Manhattan Beach, California – Skechers, the global footwear giant, had total net sales of $1242.3m in the first quarter 2020. This is down 2.70% on the same period last year. Gross profit across the business fell by 7.2% to $547.7m in the first quarter of 2020.
Coronavirus derailed Q1 record sales at Skechers
'We experienced strong momentum throughout 2019, which continued into the first to months of 2020,' said CEO David Weinberg. 'Due to reduced economic activity in China after January, and the spread of coronavirus around the world in March sales decreased 2.7% in the first quarter. Skechers was on track for a first quarter sales record.'
The company claims to have had record shipments from its American and European distribution centres in January and February. Direct to consumer sales through the company's stores was up 8.9% on the same time, Weinberg added.
'When markets reopen, people return to work and customers get back to shopping, Skechers will continue in its position as a leading footwear brand,' he said.