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Skechers Q1 net sales $546.5 million

SkechersSkechers USA, Inc. announced financial results for the first quarter ended March 31, 2014. Net sales were $546.5 million compared to $451.6 million in the first quarter of 2013.

Gross profit for the first quarter of 2014 was $240.4 million, or 44.0 percent of net sales, compared to $192.7 million, or 42.7 percent of net sales, in the first quarter of 2013.

Earnings from operations for the first quarter of 2014 were $48.2 million compared to earnings from operations of $15.3 million for the first quarter of 2013. Due to Easter falling later in Spring, the Company shifted a portion of its advertising expenses into the second quarter 2014, reducing its media expenses in the first quarter 2014.

Net earnings in the first quarter of 2014 were $31.0 million compared to net earnings of $6.7 million for the first quarter of 2013. Net earnings per diluted share in the first quarter 2014 were $0.61 based on 50.8 million weighted average shares outstanding compared to a diluted net earnings per share of $0.13 based on 50.5 million weighted average shares outstanding for the same period in the prior year.




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