Sneaker company Skechers has reported record quarterly sales of US$2.01 billion, up 7.7 per cent from the same period last year.
The company logged a 17.9 per cent growth globally and a 4.6 per cent reduction domestically in the second quarter.
According to Skechers’ COO David Weinberg, the success reflects the company’s global demand for its products, as indicated by double- or triple-digit sales growth in most areas. Increases in Apac were 20 per cent, including 19 per cent in China and 27 per cent in India, and 16 per cent in EMEA, including 29 per cent in Germany and 13 per cent in the UK.
“Despite anticipated headwinds in the domestic wholesale market, we successfully navigated the challenges and achieved record quarterly sales in addition to a new second-quarter earnings record,” added John Vandemore, CFO of Skechers.
“With sustained momentum in our direct-to-consumer business globally and broad-based strength in our international wholesale business, aided by healthy inventory levels and an innovative pipeline of comfort technology products, we continued to show the strength of the Skechers brand and to execute our long-term growth strategy.”
The company says it will achieve sales between US$1.95 billion and $2.0 billion for the third quarter of this year and between $7.95 billion and $8.1 billion for the full 2023 year.
Skechers currently has 4537 locations worldwide and plans to hit $10 billion in annual sales by 2026, as well as expand its foreign business further, including the acquisition of its Scandinavian distributor, which it suspects will result in significant sales growth in the future years.
Skechers continues to make its mark in the Singapore marketplace.
