Skechers Swings to Loss in Q2, but Sees Recovery Coming
Net loss in the second quarter was $68.1 million against a profit of $75.2 million last year, as sales tumbled 42% to $729.5 million from $1,258.6 million, including a 47% falloff in U.S. sales and a 38% drop from international as the pandemic closed stores as it spread to the west. There were a couple of bright spots from the recovering Chinese market, where sales increased 12%, and from the company’s own e-commerce sales, which more than quintupled. But overall, the revenue picture was pretty grim, with a 30% drop in international wholesale and a 57% plunge in domestic wholesale. ... Log in to view full article.