News

Skechers aims to sprint past competition

BY CSA STAFF

Skechers USA Inc., which recently passed Adidas to become the number two athletic footwear brand in the United States, is on the fast track.

The company, whose second quarter sales beat estimates, has carved out a lucrative niche in casual athletic footwear and in kids’ athletic footwear. It is in expansion mode, with plans to open 125 to 135 company-owned and third-party-owned stores later this year.

Sketchers, by controlling expenses as revenues rose, was able paint a very pretty profit picture for the second quarter of fiscal 2015. It reported net earnings of $79.8 million, more than double the $34.8 million in the same period the prior year.

Second quarter 2015 net sales were $800.5 million, up 36% compared to $587.1 million last year. Same-store sales rose 12.9%.

“The continued strong demand for our product worldwide led to record quarterly financial results for the second quarter — including net sales, earnings from operations and earnings per share,” said David Weinberg, COO and CFO, Skechers, which operates 1,126 retail stores worldwide, in addition to its wholesale operations.

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FINANCE

7-Eleven to open in Vietnam

BY Dan Berthiaume

Dallas – 7-Eleven Inc. is taking its business to Vietnam.

The company has signed a master franchise agreement with Seven System Vietnam Co. Ltd. to develop and operate 7-Eleven stores in Vietnam, with the first stores expected to open in 2017. Seven Systems plans to construct 7-Eleven stores, convert existing locations to the 7-Eleven brand supported by enhanced infrastructure, and eventually franchise operations to local businesspeople.

The expansion marks the company's first stake in the Pacific Rim since 7-Eleven entered Indonesia in 2009. Vietnam will be the 18th country or region where 7-Eleven stores operate.

In addition to the U.S., other countries include Canada; Mexico; Japan; Thailand; South Korea; Taiwan; China (including Hong Kong); The Philippines; Australia; Singapore; Malaysia; Indonesia; Norway; Sweden; Denmark and the United Arab Emirates, where its first 7-Eleven store will open early this autumn.

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News

Havertys net income stays flat in Q2

BY CSA STAFF

Atlanta – A rising cost of sales kept net income at Havertys Inc. essentially flat at about $4.83 million during the second quarter of fiscal 2015. Profit stayed even despite net sales rising 7% to $187.73 million, from $175.13 million the same period a year earlier.

Same-store sales increased 4.8%. Havertys plans to open a net total of three new stores by the end of the fiscal year.

“We are encouraged by the improvements in the macro environment in both housing and wages, key drivers of our business,” said Clarence H. Smith, president, chairman and CEO. “We have strengthened our brand in existing markets and have expanded into new communities. Our team is executing plans to ensure we have the best value and quality product of any furniture retailer.”

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