Earnings Call Excerpt
Skechers USA Inc. (SKX)
Q3 2008 Earnings Call
October 22, 2008 4:30 pm ET
Executives
Andrew Greenebaum - Integrated Corporation Relations
David Weinberg - Chief Operating Officer, Executive Vice President & Director
Frederick Schneider - Chief Financial Officer
Analysts
Chris Svezia - Susquehanna Financial Group
Scott Krasik - CL King
Sam Poser - Sterne, Agee
Jeff Mintz - Wedbush Morgan
Richard [Kine] – Kensington
Adam Comora – EnTrust Capital
Kelly Duvall – BB&T Capital Markets
Presentation
Operator
Welcome to the Skechers USA, Inc. third quarter 2008 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Andrew Greenebaum, with ICR.
Andrew Greenebaum
Thank you everyone for attending Skechers third quarter 2008 results conference call. I’ll now read the Safe Harbor statement. Certain statements contained herein including without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the company or future results or events may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.
Such forward-looking statements involve known and unknown risks including, but they are not limited to, the general economic and business condition and conditions in the retail industry. There can be no assurance that the actual future results, performance or achievements expressed or implied by such forward-looking statements will occur.
Users of forward-looking statements are encouraged to review the company’s latest annual report on Form 10K, its filings on Form 10Q, management’s discussion and analysis and the company’s latest annual report to stockholders, the company’s filings on Form 8K and other federal securities law filings for a description of the other important factors that may affect the company’s business, results of operations and financial conditions.
Now I will turn it over to Skechers’ Chief Operating Officer, David Weinberg.
David Weinberg
Good afternoon and thank you for joining us to discuss Skechers’ third quarter 2008 financial results. As always, we will open the call to questions following our prepared comments.
Third quarter 2008 net sales were $403.2 million, our first quarter over $400 million. Sales for the nine months ending September 3, 2008 rose 4.6% to $1.143 billion. Increased third quarter revenues were driven by strong growth in our international business which was approximately 25% of our total net sales for the quarter. The domestic environment continues to be a challenge and while we anticipated our domestic wholesale sales to be flat for the quarter, our actual results down approximately 5% is still good given the soft retail environment.
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