The FY24 results of Skechers are the company’s best ever in terms of sales, boosted by the footwear brands’ comfort-technology products.
In its financial results for FY 2024, ended Dec. 31, Skechers reports sales of $8.97 billion, a year-over-year increase of 12.1 percent. In constant currency sales amounted to $9.04 billion, a year-over-year increase of 13.0 percent. Revenues grew 12 percent at wholesale and 10.7 percent DTC.
Diluted earnings per share were $4.16, a year-over-year increase of 19.2 percent, while diluted earnings per share on a constant currency basis were $4.40, a year-over-year increase of 26.1 percent.
| Skechers - Income | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Q4, ended Dec. 31 ($ thousand) | |||
| Sales | 2,212,416 | 1,960,940 | 12.8% |
| Cost of sales | 1,034,094 | 919,557 | 12.5% |
| Gross profit | 1,178,322 | 1,041,383 | 13.1% |
| Operating expenses | 1,012,818 | 911,090 | 11.2% |
| Earnings from operations | 165,504 | 130,293 | 27.0% |
| Other income | -34,697 | 10,426 | – |
| Pre-tax | 130,807 | 140,719 | -7.0% |
| Tax | 15,405 | 28,589 | -46.1% |
| Net earnings | 115,402 | 112,130 | 2.9% |
| Diluted EPS | 0.65 | 0.56 | 16.1% |
| FY, ended Dec. 31 ($ thousand) | |||
| Sales | 8,969,351 | 8,000,342 | 12.1% |
| Cost of sales | 4,201,912 | 3,847,938 | 9.2% |
| Gross profit | 4,767,439 | 4,152,404 | 14.8% |
| Operating expenses | 3,863,182 | 3,367,618 | 14.7% |
| Earnings from operations | 904,257 | 784,786 | 15.2% |
| Other income | -26,508 | 16,086 | – |
| Pre-tax | 877,749 | 800,872 | 9.6% |
| Tax | 148,136 | 150,949 | -1.9% |
| Net earnings | 729,613 | 649,923 | 12.3% |
| Diluted EPS | 4.16 | 3.49 | 19.2% |
| Source: Skechers USA Inc. | |||
Record sales in 2024
This is the brand’s best sales result ever, as Chief Executive Officer Robert Greenberg remarks: “Our 2024 record sales were driven by a strong response to our comfort technology products, and the outstanding execution of our talented and dedicated team in developing, marketing and managing the strategic allocation of our footwear, apparel and accessories worldwide.”
”Our innovative comfort business closely aligns with the needs of consumers of all ages, genders, activities and professions who embrace our lifestyle and performance product offering,” Greenberg continues. ”The global demand for our business is a true testament to our ability to continuously evolve our diverse product portfolio and effectively create excitement for our innovations through powerful marketing campaigns. The success of our Skechers Hands Free Slip-ins during the holiday period was fueled in part by campaigns featuring Howie Mandel and Martha Stewart, among others.”
According to Chief Operating Officer David Weinberg, ”We delivered record full-year sales of $8.97 billion in 2024, or $9.04 billion on a constant currency basis, reflecting the continued robust global consumer demand supported by effective marketing campaigns.”
“The year ended with a strong holiday season that enabled record fourth-quarter sales of $2.21 billion,” he continues. ”Quarterly sales reflect 17 percent growth in Wholesale and 8 percent in Direct-to-Consumer, 18 percent domestically and 10 percent internationally. By region, sales grew 14 percent in the Americas, 25 percent in EMEA, and 3 percent in APAC, despite continued headwinds in China.”
| Skechers - Revenues | |||
|---|---|---|---|
| 2024 | 2023 | Change | |
| Q4, ended Dec. 31 ($ million) | |||
| Segments | |||
| Wholesale | 1,130.7 | 962.6 | 17.5% |
| DTC | 1,081.7 | 998.3 | 8.4% |
| Total | 2,212.4 | 1,960.9 | 12.8% |
| Regions | |||
| Americas | 1,091.4 | 955.4 | 14.2% |
| EMEA | 478.6 | 383.5 | 24.8% |
| Asia-Pacific | 642.4 | 622.0 | 3.3% |
| Total | 2,212.4 | 1,960.9 | 12.8% |
| China | 333.5 | 376.7 | -11.5% |
| FY, ended Dec. 31 ($ million) | |||
| Segments | |||
| Wholesale | 5,100.5 | 4,504.8 | 13.2% |
| DTC | 3,868.9 | 3,495.5 | 10.7% |
| Total | 8,969.4 | 8,000.3 | 12.1% |
| Regions | |||
| Americas | 4,367.9 | 3,945.7 | 10.7% |
| EMEA | 2,224.4 | 1,831.8 | 21.4% |
| Asia-Pacific | 2,377.1 | 2,222.8 | 6.9% |
| Total | 8,969.4 | 8,000.3 | 12.1% |
| China | 1,218.2 | 1,228.6 | -0.8% |
| Source: Skechers USA Inc. | |||
Fourth-quarter 2024 highlights
- Sales of $2.21 billion, up 12.8 percent YoY
- Wholesale sales up 17.5 percent
- DTC sales up 8.4 percent
- Diluted earnings per share of $0.65, up 16.1 percent YoY; diluted earnings per share on a constant currency basis of $0.86, up 53.6 percent YoY
- $120.0 million in repurchased Class A common stock
