Skechers USA Inc. (SKX) Tops Q1 EPS by 20c
Skechers USA Inc. (NYSE: SKX) reported Q1 EPS of ($0.07), $0.20 better than the analyst estimate of ($0.27). Revenue for the quarter came in at $351.3 million versus the consensus estimate of $336.39 million but are down from $476.2 million in the first quarter of 2011.
"We believe our first quarter 2012 results represent a solid performance as we delivered more fresh product, which resulted in an increase in average price per pair of 5.8 percent compared to the first quarter of 2011. We also had a 40 percent decrease in total pairs sold in the first quarter of 2012 due to the clearing of excess toning inventory at reduced prices in the prior year period. In our company-owned SKECHERS concept stores, which are the first to receive new product across all of our divisions, we achieved positive comp store sales in dollars and a double digit percentage increase in pairs sold. With more full-price product at market, our gross margin percentage improved significantly compared to the first quarter of 2011," stated David Weinberg, chief operating officer and chief financial officer.
"We believe our first quarter 2012 results represent a solid performance as we delivered more fresh product, which resulted in an increase in average price per pair of 5.8 percent compared to the first quarter of 2011. We also had a 40 percent decrease in total pairs sold in the first quarter of 2012 due to the clearing of excess toning inventory at reduced prices in the prior year period. In our company-owned SKECHERS concept stores, which are the first to receive new product across all of our divisions, we achieved positive comp store sales in dollars and a double digit percentage increase in pairs sold. With more full-price product at market, our gross margin percentage improved significantly compared to the first quarter of 2011," stated David Weinberg, chief operating officer and chief financial officer.
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