Record sales at Skechers
American footwear designer and developer Skechers USA, Inc. has posted record financial results for its fourth quarter—following record sales in the third quarter—and fiscal year ended December 31.
2006 net sales increased by 19.8% to $1.205 billion compared with $1.006 billion in 2005. Net earnings for the year were $71 million versus $44.7 million in 2005.
Net sales for the fourth quarter increased 36.2% to reach $304.5 million, compared with $223.5 million in the fourth quarter of 2005. Net earnings were $14.6 million versus $5.9 million in the fourth quarter of 2005.
Chief executive officer Robert Greenberg commented, “Many of our established fashion and street brands—which are only a few years old—such as 310 Motoring and Marc Ecko Footwear, are creating their own niches in the market place and are now becoming sought after and respected brands. We see these brands, along with our newer brands like Zoo York, as being key players in the footwear industry with strong growth potential.”
The company now expects first quarter 2007 net sales to be in the range of $325 million to $335 million.
