Shares of Skechers USA Inc (NYSE:SKX) ended Thursday session in red amid volatile trading. The shares closed down -0.21 points or -0.86% at $24.11 with 133.32 million shares getting traded. Post opening the session at $24.25 the shares hit an intraday low of $24.01 and an intraday high of $24.40 and the price vacillated in this range throughout the day. The company has a market cap of $3.81 billion and the numbers of outstanding shares have been calculated to be 133.32 million shares.
Skechers USA Inc (SKX) on July 22, 2016 announced financial results for the second quarter ended June 30, 2016.
Second quarter 2016 net sales were $877.8 million compared to $800.5 million for the second quarter of 2015. Gross profit for the second quarter of 2016 was $416.3 million, or 47.4 percent of net sales, compared to $374.6 million, or 46.8 percent of net sales, for the second quarter of last year. Earnings from operations for the second quarter of 2016 were $100.4 million, or 11.4 percent of net sales, compared to earnings from operations of $112.3 million, or 14.0 percent of net sales for the second quarter of 2015.
“Skechers achieved new record second quarter net sales of $877.8 million, which led to a $1.86 billion net sales record for the first six months of 2016,” began David Weinberg, chief operating officer and chief financial officer. “The growth in the quarter was primarily attributable to a 34.6 percent increase in our international subsidiary and joint venture businesses and a 40.5 percent increase in our international Company-owned Skechers retail stores. This resulted in our international wholesale and retail business comprising 41.9 percent of total sales for the second quarter and 45.0 percent for the first six months of 2016. Company-owned Skechers retail sales increased 15.4 percent for the quarter. As expected, in our domestic wholesale business, shipments were pulled forward from April into March, resulting in significantly reduced shipments in April and a sales decrease of 5.4 percent in the second quarter, but an increase of 3.2 percent for the first six-months. Our strong gross margins of 47.4 percent for the quarter were primarily the result of higher sales increases in our international subsidiary and joint venture businesses as well as our Company-owned retail stores.”
Shares of Johnson Controls Inc (NYSE:JCI) ended Thursday session in green amid volatile trading. The shares closed up +0.64 points or 1.36% at $47.86 with 637.75 million shares getting traded. Post opening the session at $47.51 the shares hit an intraday low of $47.27 and an intraday high of $47.98 and the price vacillated in this range throughout the day. The company has a market cap of $30.90 billion and the numbers of outstanding shares have been calculated to be 637.75million shares.
Johnson Controls Inc (JCI) on Sept. 8, 2016 announced its board of directors has approved the previously announced spin-off of its global automotive seating and interiors business. The transaction will result in two independent, publicly traded companies: Johnson Controls International plc and Adient plc. The spin-off is expected to be completed on Oct. 31, 2016.
At the time of the separation, Adient will be the world’s largest global automotive seating supplier, supporting all major automakers in differentiating vehicles through superior quality, technology and performance. Johnson Controls will continue to operate as a global leader in building products and technology, integrated solutions and energy storage.
“Announcement is an important step as Adient continues on its path toward becoming an independent company,” said incoming Adient Chairman and Chief Executive Officer R. Bruce McDonald. “As the market leader in the automotive seating industry, Adient is well-positioned for growth and margin expansion as we commit to reinvesting in the business on a global basis.”