World Footwear

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Skechers achieves record net sales

Jul 19, 2019 United States
Skechers achieves record net sales
The US-based footwear giant announced financial results for the second quarter ended on the 30th of June 2019. Skechers announced another record on sales
 “As the world continues to become closer and digital becomes a critical means of communicating and embracing trends to tell your brand’s story, it’s no longer what is happening in one market that matters; it’s what’s happening across all markets. We’re continuing to strategically view our business with a global lens as trends are traveling faster”, stated Robert Greenberg, Chief Executive Officer of Skechers, adding: “Specifically, many of our key product styles are introduced at virtually the same time around the world, with nuances in certain markets, giving us the ability to replicate our success around the globe.... Our efforts also paid off with total sales increases of 10.9%, the result of a 19.8% increase in our international business and a 1.5% increase in our domestic business”.

Quarter results

Sales grew by 10.9% as a result of a 19.8% increase in the company’s international business and a 1.5% in its domestic business. On a constant currency basis, Skecher’s sales increased by 13.7% percent. By segments, the company’s international wholesale business increased by 18.2%, its company-owned global direct-to-consumer business increased by 14.4%, and the domestic wholesale business decreased by 3.8% percent. Comparable same store sales in Skechers-owned stores and e-commerce increased by 4.9%, including a 4.2% in the United States and a 6.7% percent internationally. 

Net earnings totalled 75.2 million US dollars and diluted earnings per share 0.49 US dollars. In the second quarter

“Skechers’ record second quarter sales are a testament to the demand and strength for our brand and products”, commented David Weinberg, Chief Operating Officer of Skechers, adding: “We experienced growth in every region, with the biggest dollar increases coming from India, the Middle East and China, as well as in Mexico with the conversion of the business to a joint venture. In our direct-to-consumer channels, we saw monthly sales increases in the quarter, an upward trend that’s continuing in July. Based on feedback from recent account meetings, we are seeing a similar trend within our domestic wholesale business in June and July and continue to believe we’ll have a stronger back half of the year. To support this growth, we are investing in our global infrastructure - including our ecommerce platforms and distribution centres and designing and developing new products for 2020”.

Semester results

For the six-month period, sales grew by 6.3% percent, or 9.3% on a constant currency basis. By segments, the company’s international wholesale business increased by 12.9%, its company-owned direct-to-consumer business increased by 11.0% percent and its domestic wholesale business decreased by 7.7%. Skechers international business grew by 14.2% while its domestic business decreased by 2.5%.

Net earnings for the period reached 183.9 million US dollars and diluted earnings per share 1.19 US dollars. 

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