Skechers sales smash £1.4bn despite Covid-19 challenges

Skechers
Skechers second quarter financial results exceeded expectations
// Skechers sales rise 127.3% year-on-year as consumers returned to a “more normal lifestyle”
// Sales reached £1.42bn in the three months to June 30

Skechers has reported record quarterly sales of $1.66 billion (£1.42 billion) in the three months to June 30.

Sales at the sportswear retailer increased by a colossal 127.3 per cent year-on-year, and 31.7 per cent over the second quarter of 2019.

Domestic wholesale sales grew 205.7 per cent and direct-to-consumer sales grew 137.8 per cent.

Meanwhile, international wholesale grew by 94.8 per cent.

“Skechers second quarter financial results exceeded expectations,” Skechers chief operating officer, David Weinberg said.

“This growth, along with both record gross margin of 51.2 per cent and record quarterly diluted earnings per share of $0.88, was the result of triple-digit improvements in both our domestic and international businesses compared to second quarter 2020, and over 30 per cent as compared to the second quarter of 2019.

“We accomplished these financial results even as we continued to face Covid-19 related challenges, including delayed shipments and port constraints, as well as temporary store closures in some key markets, including India, Canada, and parts of Europe and South America.

“With a higher average selling price and significantly more units sold, we saw sales increases of 205.7 per cent in domestic wholesale, 137.8 per cent in direct-to-consumer, and 94.8 per cent in international wholesale over the second quarter of 2020.

“As consumers began returning to a more normal lifestyle in many markets, demand increased for our comfort technology products, including in North America, across Europe, and in China, which achieved double-digit gains over both 2020 and 2019.”

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