Skechers USA Inc. reported Wednesday afternoon a robust first quarter with net earnings that rose more than sixfold on a 44 percent rise in revenues.
The firm reported net earnings of $56.3 million, or $1.15 a diluted share, versus a profit of $8.2 million, or 18 cents, last year. Results in the latest quarter easily surpassed analysts’ average earnings per share estimate for $1.03.
Net sales jumped to $492.8 million from $343.5 million a year ago.
“The significant revenue growth in our domestic and international wholesale and retail channels, increased profitability and much improved margins are evidence that we continue to grow market share in the global footwear market,” David Weinberg, Skechers COO and CFO, said in a statement. “We believe our momentum is the result of our strong product offering, backed by targeted marketing efforts, strong execution and increased brand awareness globally.”