Manhattan Beach, California — Skechers, a footwear company, announced record third quarter sales in 2018, building on a strong Q3 in 2017. The company made the announcement in a trading statement.
D'Liteful business drives Skechers in Q3
Third-quarter net sales were $1.2 bn up 7.5% on the same quarter in 2017. Additionally, gross profit was up $43.9 m to $563.9 m and the gross margin grew too. In the third quarter of 2017 this was 47.5%, in the third quarter of 2018 it was 47.9%,
Looking at the nine-month figures, sales were up 11.5% at $3.56 bn. Gross profit was up 15% at $1.7 bn and the margin had grown to 48% in the period.
Growth is coming from the international wholesale business and the company's wholly owned retail business.
'Achieving record third quarter sales isa notable accomplishment given the strength of our third quarter 2017 sales', said Robert Greenberg. Greenberg is Skechers CEO.
'Skechers D’Lites, our heritage chunky style has seen great success over the last two years in Asia. It is now an in-demand style across North America and Europe. The style is poised for growth in South America, India and the Middle East. Through Skechers D’Lites, we are reaching a younger, more fashion-savvy audience. We are getting press—from Marie Claire and Elle to HypeBae and Highsnobiety—and social media influencers are embracing this signature look.
'Further, we are seeing renewed acceptance of this chunky style by men', he added.