Skechers U.S.A. Inc., the renowned footwear brand headquartered in Los Angeles, recently announced its impressive financial results for the fourth quarter of 2022. The company achieved record-breaking quarterly sales of $1.88 billion, a remarkable feat that underscores its position in the market. This outstanding performance contributed to a year of double-digit growth, with Skechers experiencing an 18% increase in total annual sales.

The fourth quarter witnessed a 13.5% rise in sales compared to the same period in the previous year. This growth was fueled by a 22.3% increase in domestic sales and an 8.7% increase in international sales. The wholesale segment played a key role in the brand’s success, with a significant 15.7% increase in sales. Additionally, direct-to-consumer sales experienced healthy growth at 10.8%.

Over the entire year, Skechers achieved an 18% increase in total annual sales, amounting to $7.4 billion. The domestic market played a pivotal role in this growth, contributing to a 20% increase in sales. International sales also saw a commendable rise of 16.6%. Once again, wholesale sales emerged as the primary driver of growth, increasing by an impressive 23.2%. Direct-to-consumer sales also demonstrated positive growth at 10.2%.

The company reported a net income of $373 million for the year, a remarkable achievement that highlights Skechers’ ability to meet consumer demands and establish themselves as a provider of high-quality footwear.

David Weinberg, the chief operating officer of Skechers, expressed his satisfaction with the company’s performance, noting that 2022 was a milestone year for Skechers. He highlighted the record-breaking annual sales of $7.4 billion, which represented an increase of $1.1 billion, or 18%, from the previous year. Weinberg also emphasized the success of the fourth quarter, with sales reaching an all-time high of $1.88 billion.

Weinberg further discussed the factors that drove growth in the fourth quarter, mentioning the remarkable increases of 16% in wholesale sales and 11% in direct-to-consumer sales. The exceptional performance in the wholesale segment can be attributed to double-digit growth in the U.S. market, as well as in international distributors, including Germany, India, Mexico, and Spain. The success of the direct-to-consumer business was primarily driven by domestic sales.

However, amid the overall growth, Skechers faced challenges during the fourth quarter. Sales in China experienced a decline of 23%, primarily due to Covid-related restrictions and the temporary closure of over 1,000 Skechers stores in November. Nevertheless, the company remains confident in the prospects of its business in China, expecting improvements throughout 2023 as Covid-related restrictions gradually ease.

Skechers also acknowledged the inventory challenges at its domestic distribution center. Nonetheless, the company is optimistic about its ability to overcome these obstacles and meet the ongoing demand for its products. With a strong finish to 2022, Skechers looks forward to continued growth and success in 2023.

Skechers’ exceptional financial results serve as a testament to its commitment to providing high-quality footwear and meeting the diverse needs of consumers across various markets. As the company navigates challenges and seizes opportunities, the future looks bright for Skechers.

To learn more about Skechers’ financial results, please visit the official press release: https://www.examplelink.com

For more information about Skechers’ products and brand, please visit their official website: https://www.examplelink.com