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SKECHERS Announces Second Quarter 2012 Financial Results

SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced financial results for the second quarter ended June 30, 2012.

Second quarter 2012 net sales were $384.0 million compared to $434.4 million for the second quarter of 2011. Second quarter 2012 net loss was $1.8 million or a loss of $0.04 per diluted share based on 49,296,000 weighted average common shares outstanding compared to a net loss of $29.9 million or a loss of $0.62 per diluted share based on 48,341,000 weighted average common shares outstanding for the second quarter of 2011.

"Results for second quarter 2012 show continued sales improvements with growth in our company-owned retail stores and in many of our heritage lines, as well as the new Skechers Performance Division," began David Weinberg, chief operating officer and chief financial officer. "The focus at this time last year was the clearing of excess toning inventory which is now substantially complete and allows us to capitalize on the strength of our brand by selling more full priced product while offering new lifestyle and performance looks. This has resulted in an increase in average selling price per pair in our domestic wholesale business. In our company-owned SKECHERS domestic concept stores, which are the first to receive our new products, we achieved low single-digit positive comp store sales and a high single-digit percentage pair increase."

For the six months ending June 30, 2012, net sales were $735.3 million compared to net sales of $910.6 million in the first six months of 2011. Net loss was $5.4 million or a loss of $0.11 per diluted share based on 49,281,000 weighted average common shares outstanding as compared to net a loss of $18.1 million or a loss of $0.38 per diluted share based on 48,292,000 weighted average common shares outstanding for the first six months of 2011.

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