Skechers U.S.A. Inc. recently announced record sales of US $ 2.25 billion, a 12.5 per cent increase, for the first quarter, on the back of double-digit increases in international and D2C sales, respectively. The Los Angeles-based footwear company quarterly sales increased thanks to a 15.2 per cent increase in international sales, and a 7.8 per cent increase domestically.
Wholesale sales grew US $ 127.1 million, or 9.8 per cent, including increases in EMEA of 11.5 per cent, APAC of 15.3 per cent, and AMER of 5.9 per cent. Wholesale volume increased 9.9 per cent and average selling price was flat. D2C sales grew US $ 122.6 million, or 17.3 per cent, including increases in APAC of 16.5 per cent, Americas of 10.5 per cent, and EMEA of 62.4 per cent. D2C volume increased 15.5 per cent and average selling price increased 1.6 per cent. Net earnings were US $ 206.6 million compared with prior year net earnings of US $ 160.4 million.
“For the first quarter, Skechers achieved a new sales record of US $ 2.25 billion, EPS of US $ 1.33, gross margins of 52.5 per cent and an operating margin of 13.3 per cent, all notable accomplishments as we mark our 100th earnings call as a public company,” said David Weinberg, chief operating officer of Skechers.
Looking ahead, the company predicted for the fiscal year 2024 it will achieve sales between US $ 8.725 and US $ 8.875 billion.
