The shoe supplier Skechers USA Inc. has had a successful start to the current fiscal year 2022. In the first quarter, despite some adversities, the company was again able to achieve strong growth in sales and profits. The current figures, which were published on Tuesday evening, were even above market expectations.
At USD 1.82 billion (EUR 1.71 billion), sales in the first quarter, which ended at the end of March, set a new record. Compared to the same period in the previous year, it grew by 26.8 percent (currency-adjusted +28.7 percent). The wholesale business developed above average with an increase of 32.7 percent. In the company’s own retail business, sales increased by 15.7 percent.
The company achieved the most significant growth in the EMEA region, which includes Europe, the Middle East and Africa. Revenue there was $441.2 million, up 49.3 percent from the prior-year quarter, when the impact of the Covid-19 pandemic had weighed heavily on demand. Revenues in the Americas rose 30.5 percent to $946.9 million, and Asia-Pacific increased 4.4 percent to $431.5 million. Tightened restrictions due to new corona outbreaks in China and other key markets in the region slowed growth during the quarter, the company said.
Despite higher marketing and sales expenses as well as increased freight costs, Skechers was able to improve its results significantly. Operating profit grew 11.6 percent year-on-year to $175.9 million. Net income attributable to shareholders even increased by 23.0 percent to 121.2 million US dollars (114.2 million euros).