23.04.2014 01:53:14

Skechers Q1 Profit Surges; Shares Up 14% - Update

(RTTNews) - Footwear maker Skechers USA Inc. (SKX), Tuesday reported a surge in profit for the first quarter, driven mainly by a 21 percent revenue growth and a strong gross margin. Shares of the company jumped about 14 percent in after-hours trade, following the announcement.

Commenting on the results, David Weinberg, chief operating officer and chief financial officer said, "The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations."

The positive results came despite a late Easter and harsh winter throughout the U.S during the quarter, Weinberg added. "The sales results are attributable to double-digit increases in our domestic and international wholesale business, as well as increases in our worldwide company-owned retail business, which achieved a 5.6 percent comparable quarter net sales increase," he said.

California-based Skechers reported first-quarter profit of $31.0 million or $0.61 per share, up from $6.7 million or $0.13 per share last year.

On average, six analysts polled by Thomson Reuters estimated earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Skechers' revenues for the first quarter rose 21 percent to $546.5 million from $451.6 million last year. Six analysts had a consensus revenue estimate of $503.09 million for the quarter.

Gross margin for the quarter advanced to 44.0 percent from 42.7 percent last year.

SKX closed Tuesday's trading at $36.87, up $0.95 or 2.64%, on the NYSE. The stock further gained $5.21 or 14.13%, in the after-hours trade.

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