Sneaker maker Skechers USA Inc (NYSE:SKX) has seen its quarterly revenue pass the US$1bn mark for the first time in its history, thanks in part to strong growth in international markets.
The NYSE-listed firm said its sales for the first quarter ending March 31 rose by 9.65% to US$1.07bn, beating market expectations for US$1.06bn.
Skechers said the sales increase was driven by 16.8% growth in its international wholesale business, as well as a 12.8% rise in its global retail business.
However, the group’s comparable sales in the quarter were only up 2.9%, missing analysts’ expectations for a 3.7% rise, with its US wholesale net sales relatively flat compared to last year.
Skechers’ earnings for the three-month period fell by 3.7% year-on-year to US$94mln, or 60 US cents per diluted share, but that still beat forecasts for US$84.2mln, or 52.5 US cents per share.
Skechers expects another revenue record next quarter
The company said that it expects another revenue record next quarter, forecasting net sales of between US$950mln-US$970mln, which would represent its strongest second-quarter sales figure ever.
It is also forecasting earnings per share of 42 US cents-47 US cents next quarter.
Skechers chief executive Robert Greenberg said: “We’ve come a long way since our first billion dollar year, and our first retail store in Manhattan Beach, but we plan to accomplish much more in product design, marketing and distribution.”
In pre-market trading, Skechers shares, which have fallen by 13.5% over the past 12 months, gave up earlier gains to edge 0.2% lower to US$26.10.