Skechers reported impressive third-quarter results for 2024. The global footwear company achieved record sales in the third-quarter of $2.35 billion, a 15.9% increase year-over-year, and up from $2.16 billion in the previous quarter.
Diluted earnings per share rose by 35.5% to $1.26 (year-over-year).
Revenue growth was driven by a 20.6% rise in wholesale sales and a 9.6% increase in direct-to-consumer sales.
The company enjoyed strong domestic and international demand, with sales in the Americas up 14%, Asia-Pacific up 7%, and EMEA up 30%. Skechers’ Chief Operating Officer, David Weinberg, said that growing awareness and acceptance of its comfort technology products has been a critical driver of regional growth opportunities.
Robert Greenberg, Chief Executive Officer of Skechers, attributed the growth in the quarter to the company’s “unique value proposition” for consumers and partners, emphasizing the combination of style, comfort, quality, and innovation at a reasonable price.
Q4 Outlook
Skechers expects sales in the next quarter of between $2.165 billion and $2.215 billion. Earnings per share are projected to be between $0.70 and $0.75, and the company is aiming for annual sales for fiscal 2024 to be between $8.925 billion and $8.975 billion
“Skechers’ record third-quarter financial performance underscores the strength of our global diversification and demand for our distinctive value proposition,” said Skechers CFO John Vandemore.
Adding: “We delivered impressive international sales growth coupled with continued momentum in our domestic wholesale business. These results reinforce our confidence in achieving our goal of $10 billion in sales by 2026 and continued growth thereafter. As we move forward, we remain committed to investing in our brand, expanding our global presence, and meeting the evolving needs of our consumers.”