Net income jumped 23% to $121,223,000 in the first quarter on 27% revenue growth to a record $1,819,594,000 versus $1,434,455,000 for the period ended March 31. Skechers’ top and bottom-line gains were accomplished despite a challenging environment in the APAC region and persistent higher unit freight costs that lowered the period’s gross margin to 45.3% from 47.8% in the year-ago period. No sales orders were pulled forward into Q1 from other periods, management confirmed to analysts. Product price increases are forecast to help minimize the gross margin contraction as the fiscal year proceeds.
Wholesale revenues rose 33% to $308.2 million, led ... Log in to view full article.