growth trend will continue in 2013.”
For the fourth quarter:
- Skechers did not break out Q4 web sales in its annual report filed recently with the U.S. Securities and Exchange Commission. But based on earlier year-to-date sales, Internet Retailer calculates web sales in the fourth quarter rose 38.3%, to $6.5 million from $4.7 million in the fourth quarter of 2011.
- Total sales were $395.6 million, a 39.7% increase from $283.2 million in the fourth quarter of 2011.
- Net earnings of $3.96 million compared with a net loss of $57.66 million in the fourth quarter of 2011.
Based on the above calculations, the web accounted for 1.6% of total Q4 sales in 2012 and 1.7% in 2011.