Skechers USA saw first ever quarter with sales over $1 billion
Quarterly net sales increased 9.6 percent to $1.073 billion compared to first quarter 2016.
The growth was the result of a 16.8 percent increase in the company’s international wholesale business and a 12.8 percent increase in its company-owned global retail business which included comparable same store sales increases of 2.9 percent.
Additionally, the negative currency translation impact on its gross margins in its international wholesale and international company-owned retail businesses for the first quarter was $6.1 million.
The company’s domestic wholesale net sales were relatively flat compared to the first quarter of last year.
Gross profit for the first quarter was $476.5 million, or 44.4 percent of net sales, compared to $432.2 million, or 44.2 percent of net sales, for the first quarter of last year.
First quarter selling expenses increased $19.9 million to $73.8 million, or 6.9 percent of sales, compared to $53.9 million, or 5.5 percent of sales, in the first quarter of the prior year.
The increase was primarily due to increased international advertising and selling expenses.
General and administrative expenses for the first quarter increased $40.1 million to $282.5 million, or 26.3 percent of sales, compared to $242.3 million, or 24.8 percent of sales, in the prior year. ■
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