Manhattan Beach, California — Skechers, a footwear company, announced record quarterly sales and a new nine-month sales record at its recent quarterly results announcement.
Skechers hit another record in q3
‘Third-quarter net sales of $1.1 bn set a new quarterly record, surpassing our previous record in the first quarter earlier this year by $22m, and resulted in a new nine-month record with sales exceeding $ 3 bn,’ said David Weinberg Chief Operating Officer.
‘Strong international growth, including the continued strength in China, resurgence of the UK and growth across all of Europe combined with our strong international retail business,’ all contributed to the results he added.
Quarterly net sales were up 16.2% to $1.1 bn compared to the third quarter of 2016. This was driven by a 25.7% increase in the company's international wholesale business and an 18.6% increase in its company owned global retail business.
Gross profit for the quarter was $ 520 m or 47.5% of sales compared to $ 430 m or 45.6% of sales for the third quarter of 2016.
However general and administrative costs were up at $317m in the third quarter due to additional domestic and international retail stores increased headcount United States and expansion into new categories and brands.
Over nine months, net sales were $ 3.2 bn; gross profit was $1.48 bn and earnings from operations were $327.2 m, the company said.
Total inventory including that in-transit was valued at $ 697 m up by $174m compared to September 30, 2016.
The company believes it will achieve net sales in the fourth quarter of between $ $ 860 m and $ 885 m.
David Greenberg, CEO said: 'the success of our product was most evident in the continued growth of our international business as we achieved strong double-digit growth in the majority of our subsidiary and joint-venture managed countries in the third quarter.'