Skechers post record sales quarter with 27% uptick
Skechers U.S.A. Inc. announced on Tuesday a record first quarter with sales reaching $1.82 billion, up 26.8%, as the specialty footwear company saw double-digit increases in both its wholesale and direct-to-consumer channels.
The Los Angeles-based company said first quarter wholesale sales grew 32.7% to $308.2 million, while direct-to-consumer sales grew 15.7% to $76.9 million, for the three months ending March 31.
“First quarter sales of over $1.8 billion are a new quarterly sales record for Skechers, and reflect our broad-based global appeal and our team’s focus on successfully navigating supply chain constraints,” said David Weinberg, chief operating officer of Skechers.
By regional revenues, Skechers posted increases of 31% in the Americas, driven by double-digit growth in the United States; 49% in EMEA, driven by strong growth across Europe; and 4% in APAC, led by 9% growth in China.
However, the company said several key APAC markets faced increasing Covid-related restrictions as the quarter evolved including China.
That said, profits were up 22.2% over the prior year, with net earnings reaching $121.2 million and diluted earnings per share totalling $0.77.
“Skechers once again delivered exceptional results, with record first quarter sales and earnings, despite continuing challenges from the Covid pandemic,” added John Vandemore, chief financial officer of Skechers.
“The strength of our brand, coupled with our continued focus on investing and executing against our global growth strategy, gives us abundant confidence that achieving $10 billion in sales by 2026 remains both an achievable objective and valuable means to drive shareholder value.”
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