Skechers posts another strong performance with sales climbing 7%

Skechers announced on Thursday another record-breaking second quarter with sales up 7.2% to $2.16 billion, on the back of high single-digit growth across all channels and markets.

The Los Angeles-based footwear company said sales increased 6.9% internationally and 7.7% domestically.

Wholesale sales grew 5.5% including increases in the Americas of 10.3% and EMEA of 3.9%, partially offset by a decrease in APAC of 2.6%. Direct-to-consumer sales grew 9.2%, including increases in EMEA of 40.6%, Americas of 4.1%, and APAC of 5.8%.

For the three months, net earnings were $140.3 million and diluted earnings per share were $0.91, compared with prior year net earnings of $152.8 million and diluted earnings per share of $0.98.

“In the face of significant operational and foreign exchange headwinds, Skechers delivered meaningful sales growth during the quarter, demonstrating the strength of our brand as the comfort technology leader,” stated John Vandemore, chief financial officer of Skechers, who added the company is increasing its full-year guidance.

The company forecast that for the fiscal year 2024 it will achieve sales between $8.875 and $8.975 billion and diluted earnings per share of between $4.08 and $4.18.

“We remain committed to and confident of achieving our long-term target of $10 billion in sales by 2026 and, with a new $1 billion share repurchase authorization, continuing to return cash to shareholders in a disciplined manner,” added Vandemore.