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SKECHERS Announces Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: SKX

SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

Net sales for the fourth quarter of 2012 were $395.6 million compared to $283.2 million in the fourth quarter of 2011. Earnings from operations in the fourth quarter of 2012 were $8.0 million compared to a loss from operations of $103.1 million in the fourth quarter of 2011. Net earnings for the fourth quarter of 2012 were $4.0 million compared to a net loss of $57.7 million in the fourth quarter of 2011. Net earnings per diluted share in the fourth quarter of 2012 were $0.08 based on 50.3 million weighted average shares outstanding compared to net loss per diluted share of $1.18 based on 48.9 million weighted average shares outstanding in the fourth quarter of 2011. Gross profit for the fourth quarter of 2012 was $168.5 million compared to $112.6 million in the fourth quarter of 2011. Gross margin in the fourth quarter 2012 was 42.6 percent versus 39.8 percent for the fourth quarter of 2011. Income tax expense was $3.0 million or 44.7 percent for the fourth quarter of 2012.

“For the 2012 fourth quarter, sales increased more than 39 percent over the same period in 2011 as we saw improvements across all of our revenue channels, including a 72 percent increase in our domestic wholesale business,” began David Weinberg, chief operating officer and chief financial officer. “This strong domestic wholesale growth plus low double-digit positive comp store sales in our company-owned SKECHERS retail stores and a 30 percent increase in our international business are evidence of the broad acceptance of our new product offerings. With each of our new and established lines driving sales, domestically, both our men's and kids’ divisions experienced double-digit growth, while our women's division saw triple-digit growth.”

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