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Skechers Boots the Third Quarter

Shoe manufacturer revises earnings downward, blaming soft back-to-school season

Published

22 years ago

September 11, 2002

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Skechers USA Inc. (Manhattan Beach, Calif.) has revised its estimates for the third quarter 2002, lowering its revenues expectation to below that of the third quarter 2001.

The company will release full results for the period ending Sept. 30, 2002, in late October.

“We attribute the revision in our third quarter estimates to the generally weak domestic retail sales environment within the apparel and footwear sectors,” said president Michael Greenberg. “Given the soft back-to-school season, our August sales were below our original expectations, as we did not generate the reorder volume that we had initially expected when we began the quarter.” Greenberg added a positive note, however: Sales within its international and company-owned retail divisions are running ahead of expectations.

The footwear manufacturer sells to department and specialty stores in more than 100 countries and operates about 80 retail and outlet stores of its own.

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