Sales up 30% at Skechers
Lifestyle footwear brand Skechers has posted results for its fourth quarter ended December 31.
Net sales for the fourth quarter rose 30.4% to $388.6 million compared with $298.1 million during the fourth quarter of 2008. Net earnings totalled $27.9 million compared with a net loss of $20.4 million in the fourth quarter of 2008, while gross profit rose to $189.3 million compared with $95 million.
Sales for 2009 were $1.436 billion compared with $1.441 billion in 2008, while net earnings were $54.7 million compared with $55.4 million in 2008.
Robert Greenberg, chief executive officer, said: "We are all aware of the global economic challenges in 2009, but for Skechers the year was a particularly exciting one as we successfully took advantage of new opportunities to grow our business with fresh styles and product lines that brought our brand into new stores and increased our shelf space in many others. We believe our record third and fourth quarters in such difficult economic times is a true testament to the strength of our brand and our product.”
He added: “We are keenly focused on growing our international business, and believe our newly added international subsidiaries in South America and distributors in Mexico and India have strong potential as we have only scratched the surface in these countries. We will also build on our meaningful retail base with more new stores in the United States and markets in Europe.”
