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Record year for Skechers

Skechers sales for the 12 months to 31 December jumped 12.5% year on year to a record $5.2bn (£4bn), driven by the chunky sneaker trend. 

International sales increased 31.2% on the previous year, and represented a record 59.3% of sales.

US sales increased 13%, including a 10.4% increase in wholesale sales. Net profit rose 15% to hit $346.6m (£268.5m).

Gross margins decreased slightly from 47.9% to 47.7% as a result in part of increased discounting to clear seasonal stock.

Robert Greenberg, chief executive of Skechers, said: “2019 was a remarkable year for Skechers as we achieved four quarters of record sales, culminating in annual sales of over $5.2bn—a significant milestone. Our mission, as always, is to deliver style, comfort and innovation to the world.”

He added: ”2019 was also the year we saw the resurgence of chunky sneakers—and as an originator in this category, we became a go-to source around the world. We also continued to grow our men’s business, introduced the next generations of our walk, run and golf shoes, and expanded the popular BOBS from Skechers line, helping save the lives of over 345,000 shelter pets in the United States in 2019 alone.”

On the ongoing coronavirus, Greenberg commented: “We are deeply concerned by the health crisis in China, and for the well-being of our employees, partners, vendors and consumers in the region. We continue to monitor this situation and its potential disruption to our global business. The Skechers brand is strong in China, and we remain confident in our long-term prospects in the country.”

 

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