Skechers posts record quarterly sales, more than half from overseas
Global footwear business Skechers saw record sales of $1.17 trillion in the third quarter ended September 30, 2018, a 7.5 per cent increase, with more than half of total sales, 55.5 per cent, coming from international wholesale and retail sales.
“Achieving record third quarter sales is a notable accomplishment given the strength of our third quarter 2017 sales,” Skechers chief executive Robert Greenberg said.
“Both our domestic and international businesses grew, and we remained a leader in walking, work, casual lifestyle and sandals footwear in the United States.”
Greenberg said there is a significant opportunity to further grow the brand through wholesale, company-owned and third-party retail channels, as it invests in its international infrastructure.
“We are looking forward to fourth quarter growth across both our domestic and international channels and a new annual sales record,” Greenberg said.
Despite the increased sales, the business saw a 1.7 per cent decrease in net earnings for the quarter due to a recently enacted tax reform legislation, pushing the applicable income tax rate to 13.7 per cent compared to 9.4 per cent for the same period in 2017.
This story first appeared on our sister site Inside Retail Australia.