LOS ANGELES- Skechers U.S.A., Inc. ('Skechers' or the 'Company') (NYSE:SKX), The Comfort Technology Company and a global footwear leader, today announced financial results for the fourth quarter and full year ended December 31, 2023.
2023 Highlights
Record annual sales of $8.00 billion, a year-over-year increase of 7.5%
Direct-to-Consumer sales grew 24.3%
Diluted earnings per share of $3.49, a year-over-year increase of 46.6%
Inventory decrease of $292.6 million or 16.1% from December 31, 2022
Fourth Quarter Highlights
Record fourth quarter sales of $1.96 billion, a year-over-year increase of 4.4%
Direct-to-Consumer sales grew 20.3%
Diluted earnings per share of $0.56, a year-over-year increase of 16.7%
Repurchased $60 million of Class A common stock
'Skechers achieved a new fourth quarter sales record of $1.96 billion, and a record gross margin of 53.1%. This success reflects the strong worldwide demand for our comfort technology products, especially in our Direct-to-Consumer business which grew 20%. Our Wholesale business experienced a decrease in sales of 8%, as several retailers continued to conservatively manage their inventory levels. However, we are optimistic that this behavior is changing based upon early reads from January shipments and positive order trends for the first half of the year,' stated David Weinberg, Chief Operating Officer of Skechers. 'Regionally in the quarter, Asia Pacific grew 15%, led by double-digit growth in China, the Americas grew 3%, and Europe, Middle East and Africa decreased 7%. For the full-year, we achieved a new annual sales record of $8.00 billion, reduced inventory levels by 16%, and continued to invest in our distribution facilities, including new locations in India, Canada and Latin America. We begin 2024 confident in the strength of our brand and continued growth in both our Direct-to-Consumer and Wholesale segments globally.'
'Skechers' new annual sales record of $8.00 billion was the result of the broad acceptance for our products worldwide, our loyal and growing consumer base, the cultivated relationships with our partner network, and our determined and dedicated team,' began Robert Greenberg, Chief Executive Officer of Skechers. 'As always, product and marketing are paramount to our success, with comfort, quality, style and innovation inspiring every collection. Throughout the year, we delivered fresh styles of our proven Skechers Hands Free Slip-ins, understanding that consumers of all ages appreciate the comfort and convenience of this technology. We also introduced partnerships and a capsule collection with Martha Stewart and Snoop Dogg, who appeared in a joint Super Bowl campaign. Skechers Performance signed Europe's top goal scorer for 2023, Harry Kane, as well as other premier players for the launch of Skechers Football. We further expanded our product offering and elite-level roster with NBA players Julius Randle and Terance Mann, both competing in Skechers Basketball. With over 5,000 Skechers retail stores and becoming a Fortune 500 company, our brand's global reach continues to expand. Our product initiatives and diverse line-up of athletes and ambassadors offers numerous opportunities to tell the Skechers story, and further grow our business globally. Given our momentum, we are confident that 2024 will be another successful year for the Company.'
Fourth Quarter 2023 Financial Results: See full results at:
https://investors.skechers.com/press-releases/detail/610/skechers-announces-record-annual-sales-of-8-00-billion-for
Investor Relations
Sonia Reback
Eunice Han
investors@skechers.com
Press
Jennifer Clay
jennc@skechers.com
Source: Skechers U.S.A., Inc.
SKECHERS U.S.A., INC. 
