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US footwear brand Skechers posts record sales in Q2 FY21 of $1.66 bn
23 Jul 21 2 min read
Skechers USA, a global footwear leader, has achieved record quarterly sales with growth of 127.3 per cent to $1.66 billion in its second quarter (Q2) FY21 ended on June 30, 2021, against same period of 2020 ($729.5 million) and 31.7 per cent over 2019 ($1.26 billion). Net earnings for Q2 FY21 improved to $235.9 million (Q2 FY20: loss $19.0 million).
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“We accomplished these financial results even as we continued to face Covid-19 related challenges including delayed shipments and port constraints as well as temporary store closures in some key markets, including India, Canada, and parts of Europe and South America,” David Weinberg, chief operating officer of Skechers, said in a press release.
Gross profit for the quarter rose 130.5 per cent to $849.5 million ($368.6 million). The company’s earnings from operations were $201.2 million (loss: $61.0 million).
Skechers Q2 FY21 performance was attributed to 147.3 per cent increase in domestic sales ($399.7 million) and a 113.7 per cent increase in international sales ($750.2 million). Domestic and international growth was driven by rise in both wholesale and direct-to-consumer as Covid-19 restrictions eased over the prior year, the company said.
“Domestic wholesale improved with higher unit sales volume while international wholesale growth was driven by 150.2 per cent growth in Skechers’ European subsidiaries, led by the UK and Germany, 50.9 per cent growth in China, and 122.3 per cent growth in distributor sales,” the American footwear company further added.
“Our record second quarter results reflect the outstanding execution of our long-term growth strategy. Led by our comfort technology products and resonant brand, we continued to expand globally and further our direct-to-consumer presence,” John Vandemore, chief financial officer of Skechers, said in the release.
For the fiscal year 2021, the company expects it will achieve sales between $6.15 billion to $6.25 billion, whereas for Q3, the company believes to achieve sales between $1.60 billion to 1.65 billion.
Fibre2Fashion News Desk (JL)
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