Manhattan Beach, California — Skechers, the footwear company, announced record annual sales of $4.1bn in 2017 up 17% on 2016 in a 10k filing with the US SEC.
Skechers has record sales, profit in 2017
Gross profit at the company grew by 19% to $1.9 bn.
Sales grew in all of Skechers' business segments. The largest increases came from international subsidiaries and retail business. Combined with business through international distributors, the international segment accounted for more than half the company's sales in 2017.
Sales rose in 2017 with a 24% increase in international wholesale, 21% rise in global retail, and a 4.1% growth in US retail sales.
The numbers were hit by an increase in sales' general and administration costs, which grew by $295 m to $1.6 bn. This was spent on supporting the international businesses, and the costs associated with opening75 new stores.
'2017 was a monumental year for Skechers,' said CEO Robert Greenberg. He claimed that his company is the number one, walking, work, casual lifestyle and casual dress, footwear brand in the US. 'We see our international business becoming an increasingly larger part of our business,' he said.