Sponsors
Billabong ▼ -0.005 | PPR ▼ -0.60 | American Apparel ▼ -0.035 | The Buckle ▼ -1.07 | Columbia ▼ -0.83 | Deckers Outdoor ▼ -0.18 | Dicks ▼ -0.97 | Foot Locker ▼ -1.57 | Genesco ▼ -1.34 | Iconix Brand Group ▼ -0.63 | Jarden Corp ▼ -0.93 | Nordstrom ▼ -1.68 | Luxottica ▼ -1.13 | Nike ▼ -1.54 | Pacific Sunwear ▼ 0.00 | Skullcandy ▼ -0.31 | Sport Chalet - 0 | Urban Outfitters ▼ -1.13 | VF Corp ▼ -0.71 | Quiksilver ▼ -0.01 | Zumiez ▼ -2.05 | Macys ▼ -0.94 | Tillys ▼ -0.84 |
Ticker Sponsor
Readers Say
Since the inception of Executive Edition, I only need 1 stop
Since the inception of Executive Edition, I only need 1 stop

As a retailer in the surf industry for the past 21 years, I have had to use multiple sources to stay informed to the news within surf. Since the inception of the Executive Edition of Shop-Eat-Surf.com, I need only one stop. Thanks for providing such a valuable tool to all of us in the industry. Shop-Eat-Surf is a must read for all of our staff at Maui Nix.

- By George Karamitos, CEO, Maui Nix
Always a good daily read
Always a good daily read

Shop-Eat-Surf creates a good source of timely information about the industry. The site makes all types and size companies feel part of a community where everyone is stoked to hear about other companies successes and ideas. It is always a good daily read.

- By Ted Li, VP of North America, Oakley
Industry Insight

SHACC: Trailblazers in Women's surfing exhibit opens April 25.
ROTH CAPITAL PARTNERS: Zumiez comps exceed estimates.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Skullcandy's Q1 sales, net income surge

By Tiffany Montgomery
June 06, 2011 8:36 AM

Skullcandy’s first quarter sales surged 65.9% to $36 million, according to documents the company filed with the SEC.

 

Net income increased 237.5%.

 

The sales increase was driven by a $4.9 million increase in international sales and a $4 million increase in sales to large customers such as Best Buy and Target, and increased sales to existing retailers. Online sales grew by $2 million during the period.

 

Best Buy and Target each accounted for more than 10% of total company sales in the first quarter and in 2010, the company said in filings.

 

Domestic sales increased 50.3% to $28.4 million during the quarter compared to the same period last year. Domestic sales accounted for 78.9% of sales during Q1 2011.

 

International sales, namely to Europe and Canada, rose 175% to $7.6 million. Skullcandy has resolved a dispute with its European distributor, 57 North, which led to the increase in sales. That distribution agreement ends in 2013.

 

SG&A rose 89.5% to $14.4 million due to increased payroll to support growth, and an increase in marketing spending on in-store displays and advertising, and increased spending for trade shows and events.

 

As a percentage of net sales, SG&A reached 40% vs. 35% in the same period last year.

 

Net income totaled $1.1 million during the period compared with a net loss of $801,000 in Q1 2010.

 

EBITDA more than doubled to $4.2 million from $2 million during the same period last year.

 

Skullcandy is in the process of becoming a publicly traded company and now files financial results with the SEC.

 

 


Articles You Might Have Missed