Skechers U.S.A., Inc. (SKX) on April 21, 2016 announced financial results for the first quarter ended March 31, 2016.
First quarter 2016 net sales were $978.8 million compared to $768.0 million in the first quarter of 2015, an increase of 27.4 percent. Gross profit for the first quarter of 2016 was $432.2 million, or 44.2 percent of net sales, compared to $332.5 million, or 43.3 percent of net sales in the first quarter of 2015. Earnings from operations for the first quarter of 2016 were $138.6 million, or 14.2 percent of net sales, compared to net earnings from operations of $88.2 million, or 11.5 percent of net sales, for the first quarter of 2015.
“At no other time in the Company’s history have we been stronger across our many product categories, marketing initiatives and multiple distribution channels. The growing demand for our brand has resulted in record revenues of $978.8 million and earnings from operations of $138.6 million for the first quarter of 2016,” began David Weinberg, chief operating officer and chief financial officer. “These significant achievements are primarily the result of a 47.1 percent increase in our international wholesale business over the first quarter 2015, and a shift forward of some domestic and international orders into the first quarter due to the Easter timing. In addition, domestic wholesale sales increased 12.1 percent and our Company-owned retail sales increased by 23.2 percent with a 9.8 percent comp store sales increase over the prior year period. For the first time ever, our international business has grown to be our largest segment—with international wholesale representing 42.9 percent and international wholesale and retail representing 47.7 percent of our total sales. To meet the increased demand, we are investing in our infrastructure, including improved efficiencies in our European Distribution Center, which allowed us to achieve a record three million pairs shipped in a month during February. With the completion of our European Distribution Center expansion to one million square feet in the second quarter of 2016, and with the automation to be fully completed later this year, we expect to be even more efficient in our largest market outside of the United States.”
Net earnings in the first quarter of 2016 were $97.6 million compared to net earnings of $56.1 million for the first quarter of 2015. Net earnings per diluted share in the first quarter 2016 increased 72.5 percent to $0.63 based on 154.8 million weighted average shares outstanding compared to a diluted net earnings per share of $0.37 based on 153.4 million weighted average shares outstanding for the same period in the prior year.
Skechers U.S.A., Inc. earnings per share showed an increasing trend of 65.9% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 254%.Analysts project EPS growth over the next 5 years at 20%. It has EPS annual growth over the past 5 fiscal years of 10.2% when sales grew 9.4. It reported 27.4% sales growth, and 72.5% EPS growth in the last quarter.
The stock is trading at $31.17, up 26.91% from 52-week low of $24.56. The stock trades down -42.84% from its peak of $54.53 and 31.63% above the consensus price target of $41.03. Its volume clocked up at 2.39 million shares which is lower than the average volume of 2.9 million shares. Its market capitalization currently stands at $4.84B.
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