World Footwear

Companies

New sales record for Skechers

Apr 19, 2019 United States
New sales record for Skechers
The California-based footwear giant announced financial results for the first quarter ended on the 31st of March, with record sales of 1.28 billion US dollars, an increase of 2.1% (5.2% constant currency basis)
“The momentum we experienced in 2018 is continuing as we again achieved a new quarterly sales record in the first quarter of 2019”, commented Robert Greenberg, Chief Executive Officer of Skechers, adding: “Our focus has been on designing and delivering relevant product across all genders and categories and supporting it with targeted marketing for our diverse consumer base (...) We are already seeing a positive impact in sales with the launch of our television campaigns for Spring, and we believe our momentum will continue into the second quarter”.

“Achieving a new quarterly sales record, especially given our record first quarter last year, which also had the benefit of Easter and positive currency, is a noteworthy accomplishment” stated David Weinberg, Chief Operating Officer of Skechers. He continued: “Driving our first quarter 2019 growth was our international wholesale and global retail businesses. On a constant currency basis, our international sales growth was 15.0% and our total sales growth was 5.2% for the quarter. In the quarter, we also shipped a record number of pairs from our distribution centers in Japan and Europe, and we saw strong growth within our international distributors and joint ventures, including China. With a focus on building our global business, we converted our joint venture in India to a wholly owned subsidiary, and we finalized a joint venture agreement with our distribution partner in Mexico earlier this month. We expect these investments to be accretive in 2019, and for international, which now stands at 57.8% of our total business, to continue to drive growth.”

Sales grew by 2.1% as a result of a 9.3% increase in the company’s international business, partially offset by a 6.3% decrease in its domestic business. On a constant currency basis, the company’s international business increased by 15.0%. By segments, the company’s international wholesale business increased by 8.7%, its company-owned global retail business increased by 6.7%, and Skechers domestic wholesale business decreased by 10.9%. Comparable same store sales in company-owned stores and e-commerce increased by 0.7%, including 0.2% in the United States and 2.3% internationally — excluding 61 stores in India that recently transitioned from third-party to company-owned.

Net earnings totalled 108.8 million US dollars and diluted earnings per share 0.71 US dollars.

Image credits: Eddie Lee/HYPEBEAST

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