Lifestyle footwear company Skechers USA, Inc. (SKX) Wednesday reported a decline in profit for the third quarter, primarily reflecting the absence of a tax benefit recorded in the third quarter of fiscal 2008. However, both earnings and revenues came in ahead of analysts' consensus.
Net earnings attributable to the company for the third quarter declined to $24.46 million or $0.52 per share from $28.29 million or $0.60 per share in the previous year. On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimated typically exclude special items.
Net sales for the quarter rose to $405.37 million from $403.16 million a year ago. Analysts estimated revenues of $384.80 million.
Gross profit for the third quarter of 2009 was $183.7 million, compared to $171.5 million in the third quarter of 2008. Gross margin was 45.3% for the third quarter of 2009, compared to 42.5% in the third quarter of 2008.
Operating expenses for the quarter increased to $151.70 million from $147.37 million in the previous year. Selling expenses were $41.24 million, compared to $40.91 million and general and administrative expenses increased to $110.45 million from $106.46 million last year.
The company reported an income tax expenses of $10.17 million for the third quarter, compared to a tax benefit of $3.64 million in the previous year due to an advance pricing agreement reached with the Internal Revenue Service.
For the nine-month period, net earnings declined to $26.75 million or $0.57 per share from $75.77 million or $1.62 per share in the same period of the previous year. Net sales for the period declined to $1.05 billion from $1.14 billion last year.
SKX closed Wednesday's regular trading at $21.62, down 0.65 or 2.92%, on a volume of 1.41 million shares on the NYSE. In after hours, the stock gained 1.08 or 5.00%, trading at 22.70.
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