Skechers Rocks Digital With 428% Second-Quarter Growth
Despite a staggering 42% sales slowdown in the second quarter, Skechers (NYSE: SKX) beat analyst estimates and posted a 428% increase in company-owned e-commerce sales.
Net sales in the shoe company's second quarter, which ended June 30, were $730 million, and the net loss was $68 million. Diluted loss per share was $0.44. The Chinese market, were stores reopened earlier, grew 11.5%. The company ended the quarter with $1.56 billion in cash, cash equivalents, and investments. Selling, general, and administrative expense decreased $73 million as management effectively curtailed capital expenditures during the quarter.
Image source: Skechers.
Source Fool.com
