US footwear firm Skechers announced on Thursday record-breaking revenues in 2023, up 7.5 per cent to US $ 8 billion, on the back of another strong quarter ending 31st December thanks to a rebounding Asia-Pacific market.
Sales rose 4.4 per cent in the fourth quarter due to a 6.9 per cent increase abroad and a 0.3 per cent gain at home. While wholesale declined by 8.3 per cent, direct-to-consumer sales rose by 20.3 per cent.
The company reported that during the quarter, the Americas rose 3 per cent, Europe, Middle East, and Africa fell 7 per cent, and Asia Pacific grew 15 per cent, driven by double-digit growth in China. Net profits for the three months came to US $ 87.2 million.
“Skechers achieved a new fourth quarter sales record of US $ 1.96 billion, and a record gross margin of 53.1 per cent. This success reflects the strong worldwide demand for our comfort technology products, especially in our direct-to-consumer business which grew 20 per cent. Our wholesale business experienced a decrease in sales of 8 per cent, as several retailers continued to conservatively manage their inventory levels. However, we are optimistic that this behavior is changing based upon early reads from January shipments and positive order trends for the first half of the year,” stated David Weinberg, chief operating officer of Skechers.
