Manhattan Beach, California – Polyurethane footwear maker, Skechers saw record fourth quarter net sales of $746m in 2016 taking annual sales to $3.56 bn, “a significant growth year,” according to Robert Greenberg, ceo.
Growth in the quarter came from the firm’s global wholesale business which was up 17% compared with the 2015 quarter and a 14% increase in the firm’s international retail business.
Despite this, the firm’s investment in more stores and supporting a new Latin American subsidiary helped reduce earnings from operations by 48% to $28.3m in the quarter.
Taking the year as a whole, Greenberg said: “we experienced the strongest growth from our International business.” Gross profit was $1.63 bn or 49.5% of net sales and earnings from operations were $370m or 10.4% of net sales for 2016, the company said.
Greenberg said that in 2017 lighted footwear, and a new product line “perfect for millennials and post-millennials” will be the key to success.
