Skechers USA, Inc. (NYSE: SKX, $24.82) is now selling a plastic clog-like shoe named the “Waterbug” that is almost identical to the Crocs, Inc. (NASDAQ: CROX, $25.22) plastic clog-like shoe. Skechers is also selling the “Ladybug”, which is a children’s size plastic-clog.
Kohl’s Corporation (NYSE: KSS, $53.16) department stores are not carrying the Crocs brand of plastic clog-like shoes, initially due to Croc’s low profit margins. Now Kohl’s has opted to also pass on Skechers Waterbug. Kohl’s shoe buyers, who are responsible for approximately $1.1 billion annual shoe sales, believe that the plastic clog-like shoe is a fading fad.
Skechers, the maker of the Waterbug, has a market value of approximately $910.3 million. Skechers had sales of $1 billion and net income of $44 million in 2005. Meanwhile, CROX had sales of just $108 million in 2005 and has a market value of approximately $958.3 million.
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