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Skechers Announces Record Annual Sales of $8.00 Billion for 2023
SKXSkechers(SKX) Businesswire·2024-02-01 21:05

Core Insights - Skechers reported record annual sales of 8.00billionfor2023,reflectingayear−over−yearincreaseof7.58.00 billion for 2023, reflecting a year-over-year increase of 7.5% [2][8] - Direct-to-Consumer sales grew significantly by 24.3%, while Wholesale sales decreased by 2.8% [10][11] - The company achieved diluted earnings per share of 3.49, a substantial increase of 46.6% compared to the previous year [2][11] Full Year 2023 Financial Results - Total sales reached 8,000.3million,upfrom8,000.3 million, up from 7,444.5 million in 2022, marking a 555.8millionincrease[8][11]−Grossprofitfortheyearwas555.8 million increase [8][11] - Gross profit for the year was 4,152.4 million, an increase of 637.0millionor18.1637.0 million or 18.1% from the prior year [8][11] - Gross margin improved to 51.9%, up 470 basis points from 2022 [8][11] - Operating expenses increased by 398.9 million or 13.4%, resulting in an operating margin of 9.8% [11][12] - Net earnings attributable to Skechers U.S.A., Inc. were 545.8million,a46.3545.8 million, a 46.3% increase from 373.0 million in 2022 [11][12] Fourth Quarter 2023 Highlights - Fourth quarter sales reached 1.96billion,a4.41.96 billion, a 4.4% increase year-over-year [3][4] - Direct-to-Consumer sales in Q4 grew by 20.3%, while Wholesale sales decreased by 8.3% [5][6] - Gross margin for the fourth quarter was 53.1%, an increase of 470 basis points compared to the same quarter in 2022 [4][5] - The company repurchased 60 million of Class A common stock during the fourth quarter [3][13] Regional Performance - In Q4, Asia Pacific sales grew by 15%, driven by double-digit growth in China, while the Americas grew by 3% and EMEA decreased by 7% [3][5] - For the full year, international sales increased by 13.3%, while domestic sales saw a slight decline of 0.8% [10][11] Outlook for 2024 - The company anticipates sales between 8.60billionand8.60 billion and 8.80 billion for fiscal year 2024, with diluted earnings per share projected between 3.65and3.65 and 3.85 [14] - Capital expenditures for 2024 are expected to be between 350millionand350 million and 400 million, including the construction of a new distribution center in China [14]