Net income in the first quarter was more than halved to $49,101,000 from $108,758,000 on 3% lower revenues of $1,242,345,000 down from $1,276,756,000, with declines in DTC and international wholesale partially offset by a 9% improvement in domestic wholesale. Adjusting for currency headwinds and acquisition-related charges, the bottom line would have been down 45% to $59.9 million. SKX shares slipped 3% in after hours trading on the results.
Direct-to-consumer got off to a solid start in 2020 with owned-store comps up 9.8% for the first two months, but comps tumbled as stores closed in Mar. to finish down 8.1% for the ... Log in to view full article.