Skechers, a leading footwear brand, has reported record-breaking global sales for the third quarter ending 30 September 2024.
- The company’s sales rose by 15.9% to $2.35 billion compared to the previous year.
- Net earnings also saw an increase, reaching $193 million, a significant rise from the past year.
- Skechers experienced substantial growth across various regions, including a 30% rise in the EMEA region.
- The brand aims to surpass major competitors in the footwear market by continuing to expand its operations.
Skechers has marked a significant milestone by achieving record sales figures in the third quarter of 2024. The brand reported global sales amounting to $2.35 billion, reflecting a 15.9% increase from the same period last year. Net earnings also grew impressively to $193 million, up from $145 million, demonstrating a solid financial performance.
The company witnessed a remarkable 21% growth in wholesale operations and a 10% rise in direct-to-consumer sales. International sales increased by 16%, with notable performances in Europe, the Middle East, and Africa (EMEA), which alone saw a growth of 30%. The Americas reported a 14% growth, highlighted by robust sales in both the United States and Canada. Sales in the Asia Pacific region rose by 7%.
CEO David Weinberg attributed this growth to the widespread acceptance and increasing popularity of Skechers’ comfort technology products, emphasising the company’s continued investment in operational capabilities to meet global demand. “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 commented.
In pursuit of becoming the leading footwear company by revenue, Skechers is expanding its infrastructure. This includes enhancing central European warehousing facilities in Belgium to an impressive 2.2 million square feet. UK Managing Director Richard Parker has stated that the brand’s ambition is to surpass competitors such as Nike, focusing on scaling operations significantly.
Skechers is also actively engaging in global collaborations with renowned sports figures to enhance its brand image as a technical athletic company. Recent partnerships include athletes from various sports, further solidifying its reputation. Notably, England footballer Harry Kane became an ambassador in 2023, and the brand has released a unique collection in collaboration with musician Snoop Dogg ahead of the 2024 Olympics. Additionally, Skechers has made charitable contributions, donating £325,800 to the Woodgreen Pets Charity from sales of its Bobs for Dogs range.
Skechers’ strategic expansion and investment in brand collaborations have driven its record sales growth, positioning it to challenge leading competitors in the global footwear industry.
