Skechers, the renowned footwear brand, has reached unprecedented global sales milestones this year.
- The company reported a significant 15.9% increase in third-quarter sales revenue, reaching $2.35 billion.
- Year-to-date earnings also saw a remarkable rise, with net earnings increasing by 17.8% to $540 million.
- International growth played a vital role, with European and Middle Eastern markets leading the way at a 30% sales increase.
- Strategic collaborations with athletes and celebrities have enhanced Skechers’ visibility as a technical brand.
Skechers, based in California, has announced groundbreaking global sales achievements for the third quarter ending September 30, 2024. The company disclosed an impressive 15.9% rise in sales revenue, totaling $2.35 billion. Over the nine months leading to September, their sales soared to $6.76 billion, marking an increase of 11.9% from the previous year. This period has also seen net earnings climb to $540 million, a growth of 17.8% compared to the previous year.
These financial achievements have been bolstered by a 21% growth in wholesale operations and a 10% rise in direct-to-consumer sales. Internationally, Skechers reported a 16% expansion, with domestic sales in the U.S. growing by 15%. Notably, the company’s operations in Europe, the Middle East, and Africa recorded a stellar 30% increase in sales, driven by robust growth across all countries in the region. In the Americas, Skechers enjoyed a 14% sales boost, especially notable in the U.S. and Canada, while the Asia Pacific region saw a 7% rise in sales.
David Weinberg, Chief Operating Officer of Skechers, credited this success to the widespread acceptance of their comfort technology products among partners and consumers alike. He stated, “With the growing awareness and broad acceptance of our comfort technology products by our partners and consumers, we believe each of these regions represent continued growth opportunities for Skechers.” He emphasized the company’s commitment to enhancing operational capabilities and customer experience to meet the increasing global demand for their products.
In a strategic move to reinforce its brand image as a technical athletic brand, Skechers has engaged in sporting collaborations with prominent athletes across various sports. Their roster now features football, basketball, baseball, and cricket stars, including England footballer Harry Kane, who has been associated with Skechers since 2023. Alongside, musician Snoop Dogg collaborated on a custom capsule collection, launched in anticipation of the 2024 Olympics.
Beyond commercial success, Skechers has shown commitment to social causes. Recently, Skechers UK hosted a noteworthy event at its Oxford Street store in London, where they donated £325,800 to the Woodgreen Pets Charity in celebration of their fundraising partnership since July 2022. This initiative underlines Skechers’ dedication to corporate social responsibility, marked by their ongoing program of donating proceeds from their Bobs range to this charitable cause.
Skechers’ record sales figures reflect its strategic growth initiatives and dedication to innovation and social responsibility.
