Skechers Increases Revenue by 11% in First 9 Months of 9
According to the results of the first 9 months of 2024, the revenue of the American sneaker manufacturer Skechers amounted to $6,7 billion. Sales growth amounted to 11,9%, in particular due to good results in Europe, the Middle East and Africa.
Driven by strong international and domestic demand, Skechers' third-quarter sales grew 15,9% year-over-year. Both wholesale and retail sales performed well. Wholesale sales grew 2023%, while direct-to-consumer sales grew 20,6%.
Gross margin for the third quarter was 52,1%, reflecting a decline of 80 basis points, primarily due to lower average selling prices. Operating expenses increased 15,2% year over year to $130,9 million during the period, driven by higher marketing expenses and higher general administrative expenses. Selling expenses increased 18,4% on a comparable basis.
Operating income increased 9,5% to $233,4 million compared to the third quarter of 2023. Reported net income was $193,2 million and diluted earnings per share were $1,26, up 32,8% and 35,4% from the same period a year earlier.
"We have achieved impressive international sales growth coupled with the continued momentum of our domestic wholesale business... as we move forward, we remain committed to investing in our brand, expanding our global presence and meeting the changing needs of our consumers," said Skechers CFO John Vandemore.
Skechers forecasts fourth-quarter revenue of $2,165 billion to $2,215 billion. The company's full-year revenue guidance is $8,925 billion to $8,975 billion, with diluted earnings per share expected to be about $4,25.
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According to the results of the first 9 months of 2024, the revenue of the American sneaker manufacturer Skechers amounted to $6,7 billion. Sales growth amounted to 11,9%, in particular due to good results in Europe,…
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