That’s billion, with a b — in one quarter — and that’s net sales.
Skechers USA Inc. has beat expectations and reported second-quarter sales that set records for the company. Highlights include:
- Record second quarter net sales of $1.026 billion, an increase of 16.9 percent
- Record six month net sales of $2.099 billion, an increase of 13.0 percent
- Gross margins of 47.6 percent for the second quarter and 46.0 percent for the six months
- Net earnings decreased 19.7 percent to $59.5 million, or 38 cents a share.
“Second quarter net sales exceeded our expectations setting another record quarter, and making the first half of 2017 a new record with sales surpassing $2 billion,” said David Weinberg, chief operating officer and chief financial officer, in a statement.
“The growth came across our three distribution channels—with double-digit increases in our company-owned global Skechers retail business, and each of our international distributor, subsidiary and joint venture businesses, as well as a mid-single-digit increase in our domestic wholesale business. Further, in the second quarter of 2017 in our domestic wholesale business, we shipped 11.4 percent more pairs while our average price per pair decreased 4.5 percent.”
According to SGB Media, the Q2 2017 net sales jump of 16.9 percent to $1.026 billion (compared to Q2 2016) is a result of a 6.4 percent increase in the company’s domestic wholesale business, an 18.6 percent increase in the company’s international wholesale business, and a 28.0 percent increase in its company-owned global retail business, which included comparable same store sales increases of 7.1 percent.
Gross profit for Q2 2017 increased to $488.3 million, or 47.6 percent of net sales, compared to $416.3 million, or 47.4 percent of net sales, for the second quarter of last year.
You can read the full report at SGB Media. When you clown Skechers, just remember how much money the company is making.