The US shoe manufacturer Skechers USA Inc. also set new sales and earnings records in the 2023 financial year. Management forecast further growth for the current year on Thursday evening.
Last year, sales amounted to 8.00 billion US dollars (7.35 billion euros). This exceeded the 2022 level by 7.5 percent (+7.9 percent adjusted for currency effects). Small losses in the USA (-0.8 percent) were more than offset by strong growth abroad (+13.3 percent).
The growth engine was the company’s own retail sector, whose revenues increased by 24.3 percent. In the wholesale business, however, sales fell by 2.8 percent due to the weak development in America (-10.6 percent).
Thanks to a higher gross margin, operating profit rose to $784.8 million, exceeding the previous year’s level by 43.6 percent. The net result attributable to shareholders grew by 46.3 percent to 545.8 million US dollars (501.7 million euros).
For 2024, the company expects sales to grow to between $8.60 and $8.80 billion. Diluted earnings per share, which were $3.49 in 2023, are expected to increase to $3.65 to $3.85. However, these goals were too modest for investors: after the forecasts were published, Skechers’ share price immediately fell by more than ten percent.