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SKECHERS sales skyrocket as consumers look for comfortable shoes

American lifestyle and performance shoe company Skechers USA, Inc. Reported second-quarter sales of $ 1.66 billion on Thursday. This mainly reflects the powerful progress achieved by taking advantage of the growing desire for comfortable shoes.

Skechers has grown particularly in the domestic wholesale segment-Instagram: @skechers

Based in Manhattan Beach, Calif., The company’s second-quarter sales, which ended June 30, 2021, increased 127.3% compared to the year-ago quarter, which was heavily impacted by the Covid-19 pandemic. .. Compared to the second quarter of 2019, sales increased by 31.7%.

The company saw growth in all segments, but the domestic wholesale channel recorded the most significant increase, achieving sales growth of 205.7%. International wholesale channel sales increased 94.8% year-on-year, while the direct consumer (DTC) segment grew 137.8%.

The growth of the company’s international wholesale segment was driven by a 150.2% increase in European subsidiaries where the UK and Germany went through specific processes, a 50.9% increase in China and a 122.3% increase in distributor sales. ..

SKECHERS net earnings were $ 137.4 million ($ 0.88 per diluted share), down from a loss of $ 68.1 million ($ 0.44 per diluted share) in the year-ago quarter.

“Our core product philosophy of providing comfort, style, innovation and quality at the right price has resonated with consumers during and out of the pandemic,” said Skechers CEO. Robert Greenberg explained in the release. “Consumers are embracing a more relaxed lifestyle and want to incorporate comfort into their work and weekend outfits. Emphasize this important message to convey that Skechers is The Comfort Technology Company. We have launched a new campaign for men, women and children. “

In the first half of 2021, the company’s revenue was $ 3.1 billion, up 56.5% from $ 2 billion in the year-ago quarter. Net earnings increased from a loss of $ 19 million ($ 0.12 per diluted share) to $ 235.9 million ($ 1.51 per diluted share).

SKECHERS expects total third-quarter sales to be $ 1.6 billion to $ 1.65 billion, but diluted profits per share during this period are expected to range from $ 0.70 to $ 0.75. I am. The company’s full-year diluted earnings per share are expected to be $ 2.55 to $ 2.65, with sales of $ 6.15 billion to $ 6.25 billion.

SKECHERS currently boasts 3,891 stores worldwide, including 523 domestic stores, 331 overseas stores, 467 joint venture stores, distributors, licensees and 2,570 franchise stores.

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SKECHERS sales skyrocket as consumers look for comfortable shoes

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