Skechers Reports Record-breaking First Quarter 2024 Sales of $2.25 Billion

Skechers, the renowned global footwear leader and pioneer in comfort technology, disclosed its financial performance for the first quarter ending March 31, 2024. Here are the highlights from the quarter:

  • Achieved record-breaking sales of $2.25 billion, marking a substantial 12.5% increase.
  • Wholesale sales surged by 9.8%, showcasing robust growth.
  • Direct-to-Consumer sales experienced impressive growth of 17.3%.
  • Diluted earnings per share soared to $1.33, reflecting a notable 30.4% increase.
  • The company repurchased $60.0 million worth of Class A common stock during the period.

David Weinberg, the Chief Operating Officer of Skechers, expressed pride in the company’s achievements, emphasizing the significance of hitting milestones such as reaching $2.25 billion in sales. He highlighted other notable accomplishments, including gross margins of 52.5% and an operating margin of 13.3%. Weinberg attributed the growth to a 17% increase in the Direct-to-Consumer segment, a 10% rise in Wholesale, and substantial gains both internationally and domestically.

Robert Greenberg, the Chief Executive Officer of Skechers, credited the company’s success to a combination of exceptional product offerings, effective demand creation, and strategic global expansion efforts. Notable initiatives included a memorable Super Bowl commercial featuring Mr. T and Tony Romo, Skechers Basketball campaigns starring NBA players Julius Randle and Terence Mann, and sponsorships in cricket and Premier League football. Additionally, partnerships with icons like Martha Stewart and Snoop Dogg, along with the development of innovative products like Skechers Hands Free Slip-ins footwear, contributed to the brand’s momentum.

Greenberg expressed confidence in Skechers’ trajectory, foreseeing another record-breaking year driven by continued product innovation, strong partnerships, and sustained global demand.

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