business
business

Skechers Swings to Q2 Loss

Results still beat analyst expectations.

business/news
skechers

A Skechers retail store.

Photo By Courtesy Photo

After surprising investors with a first-quarter profit, Skechers USA Inc. reversed its trajectory in the second quarter.
 
Skechers yesterday posted a net loss of $5.9 million, or 13 cents a diluted share, for the three months ended June 30 contrasted to earnings of $14.6 million, or 31 cents, in the year-ago period. The results beat analyst expectations of an average earnings decline of 18 cents a share.
 
Sales at the Manhattan Beach, Calif.-based company decreased by 16 percent to $299 million, versus $355 million in the second quarter of last year.
 
“Like many others, we too have been adversely affected by the economic climate, and have adjusted our inventory levels and expenses to meet the lower demand,” said David Weinberg, COO of Skechers, in a statement.
 
For the first half of the year, the company’s profits totaled $2.3 million, or 5 cents a diluted share, a 95 percent decrease from the first six months of 2008, while revenues were down 13 percent to $642.4 million.

load comments

ADD A COMMENT

Sign in using your Facebook or Twitter account, or simply type your comment below as a guest by entering your email and name. Your email address will not be shared. Please note that WWD reserves the right to remove profane, distasteful or otherwise inappropriate language.
News from WWD
Newsletters

Sign upSign up for WWD and FN newsletters to receive daily headlines, breaking news alerts and weekly industry wrap-ups.

LatestPublications
getIsArchiveOnly= hasAccess=false hasArchiveAccess=false