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Skechers' Q1 Sales Increase 6.2% To $221.5 Million
APRIL 22, 2004 --
Skechers USA's Q1 sales rose 6.2% to $221.5 million compared to $208.6 million in the first quarter of 2003. Net earnings for the quarter were $7.0 million versus net earnings of $8.5 million. Net EPS were $0.18 on 42,448,000 shares outstanding, above First Call consensus of $0.14 per diluted share, compared to net earnings of $0.22 per diluted share on 41,480,000 diluted shares outstanding in the first quarter of 2003.
Gross profit was $89.7 million compared to $90.3 million in the first quarter of last year. Gross margin was 40.5% compared to 43.3%. SG&A declined to 34.9% of sales from 35.8%.
"We are pleased with our first quarter 2004 results," began David Weinberg, CFO. "Compared to the same period last year, we increased sales, significantly reduced our inventory levels and ended with a cash balance in excess of $115 million dollars. We believe this improvement in our business, which began at the close of 2003, is a result of a growing demand for our product in the United States and in key international markets such as the United Kingdom and Germany. Our increased revenues are also the result of licensing royalties and additional retail stores, including the key locations of New York's Times Square and Las Vegas' Fashion Show Mall.
"We believe that the positive momentum across the majority of our business segments results from the many initiatives we undertook over the past year. We are encouraged by our Spring 2004 sales, the positive reaction to our back-to-school product, as well as the sell-throughs we are experiencing at our company-owned retail stores and our wholesale accounts. Based upon these indicators and our improved balance sheet, we believe that we will continue to see improved performance for the remainder of the year."
Robert Greenberg, CEO, said: "At this time last year and throughout 2003, our goal was to gain share of the global footwear market, increase sales and profitability, and reward stockholders over the long-term. We believe we are on track, having completed a great first quarter driven by exceptional product. We believe that this momentum will continue as many product and licensing initiatives implemented in 2003 reach the retail floor for back-to-school and fall 2004. Current plans include three new footwear lines: 310 Motoring, and Rhino Unlimited for men, and Rhino Red for women, the coordinating shoe lines for Ecko Unlimited and Ecko Red apparel."
It now expects Q2 sales to be in the range of $230 million to $240 million and EPS in the range of $0.12 to $0.17 per share.
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Categories
Back-to-school shopping
Sporting goods industry
Profits
Apparel manufacturing
Sales
Companies
Skechers USA Inc.
First Call Inc.
Concepts
net earnings
diluted share
retail stores
improved balance sheet
coordinating shoe lines
People
David Weinberg
Robert Greenberg
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