* Q1 EPS $0.18 vs est loss $0.04 * Q1 revenue $343.5 mln vs est $333.0 mln * Says well-positioned for long-term profitability

* Sees capex $20 mln-$25 mln for the rest of the year * Shares up 19 pct (Adds conference call details, background, analyst comments) By Poojya Trivedi

BANGALORE, April 29 (Reuters) - Shoe maker Skechers USA Inc (SKX.N: Quote, Profile, Research) posted a surprise first-quarter profit, helped by a reduction in inventory and lower operating expenses, sending its shares up 19 percent.

"Skechers is well-positioned for long-term profitability and growth," Chief Operating Officer David Weinberg said in a statement.

The company, whose rivals include Deckers Outdoor (DECK.O: Quote, Profile, Research) and Timberland (TBL.N: Quote, Profile, Research), reported net income attributable to stockholders of $8.2 million, or 18 cents a share, compared with $32.8 million, or 70 cents a share, a year earlier.

Net sales at the company, which offers shoes under its namesake label and brand names such as Mark Nason, 310 Motoring, and Red by Marc Ecko, fell 11 percent to $343.5 million.

Analysts on average expected the company to post a loss of 4 cents a share, before special items, on revenue of $333.0 million, according to Reuters Estimates.

Sterne Agee analyst Sam Poser, who has a "neutral" rating on shares of the company, said he expects second-quarter earnings to remain flat to down sequentially.

The second quarter has been tough seasonally for Skechers, Susquehanna Financial analyst Christopher Svezia, who rates the stock "neutral," told Reuters by phone.