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Skechers moves back into profit

Skechers saw first quarter sales fall 11% to $342.5 million (£231.6m) but the footwear brand moved back into profit.

Net earnings for the quarter were $8.2m (£5.5m) against $32.8m (£22.1m) in the first quarter last year. Gross profit was $125.4m (£84.6m) down from £172.2m (£116.2m) for the same period last year.

Skechers said it had focused on reducing inventory and expenses in the first quarter in an effort to return to profitability in the second half.

Skechers chief executive Robert Greenberg said: “Skechers continues to be a global leader in making incredible looking, great feeling and reasonably priced shoes for men, women and kids. Both our Skechers footwear and fashion street brands are relevant, and our many accounts around the world know that we will support our brands with a multiple approach to marketing and deliver product that consumers want.”

“We are focusing on maintaining our position in the domestic and international markets by offering stylish product at a good value.”

Fred Schneider, chief financial officer of Skechers added: “In spite of an extremely weak global retail environment, we were profitable in the first quarter and showed significant improvement over the fourth quarter of 2008. This demonstrates the continued strength and relevance of the Skechers brand.”

“We are continuing to monitor our expenses and inventory levels to ensure maximum profitability in this soft economic environment, which we believe will continue to negatively impact our business.”


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