Skechers reports record sales of $8 billion for 2023 driven by international growth
US footwear giant Skechers has reported record annual sales of £6.2 billion ($8 billion) for 2023, a total year-on-year increase of 7.5% reflecting a 13.3% increase internationally and a 0.8% decrease domestically.
Direct-to-consumer sales increased 24.3%, while wholesale decreased 2.8%. On a constant currency basis, sales increased 7.9%.
Robert Greenberg, CEO of Skechers, said: "Skechers’ new annual sales record of $8 billion was the result of the broad acceptance for our products worldwide, our loyal and growing consumer base, the cultivated relationships with our partner network, and our determined and dedicated team.
"As always, product and marketing are paramount to our success, with comfort, quality, style and innovation inspiring every collection. Throughout the year, we delivered fresh styles of our proven Skechers Hands Free Slip-ins, understanding that consumers of all ages appreciate the comfort and convenience of this technology.
"We also introduced partnerships and a capsule collection with Martha Stewart and Snoop Dogg, who appeared in a joint Super Bowl campaign. Skechers Performance signed Europe’s top goal scorer for 2023, Harry Kane, as well as other premier players for the launch of Skechers Football.
"We further expanded our product offering and elite-level roster with NBA players Julius Randle and Terance Mann, both competing in Skechers Basketball. With over 5,000 Skechers retail stores and becoming a Fortune 500 company, our brand's global reach continues to expand."
The company believes that for the first quarter of 2024 it will achieve sales between £1.704-1.743 billion ($2.175-2.225 billion), while for the fiscal year 2024 the company anticipates sales of between £6.7-6.8 billion ($8.6-8.8 billion).
John Vandemore, Chief Financial Officer of Skechers, said: "2023 was a dynamic year full of challenges, which the Skechers team faced with outstanding determination and agility.
"We are optimistic about 2024, where we will continue to execute against our long term growth strategy of expanding internationally and deepening our direct-to-consumer relationships, and we remain confident in our sales goal of $10 billion by 2026."
