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Skechers net sales with dynamic growth

Oct 26, 2016 United States
Skechers net sales with dynamic growth
The United States- based footwear giant just announced another quarter sales record. A dynamic 10.1% growth in quarterly sales has been reported
“Skechers achieved a new third quarter sales record for the period, and the second highest sales quarter in our 24-year history. This also resulted in a new nine-month sales record of 2.8 billion US dollars”, stated David Weinberg, Chief Operating Officer and Chief Financial Officer, adding: “The quarterly sales increase was primarily the result of 18.3% growth in our international wholesale business, which now comprises 40.1% of our total sales, or 47.9% including international retail. We believe that our international business represents the greatest growth opportunity with many countries continuing to show strong growth in the quarter, including China at just over 50 percent in net sales”.

Quarterly net sales rose by 10.1% and totaled 942.4 million US dollars, driven by a 18.3% increase in the Company’s international wholesale business and a 16.0% increase in its Company-owned global retail business with total comp store sales increases of 3.2 percent.

The company confirmed that the negative currency translation impact on the international wholesale and retail sales for the quarter was of 15.9 million US dollars. Skechers' domestic wholesale business decreased by 3.4%, and a 4.0% decrease in the average selling price per pair resulted in a decline in net sales in value.

Net earnings decreased by 2.2% to 65.1 million US dollars, while diluted net earnings per share for the third quarter reached 0.42 US dollars, compared with 0.43  US dollars in the prior year, reflecting a negative impact of foreign currency translation and exchange losses.

Net sales for the first nine months of the current financial year totaled 2.80 billion US dollars and net earnings reached 236.8 million US dollars.

Robert Greenberg, Skechers Chief Executive Officer, commented: “Through the last few years we have seen and supported a natural progression, as international has become an even larger piece of our total business. With this global growth we are not only building up the logistical support and necessary infrastructure to accommodate it, but also changing our mindset and longer term growth strategy–including enlisting the power of global celebrities as well as regional celebrities, and creating campaigns that consider both trends abroad as well as in the United States”.

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