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Skechers Q1 profit climbs 68.3% YOY

Skechers U.S.A. Inc. said its first-quarter normalized net income came to 49 cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS climbed 66.8% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $75.6 million, an increase of 68.3% from $44.9 million in the prior-year period.

The normalized profit margin increased to 7.7% from 5.8% in the year-earlier period.

Total revenue climbed 27.5% year over year to $981.4 million from $769.9 million, and total operating expenses climbed 23.6% year over year to $842.9 million from $681.7 million.

Reported net income rose 71.8% from the prior-year period to $97.5 million, or 63 cents per share, from $56.8 million, or 37 cents per share.