Los-Angeles-based footwear brand Skechers has increased its full-guidance for fiscal year 2024 and forecasts sales to range between $8.925 billion - $8.975 billion during the year.
The brand reported record-breaking results in Q3, FY24 with sales rising by 15.9 per cent to $2.35 billion, on the back of high growth across all markets. Its international sales rose by 16.4 per cent while domestic sales grew by 15.3 per cent during the quarter.
In Q3, FY24, Skechers’ wholesale sales expanded by 20.6 per cent. These included a 21.6 per cent rise in sales from the Americas and 30.9 per cent growth in sales in the EMEA region. The brand’s sales in the APAC increased by 5.1 per cent.
During the quarter, Skechers; net earnings increased to $193.2 million compared to net earnings of $145.4 million in the corresponding quarter last year.
Robert Greenberg, CEO, says, the significant growth achieved by the company in Q3, FY24 can be attributed to its policy of offering the right product at the right price and ensuring availability at locations where consumers want to shop.
A unique value proposition for the brand’s partners, Skecher’s products offer style, comfort, quality and innovation at a reasonable price to its consumers.
