Skechers USA Inc. announced Wednesday that it swung to a first quarter profit as sales increased for its performance footwear.
After the markets closed, the Manhattan Beach company reported net income of $6.7 million (13 cents a share) compared with a loss of $3.7 million (7 cents a share) in the same quarter a year ago. Revenue rose 29 percent to $452 million.
The company said it had double digit sales increases in each of its business segments: domestic wholesale, international wholesale, company-owned retail stores and e-commerce. The company noted growth in its performance division, which makes athletic shoes.
Chief Executive Robert Greenberg said the strong sales were due to product offerings as well as the company’s advertising strategy.
“I believe that now, more than ever before, we have a well-balanced collection of product with relevant styles,” Greenberg said in a statement. “Our consistent marketing efforts also set us apart and drive sales.”
Shares earlier closed down 1 percent to $21.41 in Wednesday trading on the New York Stock Exchange. Shares rose 3 percent to $22.06 in after-hours trading.