Downturn in the USA affects Skechers’ Q4 sales
Having posted record results for the first three quarters of 2007, fourth quarter sales at American lifestyle footwear brand Skechers slipped to $302 million from $304.5 million (fourth quarter of 2006) as a result of a downturn in the USA.
Despite this decline in the final quarter, fiscal year 2007 net sales increased 15.7% to reach $1.394 billion, up from $1.205 billion in 2006.
Commenting on the results, chief financial officer Fred Schneider said: “We are pleased with our record annual sales of just under $1.4 billion and three record sales quarters and increased profitability during 2007, the result of successfully growing our business worldwide. Our international business grew significantly during the fourth quarter, which offset the closing of some underperforming brands and a decrease in our domestic business resulting from the slow US retail climate, enabling us to deliver nearly flat fourth quarter revenues.”
