US footwear company Skechers' Q1 FY21 sales grow 15% to $1.43 bn

23 Apr '21

2 min read

Pic: Shutterstock

Skechers USA, a global footwear leader, has reported 15 per cent sales growth to $1.43 billion in its first quarter (Q1) FY21 that ended on March 31, 2021, compared to the sales of $1.24 billion in the same period previous fiscal. The company’s net earnings for the reported quarter jumped 100.8 per cent to $98.6 million (Q1 FY20: $49.1 million).

“Skechers new sales record in the first quarter is a remarkable achievement, especially given the lockdown measures in many key countries, including across Europe,” Robert Greenberg, chief executive officer of Skechers, said in a press release. “This significant growth is the result of continued demand for Skechers product as consumers desire comfort and quality in their footwear and walking remains a top COVID-19 pandemic activity.”

Gross profit for Q1 FY21 was $679.16 million ($547.7 million), while selling, general and administrative expenses were $528.0 million ($508.1 million). The company’s earnings from operations increased to $157.7 million ($44.8 million).

“With warmer weather and increased vaccination rates around the world, traffic is improving in many of our retail stores, and our digital business continues to be a very strong growth driver,” Greenberg said.

Domestic wholesale sales were $374.7 ($378.0 million), while international wholesale sales increased to $712.2 million ($575.2 million). Direct-to-consumer sales during Q1 FY21 rose to $341.5 million ($289.1 million).

Fibre2Fashion News Desk (JL)

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