Companies

Skechers posts strong full year results

Feb 12, 2025 United States

The US-based footwear company has posted a strong performance for the fiscal year 2024, culminating in a strong holiday season, underpinned by growth in all regions

“Our 2024 record sales were driven by a strong response to our comfort technology products, and the outstanding execution of our talented and dedicated team in developing, marketing and managing the strategic allocation of our footwear, apparel and accessories worldwide”, commented Robert Greenberg, Chief Executive Officer of Skechers.

Fourth Quarter Results

In the fourth quarter of fiscal 2024, the company’s sales increased by 12.8% to 2.21 billion US dollars, on a comparable basis to the same period of last year, due to an 18.0% increase domestically and a 9.8% increase internationally.

In this period, wholesale sales contributed 1.13 billion US dollars, up by 17.5% over the same quarter of the prior year, including increases of 21.9% in AMER, 21.7% in EMEA and 4.6% in APAC. Direct-to-consumer sales contributed 1.08 billion US dollars, up by 8.4% over the same quarter of the prior year, including increases of 7.6% in AMER, 32.7% in EMEA and 2.5% in APAC.

Skechers’ fourth quarter gross profit rose to 1.17 billion US dollars from 1.04 billion US dollars in the same period of 2023, with the gross margin improving by 20 basis points to 53.3% thanks to a favourable channel mix.

In the fourth quarter of the current year, earnings from operations increased by 27.0% year-over-year to 165.5 million US dollars and net earnings increased to 99.3 billion US dollars, with diluted earnings per share of 0.65 US dollars, from 87.2 million US dollars in the fourth quarter of last year.

Full Year Results

Skechers reported full year sales of 8.97 billion US dollars, an increase of 12.1% as compared to the previous year, driven by 12.1% increases both internationally and domestically.

The company’s gross profit margin improved by 120 basis points throughout 2024 to 53.2%, on a comparable basis to the prior year, due to lower costs per unit, driven by lower freight.

In the twelve months to December, the footwear company’s net earnings totalled 639 million US dollars and diluted earnings per share were 4.16 US dollars, reflecting an increase of 19.2% over the prior year.

Outlook

For the fiscal year 2025, Skechers expects to achieve sales between 9.70 and 9.80 US dollars and diluted earnings per share between 4.30 and 4.50 US dollars. For the first quarter, it expects sales between 2.40 and 2.43 US dollars and diluted earnings per share between 1.10 and 1.15 US dollars.

Image Credits: investors.skechers.com

United States Companies Footwear Quarter Results Results Skechers