Skechers has announced record-breaking sales figures for the third quarter, highlighting its robust market performance.
- The company reported sales of $2.35bn (£1.81bn) for the quarter, marking a 15.9% increase compared to the previous year.
- Significant growth was observed in the wholesale, direct-to-consumer sectors, and international markets, confirming Skechers’ successful strategies.
- The Americas, particularly the United States and Canada, showed strong performance alongside notable gains in EMEA and Asia-Pacific regions.
- Skechers continues to expand its presence with new stores and partnerships, further strengthening its global brand.
For the three months ending 30 September 2024, Skechers, the California-based footwear brand, achieved a record $2.35bn (£1.81bn) in sales. This reflects a substantial 15.9% increase from the previous year, showcasing the company’s ability to leverage market opportunities effectively. In the same period, net earnings rose to $193m (£149m), a significant improvement from last year’s $145m (£112m).
The company’s performance over the nine months to 30 September also demonstrated growth, with sales reaching $6.76bn (£5.2m), up 11.9% year-on-year. Net earnings for this period stood at $540m (£416m), up 17.8% from the prior year. These figures highlight Skechers’ consistent year-long success amid evolving market dynamics.
Growth was diversified across different segments and regions. The company experienced 21% growth in wholesale and a 10% increase in direct-to-consumer sales. Internationally, sales rose by 16%, with 15% domestic growth within the US. The EMEA region stood out with a remarkable 30% growth, driven by strong sales across all countries in the area. David Weinberg, COO of Skechers, noted that Europe, the Middle East, and Africa were key drivers, while the Americas and Asia Pacific grew by 14% and 7%, respectively.
Weinberg attributed this success to the growing acceptance of the company’s comfort technology products. He expressed optimism for continued growth opportunities, emphasising efforts to enhance operational capabilities and the customer experience. The company’s strategy includes expanding their sporting collaborations and launching new products, such as the partnership with Harry Kane and the capsule collection with Snoop Dogg.
In the UK, Skechers recently held a noteworthy event at its flagship store on Oxford Street, London. The ‘Big Cheque’ event marked the company’s commitment to community support, where it donated £325,800 to the Woodgreen Pets Charity. This partnership has been ongoing since July 2022, with Skechers donating 25p per pair sold from its Bobs range.
Skechers’ impressive third-quarter results demonstrate its strategic effectiveness and solidify its position as a leading player in the global footwear market.
