Global footwear and apparel company Skechers USA has reported a record sales totalling $2.41bn in the first quarter (Q1) of fiscal year 2025 (FY 2025), marking a 7.1% increase from the $2.25bn reported in Q1 FY 2024.
According to its financial results for Q1, The company’s growth was attributed to a 7.2% rise in international sales and a 6.9% rise in domestic sales. The wholesale segment saw a 7.8% upswing while direct-to-consumer sales rose by 6.0%.
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Wholesale revenues surged by $110.5m or 7.8%, with the Europe, the Middle East, and Africa region experiencing a robust 13.0% growth and the Americas region a solid 7.3% increase, despite a slight 0.6% dip in the Asia-Pacific region.
The volume of wholesale goods sold went up by 9.1%, even as the average selling price saw a minor reduction of 1.3%.
The company’s direct-to-consumer revenues also experienced growth, climbing by $49.5m or 6.0%.
Skechers’ gross profit for the quarter stood at $1.25bn, a 6.2% increase from the $1.18bn recorded in the same period last year.
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By GlobalDataHowever, gross margin contracted by 50 basis points to 52.0%, primarily due to lower average selling prices.
Its earnings from operations saw an 11.3% decrease to $265.1m, and net earnings attributable to Skechers fell by 2% to $202.4m in Q1 FY 2025 from $206.6m in Q1 FY 2024.
The company’s diluted earnings per share were reported at $1.34 compared to $1.33 in the prior year’s quarter.
Skechers chief financial officer John Vandemore said: “Our first quarter results reflect the continued strength of our business across the globe, a testament to our brand, the appeal of our innovative comfort technologies and distinctive value offering across our product portfolio.
“We remain confident in our ability to navigate the current market challenges, and know that our proven track record of managing this globally diverse brand with a unique and compelling product portfolio focused on delivering style, comfort, quality and innovation at a reasonable price will enable Skechers to endure and likely thrive during this time.”
As of 31 March 2025, Skechers’ retail footprint included a total of 5,318 stores worldwide.
During the earnings call, the company said it “will not be providing revenue or earnings guidance at this time, as the current environment is simply too dynamic from which to plan results with a reasonable assurance of success”.
In January 2025, the company unveiled its inaugural Performance store in Canada.
