Gross profit for the first quarter of 2013 was $192.7 million or 42.7 percent of net sales compared to $155.7 million or 44.3 percent of net sales in the first quarter of last year.
“We believe the first quarter 2013 sales increase of more than 28 percent over the same period last year is an indication of the increased demand for our brand and our diverse product offering, which now includes the growing Skechers Performance Division. Additional indicators of the strength of our business are the 47 percent increase in pairs sold in our domestic wholesale channel and the 12.2 percent increase in comparable sales in our domestic and international Skechers stores, which are the first to receive our new product," stated David Weinberg, chief operating officer and chief financial officer. "Further, the sales growth was the result of double digit improvements in each of our business channels: domestic wholesale, international wholesale, company-owned retail stores, and e-commerce.”
Net earnings in the first quarter of 2013 were $6.7 million compared to a net loss of $3.7 million for the first quarter of 2012. Diluted net earnings per share were $0.13 based on 50,492,000 weighted average shares outstanding compared to a diluted loss per share of $0.07 based on 49,265,000 weighted average shares outstanding. It is important to note that the combination of two items negatively impacted earnings per share by $0.08 during the three month period ended March 31, 2013. First, a foreign currency translation pre-tax loss of $3.0 million occurred when the company’s short-term intercompany investments in its foreign subsidiaries were translated into U.S. dollars. Also during the first quarter, the company agreed to a pre-tax $2.5 million credit to an account that had purchased a significant portion of its excess toning inventory in 2011. The Company determined this was appropriate due to various issues relating to market conditions, pricing and the amount of toning inventory in the market place.
Robert Greenberg, Skechers chief executive officer, commented: “Skechers ’ strong sales are the result of the efforts of the many talented individuals from all sides of our business – product, marketing, sales, retail, international and logistics. Each year we strive to bring more innovation to our product offering, and be more efficient in delivering it to the right partners around the world. I believe that now, more than ever before, we have a well-balanced collection of product with relevant styles in each of our 15 showrooms. We offer consumers choices unlike any other footwear company: we are an award-winning performance brand, an in-demand kids brand, a brand for occupational service professionals, and a lifestyle brand with winter boots, summer sandals, memory foam sneakers and everyday casuals. Our consistent marketing efforts also sets us apart and drives sales. Along with a much-talked about Super Bowl commercial for Skechers GOrun 2, we aired 17 unique commercials for Spring during the first quarter, and backed it up with print, online, outdoor and in-store campaigns. Many of these same campaigns are translated and air in countries around the world – from Japan to Germany, from Panama to Russia to support our growing international business. We see the success of these campaigns with dedicated Skechers window displays – from Australia to Spain, from Turkey to the U.K. And we see it in our account meetings in our corporate offices in Manhattan Beach and as we visit stores across the U.S. We believe the enthusiasm for our brand is stronger than ever, and based on the growth in each category, we believe this excitement is across our diverse product platform. We are looking forward to the coming back-to-school season and what we believe will be a strong year for Skechers .”
Weinberg continued: "We ended 2012 with a very positive quarter, and we have begun 2013 with another strong quarter. Our expenses and fresh inventory are in line with our current business. While our cash did decline from year end, we believe this is primarily a timing issue, and our cash balance is now over $350 million. With Easter falling in the first quarter (this year) and the potential for back-to-school deliveries shifting into the third quarter, we expect growth to be significantly stronger in the third quarter than in the second quarter 2013. Based on the strong acceptance of the brand and the current demand for our product, we believe we are well positioned for growth."
Source Skechers through SportsOneSource
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