Skechers reports record 2018 sales of $4.64 bln
today Feb 8, 2019
California-based footwear company Skechers USA Inc. reported on Thursday record sales of $4.64 billion for the full year ended December 31, 2018, seeing particularly strong growth in the company’s international wholesale business, and in its company-owned global retail business.
The company’s sales progress reflects a 11.5 percent increase.
International wholesale sales grew the most during the period jumping 18.8 percent, while company-owned global retail sales were up 12 percent and domestic wholesale sales climbed 0.8 percent.
The company’s earnings from operations also increased $54.9 million, or 14.4 percent compared to the same period in the previous year, with net earnings for the year totalling $301 million.
In the fourth quarter, the company also reported record growth with a sales jump of 11.4 percent reaching $1.08 billion.
Again the company’s international wholesale business led the way with an 18.4 percent increase. Its company-owned global retail business jumped 7.5 percent, while its domestic wholesale business was up 4.8 percent.
“In 2018, our mindset was to seek new growth opportunities by comprehensively evaluating our domestic and international businesses while drilling down to specific regions and channels of distribution,” explained Robert Greenberg, chief executive officer of Skechers.
“These opportunities were across our product lines with proven styles, new designs and collaborations, and in select regions where we saw great potential.”
Greenberg pointed out the success of the company’s heritage Skechers D’Lites collection, its iconic Skechers GOwalk line, and its easy-to-wear men’s slip-ons, among other new products launched this year.
The footwear brand has also been focused on growing its online business around the world —improving the functionality of its e-commerce sites in the United States and China, and equally launched an e-commerce platform in India during the year.
Despite its focus on digital, Skechers has also been growing its retail network and ended 2018 with 2,998 Skechers company-owned and third party-owned stores.
Moving forward, the company will continue to focus on the growth potential of its international business with India and Mexico being target locations.
For the first quarter of 2019, the company expects sales in the range of $1.275 billion to $1.300 billion, and diluted earnings per share of $0.70 to $0.75.
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