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Skechers slips into the red

Footwear brand Skechers posted a net loss of $5.9 million (£3.57m) for the second quarter ended June 30 against a profit of $14.6m (£9m).

Skechers sales over the quarter also fell back by 15.6% to $299m (£180.9m).

The company said in a statement that its results were in line with expectations given the soft retail market.

“We are beginning to see positive improvements in our domestic and international sales trends, and our new product offerings have been well received and are testing well.”

Robert Greenberg, chief executive, Skechers

For the six months to June 30 sales fell 13% to $642.4m (£388.6m). Net earnings were $2.3m (£1.39m) over the six months against net earnings of $47.5m (£28.7m) for the same period in 2008.

Skechers chief executive Robert Greenberg said: “We just completed three weeks of product review with out key accounts and are pleased with the reaction to our spring 10 collections for each of our brands. Though many of these accounts continue to feel the impact of the weak economy, we believe they are looking to Skechers to meet their immediate needs and for the coming spring season due to the relevance of our styling and the value we offer consumers.”

“The last year has been a difficult one for many companies, retailers and consumers around the globe. Like many other, we too have been adversely affected by the economic climate, and have adjusted our inventory levels and expeses to meet the lower demand.”

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