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Skechers rakes in $179 million in profits for 2017

For the fourth quarter American brand Skechers posted a revenue of $970.6 million. Store base grew to 2,570 locations at year-end and saw impressive growth across the globe. Company-owned global retail sales in Q4 increased 25.8 per cent, with a comparable same store sale increase of 12 per cent globally. International wholesale sales increased 40.2 per cent.

The company reported profits of $179.2 million for the full year 2017. Record revenue was reported at $4.16 billion, an increase of over $600 million from the previous year’s sales. This was led primarily by a 23 per cent increase in the company’s international wholesale business and a 21.9 per cent increase in global retail business. Domestic wholesale grew 4.1 per cent. Gross margins for the year were up from 45.9 per cent to 46.6 per cent, although operating margins dropped a percentage point because of increased selling expenses primarily to support growth in Skecher’s international markets.

In the United States, Skechers is the number one casual lifestyle and casual dress footwear brand and the number second casual athletic footwear brand. The company’s outlook for the first quarter of 2018 is enthusiastic.