Skechers Comes Back Strong in Q1 on Big International Gains
Net income more than doubled to $98,573,000 from $49,101,000 on revenues that were up 15% (+12% constant currency) to a record $1,428,418,000 over $1,242,345,000 and were up 12% from the more normal Q1 ‘19.
On the heels of last weekend’s warning issued by the CPSC, Tread+ owner Shannon Albright has filed a proposed class action suit against Peloton in Sacramento, CA, federal court, claiming the treadmill has significant design flaws.
First quarter revenues expanded by 18% at the luxury outerwear brand to €365,459,000 ($440.4 mm) from €310,108,000 million and were up 21% in constant currency, driven by strong results from China, Korea and North America.
Net income for the first quarter was up 85% to SEK 447 million ($53.3 mm) from SEK 241 million on revenues that increased 46% to SEK 2,538 million ($302.6 mm) from SEK 1,744 million.
VFC promoted 20-year company veteran Matt Puckett to EVP and chief financial officer, succeeding Scott Roe, who is leaving in May after the end of its fiscal year.
Anta International Group Holdings has agreed to sell about 88 million shares in Anta Sports Products, of which it is the controlling shareholder, through a private placement.