US-based footwear brand Skechers has reported that its sales for the first quarter (Q1) of the fiscal year 2022 (FY22) increased by $385.1m to $1.82bn, up by 26.8% from a year earlier.
The record growth was driven by a 28.7% increase in domestic sales and a 25.5% increase in international sales, with ‘strong’ performance in wholesale sales.
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During the three-month period, Skechers’ wholesale and direct-to-consumer sales rose by 32.7% and 15.7% respectively.
The company’s net earnings were $121.2m in the quarter, while its diluted earnings per share (EPS) increased 22.2% to $0.77 compared with $0.22 in Q1 2021.
Its earnings from operations for Q1 were $175.9m, up by $18.2m or 11.6% from the same period of last year.
For the second quarter (Q2), Skechers expects to record between $1.75bn and $1.80bn in sales and EPS between $0.50 and $0.55.
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By GlobalDataThe retailer intends to achieve sales of between $7.2bn and $7.4bn and EPS between $2.75 and $2.95 for the full year.
Skechers CEO Robert Greenberg said: “In the first quarter, we achieved a new quarterly sales record, delivered the most innovative, stylish and comfortable product yet, and supported it with impactful marketing.
“Our position as the third largest footwear brand in the world is the result of exceptional global partnerships and the strong consumer demand for our products.
“To drive awareness, we began the year with two Skechers commercials airing around the Super Bowl featuring Willie Nelson, including one with his hit song ‘On the Road Again.’
“With a talented team determined to ensure our success, we believe our strategy of communicating the uniqueness of Skechers’ comfort technology, style, innovation and quality products globally will continue to deliver record sales in 2022.”
In December last year, Skechers transferred its distribution rights in the Philippines to a new entity in an effort to support its growth in the region.
