The first quarter net earnings of American footwear company Skechers USA have declined by 54.9 per cent as its operations suffered from disruptions resulting from the global coronavirus crisis.
For the first quarter ended March 31, 2020, the California-based company reported total net earnings of $49.1 million, down from $108.8 million in the same period in the previous year.
Skechers’ quarterly sales declined by 2.7 per cent from $1.28 billion to $1.24 billion, as a 6.8 per cent decline in international sales was partially offset by a 2.9 per cent rise in sales in the company’s domestic business.
Its domestic wholesale revenues increased by 9.0 per cent, while the direct-to-consumer business saw a 4.2 per cent decline. Comparable same store sales in the direct-to-consumer channel fell 8.1 per cent, reflecting a 4.7per cent decline in the U.S. and a 16.6 per cent decrease internationally.