Skechers posts record third quarter earnings

Published:  19 October, 2018
Skechers Zinger

The U.S. headquartered casual footwear manufacturer says it has reached record sales of US$1.176 billion in the third quarter ended September 30, 2018, representing a +7.5% increase (8.5% on a constant currency basis).

Skechers net earnings totalled US$90.7 million in the third quarter, and diluted earnings per share were US$0.58. Sales grew +7.5% in the period as a result of an +11.8% increase in the Company’s the international wholesale business and a +10.6% increase in the Company-owned global retail business. The domestic wholesale business decreased -3%. The Company’s total international business increased +12.5, while its total domestic business was up +1.8%. Earnings from operations increased US$7.4 million, or +6.4%.

“As we near the close of 2018, we believe the direction of our business is on target with our record sales in the third quarter, continued international growth and strong gross margins,” said David Weinberg, Chief Operating Officer, Skechers. “With three record sales quarters in 2018 and brand acceptance around the globe, we achieved a new record for the first nine months of US$3.56 billion, an 11.5% increase over last year.”

For the fourth quarter of 2018, the Company expects to achieve sales in the range of US$1.100 billion to US$1.125 billion, and diluted earnings per share of US$0.20 to US$0.25.