SKECHERS Posts Q2 Loss

(RTTNews) - SKECHERS USA, Inc. (SKX) Thursday reported second-quarter net loss of $68.1 million or $0.44 per share, compared to net income of $75.2 million or $0.49 per share last year.

Sales for the quarter dropped 42% to $729.5 million from $1.26 billion last year.

Analysts polled by Thomson Reuters expected loss of $0.66 per share on revenues of $659.68 million. Analysts' estimates typically exclude one-time items.

Sales decreased 42 percent as a result of a 37.8 percent decrease in its international business and a 47.3 percent decrease in the company's domestic business, reflecting the impact of the global pandemic.

The company's international sales declines were partially offset by an 11.5 percent increase in China sales. The company's international wholesale business decreased 29.9 percent and its domestic wholesale business decreased 57.2 percent.

"Despite the challenges of the second quarter, we are optimistic about the early-stage recovery we are seeing in much of our business, including a return to growth in China and the explosive growth of our e-commerce channel," said John Vandemore, chief financial officer of Skechers.