The Manhattan Beach, Calif., company reported a net loss of $68.1 million, or 44 cents a share, compared with a profit of $75.2 million, or 49 cents, in the year-earlier quarter.
Revenue totaled $729.5 million, down 42% from $1.26 billion in the year-ago quarter.
Analysts surveyed by FactSet projected a GAAP loss of 74 cents a share, or an adjusted loss of 67 cents, on revenue of $653.3 million.
Skechers, like so many other retail businesses, has suffered severely from the coronavirus pandemic, which has shut stores and kept would-be buyers at home.
“The impact of Covid-19 to Skechers’ business was significant in the second quarter, as we saw much of the world outside Asia shutter nearly all businesses,” Skechers Chief Operating Officer David Weinberg said in a statement.
But he added a positive note.
“We remain optimistic about the early signs of recovery we witnessed during the quarter, including a return to growth in China, consistent improvement each month in some markets outside of China, and record shattering growth of over 400% in our company-owned e-commerce business,” Weinberg said.
He cited sales improvement in Australia, Germany, South Korea and Taiwan too.
More than 90% of Skechers’s stores have reopened. As of June 30, the company’s cash, cash equivalents and investments totaled $1.56 billion, up $524.5 million from Dec. 31.
Skechers shares at last check Friday traded off 0.2% at $31.02 after trading as high as $34.01, up 9.5%. The stock has dropped 26% year to date.