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BUSINESS
July 23, 2004 | Dawn Wotapka, Times Staff Writer
Skechers USA Inc. swung to a second-quarter profit because of improved control over inventory and expenses, as well as higher same-store sales. Net income for the Manhattan Beach-based shoe company was $8.3 million, or 21 cents a share, contrasted with a loss of $2.1 million, or 6 cents a share, for the same period a year earlier. The results beat estimates by analysts polled by Thomson First Call, who expected 17 cents a share. Sales in the latest quarter rose 2% to $234.7 million from $229.
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BUSINESS
August 18, 2013 | By Ronald D. White
Trendy footwear maker Skechers USA Inc., trying to overcome the controversy from its toner shoes, is increasing its modest gains from last year and so far outrunning Wall Street's expectations this year. The Manhattan Beach company has posted profits in the last two quarters that exceed last year's total earnings. Its second-quarter net income of 14 cents a share blew past analysts' expectations of 3 cents, on average. Robert Greenberg and his son, Michael, co-founded Skechers in 1992 after the elder Greenberg built L.A. Gear into the world's third-largest footwear giant with $1 billion in sales in 1990 before it slumped and he was pushed out. In the hip teenager lingo of the time, a skecher was someone who was antsy and couldn't sit still.
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BUSINESS
April 27, 2006 | From Reuters
Skechers USA Inc. posted a 61% jump in first-quarter profit as the footwear maker benefited from higher U.S. wholesale and retail sales. The Manhattan Beach-based company said net income for the quarter ended March 31 was $16.6 million, or 38 cents a share, compared with $10.3 million, or 25 cents, a year earlier. Sales rose 13% to $277.6 million, helped by new fashion and street brands such as Kitson, Siren by Mark Nason and 310 by a rapper known as the Game.
BUSINESS
May 7, 2013 | By Stuart Pfeifer, Los Angeles Times
A San Fernando Valley jeweler agreed to plead guilty to a conspiracy charge and return nearly $1.3 million in stock-trading gains he made from allegedly illegal tips provided by a former partner at accounting giant KPMG. Bryan Shaw, 52, of Lake Sherwood admitted in a plea agreement that he conspired with KPMG's Scott London to trade in the stocks of the accounting firm's clients. The pair were longtime friends who enjoyed golfing together. In addition to forfeiting his ill-gotten gains, Shaw faces a maximum sentence of five years in federal prison and a fine, the Justice Department said.
BUSINESS
October 27, 2005 | From Times Staff and Wire Services
* Footwear maker Skechers USA Inc. said its third-quarter profit doubled because of improved sales and managed costs. The Manhattan Beach-based company's net income jumped to $12.6 million, or 30 cents a share, compared with $6 million, or 15 cents, in the same period last year. Earnings were in line with Wall Street's expectations. Sales rose 5.9% to $272.8 million. * 21st Century Insurance Group reported net income of $21.1 million, or 25 cents a share, in the third quarter, compared with $24.
BUSINESS
May 23, 2007 | From Times Staff and Wire Reports
The chief executive of Skechers USA Inc. told employees in an e-mail that reports of a possible buyout of the footwear company were "disruptive." But CEO Robert Greenberg sidestepped telling workers outright whether the media speculation was true. Women's Wear Daily reported this week that a private equity firm was considering buying Manhattan Beach-based Skechers as well as Genesco Inc. and merging the two.
BUSINESS
June 15, 1999 | Stephen Gregory
Suits and Shoes: A Manhattan Beach competitor of the trendy Dr. Martens line of shoes, boots and sandals sued the brand's parent company and U.S. distributor Monday in Los Angeles over claims that the purveyor of footwear for the self-consciously hip knowingly bills products "Made in England" that contain components fabricated in Asia. Skechers USA Inc., which filed the suit in U.S. District Court in Los Angeles, accused Dr. Martens' parent, London-based R. Griggs Group, and Dr.
BUSINESS
April 11, 2013 | By Stuart Pfeifer
One of the most damaging pieces of evidence in the case against former KPMG senior partner Scott London, charged with criminal insider trading, is a photograph that allegedly shows London accepting an envelope stuffed with cash from his friend, a jeweler named Bryan Shaw. Federal prosecutors say London gave secret financial information about two Southern California companies to Shaw in exchange for thousands of dollars. Prosecutors said Shaw made more than $1 million in illegal profits through trades on the two companies, Herbalife Ltd. and Skechers USA Inc. Full coverage: KPMG auditor accused of insider trading London, 50, who spent more than two decades as an auditor for the accounting powerhouse, was fired last week after acknowledging his role in the insider trading case.
BUSINESS
October 26, 2006 | From the Associated Press
Skechers USA Inc., the Manhattan Beach designer of trendy sneakers, said third-quarter profit surged 76% on strong back-to-school sales and forecast full-year results well above Wall Street estimates. The company reported earnings of $22.2 million, or 49 cents a share, up from $12.6 million, or 30 cents, a year earlier. A nonrecurring tax gain boosted earnings by 3 cents a share. Sales rose 21% to $331.1 million.
BUSINESS
January 11, 2003 | From Bloomberg News
Manhattan Beach shoemaker Skechers USA Inc. on Friday said its fourth-quarter loss was narrower than 25 cents a share as December shipments of spring styles helped limit a sales drop. Skechers had estimated a loss as wide as 35 cents. Sales were 5% more than the company's previous forecast of as much as $170 million, Skechers said. In the year-earlier quarter, the company had net income of $1.97 million, or 5 cents, on sales of $214.1 million.
BUSINESS
April 11, 2013 | By Stuart Pfeifer
One of the most damaging pieces of evidence in the case against former KPMG senior partner Scott London, charged with criminal insider trading, is a photograph that allegedly shows London accepting an envelope stuffed with cash from his friend, a jeweler named Bryan Shaw. Federal prosecutors say London gave secret financial information about two Southern California companies to Shaw in exchange for thousands of dollars. Prosecutors said Shaw made more than $1 million in illegal profits through trades on the two companies, Herbalife Ltd. and Skechers USA Inc. Full coverage: KPMG auditor accused of insider trading London, 50, who spent more than two decades as an auditor for the accounting powerhouse, was fired last week after acknowledging his role in the insider trading case.
BUSINESS
April 10, 2013 | By Walter Hamilton, Tiffany Hsu and Andrew Khouri, Los Angeles Times
Scott London, a Los Angeles partner in one of the nation's largest accounting firms, says it began four years ago. By his account, a friend with money trouble was poking around for information on Herbalife Ltd. and Skechers USA Inc., two Los Angeles-area companies whose audits London personally oversaw. Soon, he says, he was passing inside tips on the companies that resulted in as much as $100,000 in profit for his buddy. In return, he says, he collected "about $25,000" in cash, was treated to fancy dinners and received a Rolex watch as a gift.
BUSINESS
April 10, 2013 | By Walter Hamilton and Andrea Chang
The friend who traded on insider trading tips provided by a former KPMG accountant is Bryan Shaw, his lawyer said late Wednesday. Shaw, an Encino jeweler, used information about Herbalife Ltd. and Skechers USA Inc. to profit in the stock market. He got the tips from Scott London, a 29-year veteran partner at accounting firm KPMG in Los Angeles. The two were golfing buddies. In a statement sent by his lawyer, Shaw said: "During 2010 through 2012, I received non-public information from Scott London about a number of companies and then profited substantially from stock trades based upon that information.  I cannot begin to apologize for my incredibly stupid actions.
BUSINESS
April 9, 2013 | By Tiffany Hsu and Andrew Khouri
Trading in shares of Skechers USA Inc. has resumed after being halted earlier Tuesday morning following KPMG's resignation as the footwear company's auditor. KPMG, which fired a senior partner in its Los Angeles office amid allegations of insider trading, also stepped down as auditor of Herbalife, a Los Angeles nutritional supplement company. The resignations from Herbalife and Manhattan Beach-based Skechers occurred Monday. Herbalife's shares were halted at opening. Soon after being reopened to trading, Skechers' stock was up 2%, or 43 cents, to $21.94 a share.
BUSINESS
April 9, 2013 | By Stuart Pfeifer
Several sources have identified an audit manager of accounting giant KPMG's Los Angeles office as the executive at the center of an insider-trading investigation that involved shares of Herbalife Ltd. and Skechers USA Inc. Scott London, partner-in-charge of KPMG's audit practice in Southern California, oversaw audits of both Herbalife and Skechers, the sources said. He has worked with KPMG since 1984, according to his profile on Linkedin.com. Officials with Skechers and Herbalife said KPMG resigned as the companies' auditor after learning that a manager had provided non-public information about the companies to a third party, who then used the information in stock trades.
BUSINESS
May 23, 2007 | From Times Staff and Wire Reports
The chief executive of Skechers USA Inc. told employees in an e-mail that reports of a possible buyout of the footwear company were "disruptive." But CEO Robert Greenberg sidestepped telling workers outright whether the media speculation was true. Women's Wear Daily reported this week that a private equity firm was considering buying Manhattan Beach-based Skechers as well as Genesco Inc. and merging the two.
BUSINESS
November 27, 2001 | Bloomberg News
Skechers USA Inc., which makes sneakers, boots and sandals, reopened its Internet store after reducing costs at the division. After its third-quarter profit fell 26%, the company last month said it would close its mail-order division and possibly hire another company to run its electronic-commerce business because of slower sales after the Sept. 11 terrorist attacks. The Manhattan Beach-based company said the most cost-efficient option was to operate the Skechers.com business itself. Skechers.
BUSINESS
February 28, 2007 | From Bloomberg News
Skechers U.S.A. Inc., which makes sports and casual shoes, sued Asics Corp. of Japan for trade libel, unfair competition and interference with business relationships. Skechers is seeking $100 million in punitive damages, the Manhattan Beach-based company said.
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