Skechers Sets Records for Quarterly Revenues

Buoyed by an increased demand for performance and lifestyle product at home and globally, Skechers achieved the highest quarterly revenues in the company’s history for the first quarter ended March 31.

First quarter 2015 net sales increased 40.5% to $768 million from $546.5 million in the first quarter of 2014. Gross profit for Q1 2015 totaled $332.5 million, or 43.3% of net sales, compared to $240.4 million in Q1 2014.

David Weinberg, chief operating officer and chief financial officer, explained that the sales were a real victory because they were achieved despite difficulties from the strengthening U.S. dollar, unseasonably cold weather in many areas and the slowdown at the West Coast ports.

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Weinberg attributed the company’s success to the continued strong demand across categories for lifestyle, performance, and kids’ footwear from customers and consumers internationally. “The sales results are attributable to double-digit increases in our domestic and international wholesale businesses, and our worldwide Company-owned retail business, as well as single-digit increases in our e-commerce business,” he said.

Skechers’s CEO Robert Greenberg, said that after its 2014 sales record of $2.4 billion, the company was expecting the momentum to continue into 2015. “We attribute this success to our constant development of fresh and innovative products that are appealing to a widening audience around the world, the continued marketing support we provide for every key product category, the diverse global distribution strategy, and, finally, our tremendous logistical support and inventory management.”

Skechers sees the foreign market as the key factor for success going forward. The company is already seeing styles that are successful in the U.S. begin to thrive in the international market. This quarter, the company’s international sales grew 59 percent in the first quarter, making international business 37 percent of total sales. Skechers is approaching their goal of international sales representing half of their business.