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Skechers with record full-year sales

Feb 16, 2018 / United States
Skechers with record full-year sales
The California-based footwear company announced financial results for the fourth quarter and year ended the 31st of December. Annual sales of 4.16 billion US dollars represent a new record for Skechers
“2017 was a monumental year for Skechers as we achieved sales of more than 4 billion US dollars for the first time in our 25-year history,” commented Robert Greenberg, Skechers Chief Executive Officer, adding: “This growth is due to our continued focus on efficiencies and infrastructure as well as innovation, comfort, and relevancy within our product design. In the United States, we remained the No. 1 walking, work, casual lifestyle, and casual dress footwear brand, and the No. 2 casual athletic footwear brand.... Furthermore, we grew our Skechers store base to 2 570 locations at year-end and saw impressive growth across the globe—including record sales on Single’s Day in China".

Record sales of 970.6 million US dollars in the fourth quarter resulted in a 27% increase compared to similar period last year. This performance was mainly driven by a 40.2% increase in international wholesale sales and a 25.8% increase in the company-owned global retail business. In the same period, domestic wholesale sales increased by 11.6%. Comparable same store sales in Skechers-owned stores increased 12.0%, including a domestic increase of 10.5% and an international increase of 16.5%.

“With three months of strong sales, a robust holiday selling season that included increased demand for our innovative lighted children’s footwear and comfortable adult styles, and double-digit growth in each of our three distribution channels, we achieved a new fourth quarter sales record of 970.6 million US dollars,” stated David Weinberg, Chief Operating Officer of Skechers, adding: “The four record sales quarters in 2017 resulted in a new annual sales record of 4.16 billion US dollars, an increase of over 600 million US dollars from the previous year’s sales. This growth is a testament to the worldwide strength and relevance of our product, marketing and brand.”

Full-year sales growth
was the result of a 24.3% increase in Skechers international wholesale business, a 21.9% increase in the company’s global retail business, and a 4.1% increase in the company’s domestic wholesale business. Comparable same store sales in Skechers-owned stores increased by 7.2%, including a domestic increase of 6.4 % and an international increase of 10.1%.

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