Increased sales raises Skechers’ net income
Shoemaker Skechers USA Inc. reported a better-than-expected quarterly profit, boosted by higher sales of its fashion footwear.
Fourth-quarter net income rose to $14.6 million, or 33 cents a share, from $5.9 million, or 14 cents, a year earlier.
For the record:
12:00 a.m. Feb. 23, 2007 For The Record
Los Angeles Times Friday February 23, 2007 Home Edition Main News Part A Page 2 National Desk 1 inches; 45 words Type of Material: Correction
Skechers earnings: An article in Business on Thursday said shoemaker Skechers USA Inc. expected 2007 sales of $325 million to $335 million and earnings of 50 cents to 55 cents a share. The forecast was for the first quarter of 2007, not the entire year.
Skechers, which was sued for trademark infringement by Asics Corp. last month, said sales rose about 36% to $304.5 million.
Analysts on average had expected the company to earn 31 cents a share on revenue of $298.4 million, according to Reuters Estimates.
Skechers, based in Manhattan Beach, has been benefiting in recent quarters from a shift in consumer tastes to sleeker, European-style shoes.
The company said it expected 2007 sales of $325 million to $335 million, and it forecast earnings of 50 cents to 55 cents a share for the year.
Skechers shares climbed 93 cents to $36.43.
