Skechers posts another record-breaking quarter with sales up 15.9%

Skechers announced on Thursday another record-breaking third quarter with sales up 15.9% to $2.35 billion, on the back of high growth across all markets.

The Los Angeles-based footwear company said sales increased 16.4% internationally and 15.3% domestically.

Wholesale sales grew 20.6% including increases in the Americas of 21.6% and EMEA of 30.9%, and APAC of 5.1%. Direct-to-consumer sales grew 9.6%, including increases in EMEA of 28%, Americas of 5%, and APAC of 10%.

For the three months, net earnings were $193.2 million and diluted earnings per share were $1.26, compared with prior year net earnings of $145.4 million and diluted earnings per share of $0.93.

“Skechers’ significant growth in the third quarter can be attributed to offering the right product at the right price and ensuring availability at locations where consumers want to shop – whether it’s in our own direct-to-consumer channels or with our network of key retailers,” said Robert Greenberg, chief executive officer of Skechers. 

“Our product line up offers a unique value proposition for partners and consumers – style, comfort, quality, and innovation at a reasonable price. The combination of these attributes sets Skechers apart. As more consumers view our comfort features as essential, the importance of newness and advancing our designs with our signature technologies across core and new product offerings remains vital.” 

Looking ahead, for the fourth quarter of 2024, the company believes it will achieve sales between $2.165 and $2.215 billion and diluted earnings per share of between $0.70 and $0.75. 

For the fiscal year 2024, the company increased its full-year guidance and now forecasts that it will achieve sales between $8.925 and $8.975 billion and diluted earnings per share of between $4.20 and $4.25.