Sponsors
Billabong ▼ 0.000 | PPR ▼ 0.00 | American Apparel ▼ -0.01 | The Buckle ▼ -0.01 | Columbia ▲ +0.98 | Deckers Outdoor ▲ +0.25 | Dicks ▲ +1.04 | Foot Locker ▲ +1.06 | Genesco ▲ +0.71 | Iconix Brand Group ▲ +0.12 | Jarden Corp ▲ +1.36 | Nordstrom ▲ +1.00 | Luxottica ▲ +0.75 | Nike ▲ +1.23 | Pacific Sunwear ▲ +0.01 | Skullcandy ▼ 0.00 | Sport Chalet ▼ 0.00 | Urban Outfitters ▲ +0.98 | VF Corp ▲ +1.30 | Quiksilver ▲ +0.03 | Zumiez ▲ +0.85 | Macys ▲ +0.44 | Tillys ▼ -0.03 |
Ticker Sponsor
Readers Say
Great insight into the issues
Great insight into the issues

I am a big fan of Tiffany and her team as well as an avid reader of Shop-Eat-Surf. I shop, I eat, I surf -- I should pay.

- By Kevin Bailey, President, Vans
The most up-to-date information
The most up-to-date information

“Shop-Eat-Surf is a great source for the most up to date information of what is going on in our industry. I always enjoy reading the articles and appreciate the effort from Tiffany and her team."

- By Richard Woolcott, CEO and Founder, Volcom
Industry Insight

KNOWSHOW: Complete list of exhibit brands and mobile app available.
MOSS ADAMS: Alert! Authorities after 45,000 businesses that didn't file 2012 California corporate taxes.
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