Skechers sets another quarterly record in Q3
Global footwear brand Skechers reported higher than expected sales on Thursday, continuing its streak of record-setting sales quarters. For the quarter ended September 30, 2017, net sales increased 16.2 percent to $1.095 billion compared to third quarter 2016.
“The growth came across our three distribution channels—with double-digit increases in our Company-owned Skechers retail business worldwide and our international subsidiary and joint venture businesses, as well as a single-digit increase in our international distributor and domestic wholesale businesses,” stated stated David Weinberg, chief operating officer and chief financial officer.
“The strong international growth, including the continued strength in China, the resurgence of the United Kingdom and growth across all of Europe combined with our strong international retail business, resulted in international wholesale and retail representing 53 percent of our total sales in the third quarter.”
The company’s international wholesale business increased 25.7 percent, while its domestic wholesale business increased 1.4 percent and its Company-owned global retail business jumped 18.6 percent.
Gross profit for the third quarter of 2017 was $520.0 million, or 47.5 percent of net sales, compared to $430.0 million, for the third quarter of 2016.
Net earnings increased 41.8 percent to $92.3 million, and diluted net earnings per share for the third quarter were $0.59, compared with $0.42 in the prior year.
For the nine-month period, net sales were $3.19 billion, a new nine-month record as well.
Skechers expects to achieve net sales in the fourth quarter in the range of $860 million to $885 million.
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