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Increased sales raises Skechers' net income

February 22, 2007|From Reuters

Shoemaker Skechers USA Inc. reported a better-than-expected quarterly profit, boosted by higher sales of its fashion footwear.

Fourth-quarter net income rose to $14.6 million, or 33 cents a share, from $5.9 million, or 14 cents, a year earlier.

Skechers, which was sued for trademark infringement by Asics Corp. last month, said sales rose about 36% to $304.5 million.

Analysts on average had expected the company to earn 31 cents a share on revenue of $298.4 million, according to Reuters Estimates.

Skechers, based in Manhattan Beach, has been benefiting in recent quarters from a shift in consumer tastes to sleeker, European-style shoes.

The company said it expected 2007 sales of $325 million to $335 million, and it forecast earnings of 50 cents to 55 cents a share for the year.

Skechers shares climbed 93 cents to $36.43.

For The Record
Los Angeles Times Friday February 23, 2007 Home Edition Main News Part A Page 2 National Desk 1 inches; 45 words Type of Material: Correction
Skechers earnings: An article in Business on Thursday said shoemaker Skechers USA Inc. expected 2007 sales of $325 million to $335 million and earnings of 50 cents to 55 cents a share. The forecast was for the first quarter of 2007, not the entire year.

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