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phil
April 22nd, 2014 at 7:52 pm
Skechers +12.4% AH after blowout Q1 results, sees more strength ahead
05:58 PM ET · SKX
• Skechers (SKX) +12.4% AH after easily beating Q1 earnings and revenue estimates despite the harsh winter, and CEO Robert Greenberg expects the positive trend to continue through Q2, as April ordering has been strong and backlog continues to grow.
• Other retailers have talked about excess inventory and the need to provide customer discounts, but SKX Q1 sales jumped 21% to $546M, including a double-digit increase to its wholesale customers both in the U.S. and abroad; comparable sales rose 5.6%, above the industry average, in its own stores.
• Sterne Agee’s Sam Poser says SKX has controlled inventory and expenses while introducing products such as shoes with Memory Foam, which will allow the company to increase average selling price by $5/pair while the feature would increase costs only by up to $0.50/pair.
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