For you SKX fans....
Skechers USA 1st-Quarter Net 22 Cents/Share
Skechers USA Inc. - Manhattan Beach, Calif. 1st Quar March 31: 2003 2002 Sales $208,593,000 $244,949,000 Net income 8,461,000 20,278,000 Avg shrs (diluted) 41,480,000 38,172,000 Shr earns Net income .22 .53 Skechers USA Inc. (SKX) beat a Thomson First Call consensus estimate of 8 cents a share, which was based on a survey of eight analysts. Revenue also came in ahead of a consensus estimate of $200.5 million.
Skechers said its earnings were higher than expected in the latest first quarter because a portion of its advertising shifted to the second quarter as a result of the late Easter Holiday. Advertising expenses for the first quarter made up about 6% of sales.
The footwear company believes that the second-quarter advertising expenditures should be about 10% of sales, and the forecast for the first half of 2003 will be about the 8% to 10% of sales that the company traditionally dedicates to advertising.
The company said it took an aggressive inventory stance in late 2002 and early 2003 in anticipation of a better retail environment and to supply its new units and growing number of retail stores. But Skechers ended the quarter with inventory levels higher than plan because the anticipated orders didn't materialize. The company believes its business continues to be hurt by the overall economic and political environment, apprehensive consumer spending and reduced retail activity.
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