Skechers USA Inc. continues to score big.
The Manhattan Beach, Calif.-based company reported net earnings of $51.1 million, or $1 per diluted share, for the third quarter ended Sept. 30. It was a major gain from last year, when the firm reported net earnings of $26.8 million, or 53 cents per share.
Analysts predicted that Skechers would earn 93 cents a share for the period.
The firm also reported a significant bump in net revenues, which were $674.3 million, a 30 percent increase over last year’s $515.8 million. Analysts predicted net sales would be $626.6 million for the quarter.
“The growth in the quarterly revenue came across our three key distribution channels. We achieved net sales increases of 18.5 percent in our domestic wholesale business, 60.6 percent in our international wholesale business, and 25 percent in our company-owned global retail business, which included an 11 percent increase in comparable net sales for the quarter on top of a double-digit increase last year in comparison to the third quarter in 2012,” COO and CFO David Weinberg said in a statement.
Skechers CEO Robert Greenberg added in the statement, “We are extremely proud of our three consecutive quarters of record revenues and increasing sales around the world. Our product focus is on target and we are providing consumers of all ages what they want, from both a fashion and comfort standpoint. Importantly, we are also engaging with our wide demographic [through our marketing].”