Strong margins and tight expense controls helped Skechers USA Inc. achieve record sales and earnings during its fourth fiscal quarter.
For the period ended Dec. 31, the Manhattan Beach, Calif.-based company reported net earnings of $27.9 million, or 58 cents a diluted share, compared with a loss of $20.4 million, or 44 cents, a year ago. Sales during the quarter grew by more than 30 percent to $388.6 million, versus $298.1 million for the same period of 2008.
David Weinberg, COO and CFO, said in a statement that the company was looking to grow even further in the months ahead. “Our backlog is up 40 percent … over the prior year, combined domestic and international store comps increased 17.4 percent for the fourth quarter, and we are just completing five weeks of pre-lines with key accounts, which reacted very positively to our new product.”
For the company’s fiscal-year 2009, net earnings were $54.7 million, or $1.16 a share, compared with $55.4 million, or $1.19, in 2008. Sales were flat at $1.45 billion, versus $1.44 billion for the prior year.
