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Skechers Reports Record-breaking 2023 Revenues, Surpassing $8 Billion Mark

Published: February 3, 2024
Author: Fashion Value Chain

U.S. footwear company Skechers announced a remarkable achievement with record-breaking revenues in 2023, reaching $8 billion, marking a 7.5% increase. This success was driven by a robust fourth quarter, concluding on December 31, particularly fueled by a rebounding Asia-Pacific market.

In the fourth quarter, overall sales rose by 4.4%, with a 6.9% increase internationally and a 0.3% increase domestically. The direct-to-consumer segment experienced an impressive 20.3% growth, while wholesale saw a decrease of 8.3%.

Regionally, the Asia-Pacific market exhibited exceptional growth, surging by 15%, primarily led by double-digit growth in China. The Americas recorded a 3% growth, while Europe, the Middle East, and Africa faced a 7% decrease.

For the quarter, net earnings amounted to $87.2 million, and diluted earnings per share were $0.56. This outperformed the prior year’s net earnings of $75.5 million and diluted earnings per share of $0.48.

David Weinberg, the chief operating officer of Skechers, expressed satisfaction, stating, “Skechers achieved a new fourth quarter sales record of $1.96 billion, reflecting the strong worldwide demand for our comfort technology products. While wholesale sales decreased, we are optimistic about changing trends based on positive order trends for the first half of the year.”

Looking ahead to 2024, Skechers is confident in the strength of its brand and anticipates continued growth in both the direct-to-consumer and wholesale segments globally.

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