Skechers USA Inc. swung to a fourth quarter profit as the shoemaker reported a large increase in the sales of its women’s shoes.
The Manhattan Beach company reported net income of $4 million (8 cents a share) compared with a loss of $58 million ($1.18) for the same period a year earlier. Revenue rose 40 percent to $396 million.
Last year, the company was struggling to sell excess inventory of its toning shoes. Since then, the company has shifted emphasis to other casual footwear and performance running shoes that are selling better.
The company reported double-digit growth in the sales of its men’s and kid’s divisions, and triple-digit growth in the sales of its products for women.
Skechers Chief Executive Robert Greenberg announced plans to open 30 to 35 company-owned stores this year.
“With a cash position of $326 million and inventory levels in line with our projected growth, we believe we are well positioned for growth across all our platforms,” Greenberg said in a statement.
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