Skechers has marked a milestone with record-breaking sales for the third quarter of 2024.
- The company saw a remarkable 15.9% increase in sales, reaching $2.35 billion.
- Significant growth was noted, with 21% in wholesale and 10% in direct-to-consumer commercial channels.
- Expansion was driven by impressive performances across all regions, particularly in Europe, the Middle East, and Africa.
- The brand continues to innovate and expand its market presence through strategic collaborations and community partnerships.
In a remarkable achievement, Skechers reported unprecedented global sales of $2.35 billion for the third quarter of 2024, marking a substantial year-on-year growth of 15.9%. The company’s net earnings for the period stood at $193 million, up from $145 million the previous year.
Sales for the first nine months of the year totalled $6.76 billion, showcasing an increase of 11.9% compared to the same period last year. During this time, net earnings rose by 17.8% to reach $540 million.
The growth was broad-based, with a notable 21% increase in the wholesale segment and a 10% rise in direct-to-consumer sales. Additionally, international markets saw a 16% growth, complemented by a 15% growth in domestic sales in the United States.
David Weinberg, COO of Skechers, highlighted the impressive 30% sales surge in Europe, the Middle East, and Africa, driven by double-digit growth in all countries within these regions. He noted a 14% increase in the Americas, with particularly strong performances in the United States and Canada, and a 7% rise in the Asia Pacific region. “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,” Weinberg stated.
Skechers continues to enhance its brand recognition through collaborations with leading sports figures, establishing itself as a notable technical athletic brand. The roster includes high-profile athletes from football, basketball, major league baseball, and cricket. A notable partnership was with England footballer Harry Kane, who gained attention for his golden Skechers boots.
The company also ventured into the entertainment industry, launching a custom capsule collection with musician Snoop Dogg ahead of the 2024 Olympics.
Skechers’ commitment to community involvement was exemplified by a ‘Big Cheque’ event at their flagship store in Oxford Street, London. Richard Parker, managing director UK and Ireland, presented a cheque for £325,800 to Woodgreen Pets Charity. This donation is part of an ongoing partnership initiated in July 2022, whereby the brand donates 25p from each sale of their Bobs range to the charity. Woodgreen Pets Charity celebrated its 100th anniversary in 2024.
There are currently 124 Skechers retail stores in the UK and Republic of Ireland, with 69 stores located in the UK, including three new openings in 2024.
Skechers is poised for continued growth, underpinned by its solid financial performance and strategic alliances.
