Skechers USA Rebounds to 2nd-Quarter Profit
Skechers USA Inc. swung to a second-quarter profit because of improved control over inventory and expenses, as well as higher same-store sales.
Net income for the Manhattan Beach-based shoe company was $8.3 million, or 21 cents a share, contrasted with a loss of $2.1 million, or 6 cents a share, for the same period a year earlier.
The results beat estimates by analysts polled by Thomson First Call, who expected 17 cents a share.
Sales in the latest quarter rose 2% to $234.7 million from $229.3 million. To expand its customer base and shelf space, Skechers said it was also launching three new footwear lines -- Rhino Red, Rhino Unlimited and 310 Motoring -- and planned to sell Skechers sleepwear and underwear.
Skechers’ chief financial officer, David Weinberg, said in a statement that a strong worldwide backlog gave the company confidence as it began the second half of the year. Skechers expects to earn 15 to 20 cents a share in the third quarter.
Shares of Skechers USA gained $1.17 to close Thursday at $13.10 on the New York Stock Exchange. The stock has risen 61% this year.
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