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April 22 Skechers USA Inc posted a near-fivefold jump in quarterly profit after its new footwear designs sold well in the United States and abroad, sending shares of the company up 14 percent after the bell.
Skechers, maker of Shape-ups LIV and SKCH+3 shoes, said it recorded the second-highest quarterly revenue in its 22-year history, driven by double-digit percentage sales growth in both its U.S. and international wholesale businesses.
Skechers' wholesale business accounted for more than two-thirds of the company's total revenue in 2013.
"The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations," David Weinberg, the company's chief financial officer and chief operating officer, said in a statement.
Skechers introduced its spring collection in February and said it would launch more styles in the back-to-school season, which for most U.S. retailers begins in mid-July.
Skechers, whose larger rivals include Nike Inc and Adidas AG, said it expected U.S. and international demand to stay strong for the rest of the year. April had begun very strongly, it said.
Skechers, whose shoes were worn this week by Boston Marathon winner Meb Keflezighi, also pushed some of its advertising expenses to the second quarter due to a late Easter this year.
Net income attributable to the company jumped to $30.9 million, or 61 cents per share, in the first quarter ended March 31 from $6.6 million, or 13 cents per share, a year earlier.
Sales rose 21 percent to $546.5 million.
Analysts on average expected a profit of 33 cents per share on revenue of $503.1 million, according to Thomson Reuters I/B/E/S.
Shares of the Manhattan Beach, California-based company closed at $36.87 on the New York Stock Exchange on Tuesday. The stock has risen about 64 percent in the past year. (Reporting by Siddharth Cavale and Devika Krishna Kumar in Bangalore; Editing by Kirti Pandey and Robin Paxton)