Sponsors
Billabong ▼ -0.005 | PPR ▼ -1.25 | American Apparel ▲ +0.018 | The Buckle ▼ -0.38 | Columbia - 0 | Deckers Outdoor ▼ -0.28 | Dicks ▼ -0.62 | Foot Locker ▼ -0.48 | Genesco ▼ -0.28 | Iconix Brand Group - 0 | Jarden Corp ▼ -0.46 | Nordstrom ▼ -0.18 | Luxottica ▲ +0.39 | Nike ▲ +0.47 | Pacific Sunwear - 0 | Skullcandy - 0 | Sport Chalet - 0 | Urban Outfitters - 0 | VF Corp ▲ +0.47 | Quiksilver ▼ -0.027 | Zumiez - 0 | Macys ▼ -0.26 | Tillys ▲ +0.17 |
Ticker Sponsor
Readers Say
Keeps me in the loop
Keeps me in the loop

Being an Executive Edition member allows me to not miss a beat when it comes to the Industry business news. Definitely keeps me in the loop plus goes great with my morning joe.

- By Tony Perez, Surfer and Surfing magazines
Useful on a daily basis
Useful on a daily basis

It's well balanced information that is useful on a daily basis. I'm very satisfied with the Executive Edition. I start each day with SES and a big cup of coffee!

- By Tom Ruiz, EVP Sales, Volcom
Industry Insight

AGENDA: Last chance to register before July 8-9 show.
ISPO: Shanghai trade show runs July 2 - 4.

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