US footwear brand Skechers posts sales of $1.82 bn in Q1FY22

The sales achievement was driven by increases of 33 per cent and 16 per cent in the company’s wholesale and direct-to-consumer segments, respectively. 

“By region, the growth was the result of increases of 31 per cent in the Americas, driven by double-digit growth in the United States; 49 per cent in EMEA, driven by strong growth across Europe; and 4 per cent in APAC, led by 9 per cent growth in China,” David Weinberg, chief operating officer of Skechers, said in a release.

Gross profit for the quarter rose 23.1 per cent to $824.2 million. The company’s earnings from operations were $175.9 million.

“Several key APAC markets faced increasing COVID-related restrictions as the quarter evolved including China. Despite the on-going pandemic and other macroeconomic headwinds, we are especially encouraged by the phenomenal growth we experienced. We believe this momentum will continue as we strive towards our goal of $10 billion by 2026,” said Weinberg.

“The strength of our brand, coupled with our continued focus on investing and executing against our global growth strategy, gives us abundant confidence that achieving $10 billion in sales by 2026 remains both an achievable objective and valuable means to drive shareholder value,” John Vandemore, chief financial officer, Skechers, commented.

For the second quarter of 2022, Skechers expects to achieve sales between $1.75 to $1.80 billion and for the fiscal year 2022, the company plans to achieve sales between $7.2 to $7.4 billion.

ALCHEMPro News Desk (HO)