Manhattan Beach, California — Footwear company Skechers announced record annual sales of $4.6bn in 2018, up 11% on 2017 in a 10k filing with the US SEC.
Gross profit at the company grew by 15% to $2.2 bn in the year. Earnings from operations grew from $383 m in 2017 to $437 m in 2018. This is an increase of 14%.
Sales rose in all of Skechers’ business segments. The largest increases came from international subsidiaries which were up 19.2% and domestic US retail business up 3.5%.
'2018 was a year of record sales-our first full quarter four of over $1 bn,' said chief operating officer David Weinberg. 'Combined with three previous record quarters, a new annual sales record of dollars $4.6 bn.'
He added that double-digit sales increases in each of the international businesses powered growth in Q4 he said. These are company-owned retail, distributor subsidiary, and joint venture operations.
'There were also single digit increases in both our domestic wholesale and retail businesses,' he added. 'Our international business represents our most significant growth opportunity.'
The company recently turned its India joint venture into a wholly owned subsidiary. Skechers has also reached an agreement in principle to establish a joint venture in Mexico with its distribution partner there.
