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Losses narrow at Skechers

US footwear brand Skechers has narrowed its losses in the second quarter of this year, posting a loss of $1.8m (£1.16m) for the three months to June 30.

Skechers, which posted a loss of $29.9m (£19.3m) in the same quarter last year, said the results were due to clearing its excess inventory of toning shoes and increasing its emphasis on full-priced lines.

Gross profit margin also rose significantly to 44.6%, up from 33% a year ago.

However, although the company cut its losses, net sales fell 11% to $384m (£247.7m), down from $434.4m (£280.2m) in the second quarter of 2011.

Chief operating and chief financial officer David Weinberg said: “The focus at this time last year was the clearing of excess toning inventory. This is now substantially complete and allows us to capitalize on the strength of our brand by selling more full-priced product, while offering new lifestyle and performance looks. This has resulted in an increase in average selling price per pair in our domestic wholesale business.”

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