Skechers Earnings Exceed Expectations

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Higher shoe sales, both domestically and internationally, enabled Skechers USA Inc. to report first quarter earnings that exceeded Wall Street expectations.

After Wednesday’s market close, the Manhattan Beach manufacturer reported net income of $56.3 million ($1.15 a share), compared with $8.2 million (18 cents) a share a year ago. Revenue rose 44 percent to nearly $493 million.

Analysts surveyed by Thomson Reuters on average were expecting per-share profit of $1.05 on revenue of more than $459 million.

The company said strong April sales indicate that its sales momentum should continue through the year. Gross margins were 48.2 percent of sales, compared with 36.5 percent last year.

“We believe that our decisive actions in 2009, including the continued development of new product and consistent marketing efforts, resulted in our accelerated growth,” Chief Executive Robert Greenberg said in a statement, noting the success of the company’s new ad campaign featuring retired Hall of Fame quarterback Joe Montana.

Shares were down $1, or 2.5 percent, to $39.30 in midday trading on the New York Stock Exchange.

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