Gross profit for the second quarter of 2013 was $194.9 million or 45.5 percent of net sales compared to $171.3 million or 44.6 percent of net sales for the second quarter of last year.
"The strong increase in second quarter sales is the result of double-digit gains in both our international wholesale and company-owned retail businesses as well as the single-digit improvements in our domestic wholesale division. Our 45.5 percent gross margins are the result of improvements in our company-owned retail stores and international subsidiary businesses combined with the expected decrease in international distributor sales, which carry lower gross margins," began David Weinberg, chief operating officer and chief financial officer. "Further, the demand for our fresh product also resulted in a 16.5 percent increase in domestic and international comp store sales, a leading indicator of the underlying strength of our product offerings. We are particularly pleased with the growth given that Easter fell into the first quarter this year as opposed to the second quarter last year, and that we achieved gains despite the unseasonably cooler Spring temperatures in the United States and many other regions."
Net earnings in the second quarter of 2013 were $7.1 million compared to a net loss of $1.8 million for the second quarter of 2012. Diluted net earnings per share were $0.14 based on 50,497,000 weighted average shares outstanding compared to diluted net loss per share of $0.04 based on 49,296,000 weighted average shares outstanding for the same period last year.
For the six months ended June 30, 2013, net sales were $879.9 million compared to net sales of $735.3 million in the first six months of 2012. Gross profit for the first six months of 2013 was $387.6 million or 44.1 percent of net sales, compared to $327.0 million or 44.5 percent of net sales for the first six months of 2012. Earnings from operations for the first six months of 2013 were $32.5 million, compared to a loss from operations of $5.9 million for the same period last year.
Net earnings in the first six months of 2013 were $13.8 million compared to net a loss of $5.4 million in the same period last year. Diluted net earnings per share were $0.27 based on 50,494,000 weighted average common shares outstanding compared to a net loss of $0.11 based on 49,281,000 weighted average common shares outstanding for the first six months of 2012.
Robert Greenberg, Skechers chief executive officer, commented: “In June, we hosted our 21st annual Global Sales Conference for our domestic, international and retail teams to review our products, and we have spent much of this month in key account meetings at our corporate offices doing the same. The positive feedback we have received in these meetings is unlike any we have previously experienced. We believe this is due to a more diversified product balance. With strong offerings throughout our footwear lines, we now have many key product successes, including Skechers Relaxed Fit, which crosses into our lifestyle athletic and casual divisions. This increased product balance has allowed us to redefine many of our lines and grow our divisions through new offerings, including the year-round extension of our charitable line BOBS, which reached the five million pair donation mark in June, and the expansion of our award-winning Skechers Performance Division, which has grown into a solid business. We continue to support our brands with numerous men’s, women’s and kids television campaigns, and for Back to School, many of the same commercials will be shown around the world to support our global business. We are now seeing the impact of our key product initiatives and marketing support taking hold around the world. Based on the reaction at our recent key account meetings and current performance in the market, we believe the momentum we are experiencing will continue through this year and into next year.”
Weinberg added: “We believe the first six months of 2013 with improved sales, gross margins and earnings are an indication of the financial performance we will achieve in the back half of the year. Our return to profitability, cash balance of $333.0 million, and in-line inventory levels are indicators of our determination to efficiently manage our business. We are experiencing exceptional sell-throughs on the broadest assortment of key product in our company’s history. We are looking forward to delivering the remainder of our fall product offerings, and launching the next phase of our development for a successful holiday and Spring 2014.”
By press release through SportsOneSource
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