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Skechers, the Los Angeles-based footwear company, has reported a record-breaking quarter, attributing the success to a 17.9% increase in international sales and a significant 29.1% growth in direct-to-consumer (DTC) sales, which reached $212 million. This DTC growth included increases of 28.2% in the Americas, 25.1% in the Asia-Pacific (APAC) region, and a remarkable 47.2% in Europe, the Middle East, and Africa (EMEA).
On the other hand, domestic sales saw a slight decrease of 4.6%, and wholesale experienced a 5.9% drop. This included an 18.7% decrease in the Americas, partially offset by increases of 14.3% in APAC and 7.4% in EMEA.
The company’s net earnings for the quarter ending June 30 were $152.8 million, and diluted earnings per share were $0.98. This is a significant increase compared to the prior year’s net earnings of $90.4 million and diluted earnings per share of $0.58.
David Weinberg, the company’s CFO, commented on the results, stating, “Skechers’ second quarter results set a new quarterly sales record of $2.01 billion. This achievement continues to reflect the global demand for our comfort technology products, evidenced by double- or triple-digit sales growth in most markets. We saw increases of 20% in APAC, including 19% in China and 27% in India, as well as 16% in EMEA, including 29% in Germany and 13% in the UK.”
