Net income slipped 20% to $59,535,000 from $74,107,000 in the second quarter pulled down by increased investments in international expansion even as revenues soared 17% to $1,025,934,000 from $877,810,000 and gross margins were strong at 47.6%, up 20 basis points. Skechers is full speed ahead on international, where it sees good opportunities everywhere in contrast to a shaky U.S. market afflicted by shrinking floorspace and retail bankruptcies.
Sales at Skechers’ largest segment, international wholesale, jumped 19% boosted by both J.V. and distributor businesses. Israel and South Korea transitioned from distributors to J.V.s and Central/Eastern Europe began shipping as a subsidiary in ... Log in to view full article.