The US shoe retailer Skechers USA Inc. set another sales record in the first quarter of the 2023 fiscal year. The result was also significantly higher than in the same period of the previous year. This emerges from current figures that the company published on Thursday evening.
According to this, Skechers generated sales of around 2.00 billion US dollars (1.82 billion euros) in the period from January to March, which corresponds to an increase of 10.0 percent compared to the same quarter of the previous year. The company owed the double-digit increase to its strong international business, whose revenues increased by 21.1 percent to 1.26 billion US dollars thanks to strong growth in Europe and the Asia-Pacific region. In the US home market, however, sales fell by 4.8 percent to USD 740.9 million due to losses in the wholesale business.
Thanks to a significantly improved gross margin, the shoe retailer was able to more than compensate for higher operating costs. At $223.6, the operating result exceeded the level of the prior-year quarter by 27.1 percent. Net income attributable to shareholders grew 32.4 percent to reach $160.4 million.
After the sales and earnings development in the first quarter exceeded market expectations, the company slightly raised its forecast for the full financial year. 2023 revenue target increased to $7.9-8.1 billion from $7.75-8.0 billion. Diluted earnings per share are now expected to be in the range of $3.00 to $3.20, down from a previous guidance of $2.80 to $3.00.