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Skechers Q1 profit climbs 74.6% YOY

Skechers USA Inc. said its normalized net income for the first quarter amounted to 29 cents per share, compared with the S&P Capital IQ consensus estimate of 34 cents per share.

EPS climbed 73.6% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $44.9 million, an increase of 74.6% from $25.7 million in the prior-year period.

The normalized profit margin rose to 5.8% from 4.7% in the year-earlier period.

Total revenue climbed 40.1% on an annual basis to $769.9 million from $549.5 million, and total operating expenses rose 36.0% year over year to $681.7 million from $501.4 million.

Reported net income increased 81.4% from the prior-year period to $56.3 million, or 37 cents per share, from $31.0 million, or 20 cents per share.