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SKECHERS Announces Third Quarter 2012 Financial Results

Stocks in this article: SKX

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

Net sales for the third quarter of 2012 were $429.4 million, compared to $412.2 million in the third quarter of 2011, and income from operations was $20.3 million, compared to $2.2 million in the third quarter of 2011. Net earnings for the quarter were $11.0 million compared to net earnings of $8.3 million in the third quarter of 2011. Net earnings per diluted share for the third quarter were $0.22 on 49.9 million diluted shares outstanding, compared to net earnings per diluted share of $0.17 on 49.4 million diluted shares outstanding for the third quarter of 2011.

"During the third quarter, sales improved in our domestic wholesale division, company-owned retail stores and international distributor businesses as a result of growth in many of our men's, women's and kids’ lines, including strong sales in our expanding Performance division. Also, our company-owned SKECHERS domestic concept stores achieved low double-digit positive comp store sales for the entire quarter, a positive market indicator for the acceptance of our new product offerings," began David Weinberg, chief operating officer and chief financial officer. "The only revenue channel which did not increase during the third quarter was our international subsidiary division, which was adversely affected by a combination of the very challenging economic retail environment in Europe and the Euro exchange rate, as well as declining toning sales in comparison to the prior year period. However, we are now seeing an overall positive trend within our largest international subsidiaries."

Mr. Weinberg continued: “It is also important to note that currency translations reduced our net income by $1.4 million during the quarter, which reduced our after-tax diluted earnings per share by approximately $0.02. Also of note, we increased our total sales between the second and third quarters by 12 percent while general and administrative expenses remained relatively flat. We believe we will continue to further leverage our infrastructure positively in 2013.”

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