Global footwear maker, Sketchers USA Inc on Wednesday said its first quarter net revenue fell 11 percent to $343.5 million ended March 31, from $8.2 million a year ago.
Net profits were $8.2 million for the first quarter of 2009 compared with $32.8 million in the first quarter of 2008, to $0.18 earnings per share from $0.70 earning per share.
Analysts on average expected of 4 cents loss a share, before special items, on revenue of $333.0 million, according to Thomson Reuters Estimates.
Sketchers are well-positioned for long-term profitability and growth, Chief Operating Officer David Weinberg said in a statement.
“In spite of an extremely weak global retail environment, we were profitable in the first quarter and showed significant improvement over the fourth quarter of 2008. This demonstrates the continued strength and relevance of the SKECHERS brand,” chief financial officer, said Fred Schneider.
However, shares of Manhattan Beach, California-based Sketcher jump 20 cents to 2.16 percent at $9.47 in the closing trading.