Skechers Posts Strong Earnings in Billion-Dollar Q4
The bottom line swung to a profit of $47.4 million in the fourth quarter against a loss of $66.7 million last year that included a $100 million Tax Act charge, as revenues gained 11% to $1,080.8 million from $970.6 million. Constant currency, sales would have been up 14%. Gross margin was up 90 basis points to 47.7% on higher domestic margins from better pricing and mix that was partially offset by negative foreign exchange effects. SG&A increased $32.1 million but leveraged 130 b.p. as a percent of sales, with the additional spending split between China expansion, supporting 47 additional retail ... Log in to view full article.