On October 25, Skechers U.S.A Inc announced its total revenues for the second quarter hit a record-breaking USD 1.88 billion, coinciding with a single-digit uptick in the sneaker company’s Asia-Pacific revenues.
The Los Angeles-based Skechers said total quarterly sales for the three months ending September 30 grew 20.5 percent, up from USD 1.56 billion in the prior-year period. By region, Skechers’ Asia-Pacific (excluding China) sales increased 8.6 percent to USD 460.6 million, compared to USD 424.3 million last year. Comparatively, the company’s EMEA region surged 47.6 percent, while the Americas region increased 16.2 percent. Conversely, China sales plunged 18.5 percent to USD 226.7 million, affected by Covid-related measures on the mainland during the period.
By channel, wholesale sales grew 26.2 percent, and direct-to-consumer sales jumped 11.9 percent. Profit dipped for the second quarter, down 16.7 percent to USD 85.9 million, compared to USD 103.1 million.
“Skechers’ ability to deliver record quarterly sales of USD 1.88 billion was a significant accomplishment, reflecting the ongoing global demand for our comfort technology products, which resulted in double-digit growth in our wholesale and direct-to-consumer segments,” said David Weinberg, chief operating officer of Skechers.
“In APAC, we experienced growth of 9 percent, which we are particularly pleased with given the Covid-related challenges in China and Japan during the quarter. While this broad-based consumer demand for Skechers is not unique to this quarter, we believe our ongoing momentum and strong product offering is a testament to the strength of our brand and resilience as an organization.”
For the first nine months of the year, Skechers APAC revenues increased 4.3 percent, while China sales fell 10.7 percent, the company added.
“As we continue to grow towards our goal of USD 10 billion in annual sales by 2026, we remain as focused and as dedicated as we were from the year we started Skechers,” said Skechers CEO, Robert Greenberg.