Skechers U.S.A., Inc., the American footwear company, has reported impressive financial results for the first quarter of 2021. The company achieved a net profit of $98.6 million, a substantial increase of 100.8% compared to the same period last year. This significant surge in profit can be attributed to robust sales, which Skechers described as a record for Q1.

In terms of diluted net earnings per share, the first quarter saw a rise from $0.32 in the previous year to $0.63. Net sales for the quarter ending on March 31, 2021, amounted to $1.43 billion, marking a 15.0% increase from $1.24 billion in the previous year. These impressive figures were primarily driven by a 20.2% rise in international business revenues and an 8.5% increase in domestic sales compared to Q1 2020.

Skechers experienced exceptional growth in its international wholesale channel, with a remarkable 23.8% rise. The brand’s popularity and success in key markets were evident through its triple-digit growth in China. The company also witnessed an 18.1% increase in sales in its direct-to-consumer business and an outstanding 143.0% rise in domestic e-commerce.

However, there was a slight setback in Skechers’ domestic wholesale channel, which posted a 0.9% decline. This decline can be attributed to the timing of shipments during the quarter, rather than reflecting a larger trend.

Despite the challenges posed by lockdown measures in various countries, including Europe, Skechers CEO Robert Greenberg expressed his satisfaction with the company’s performance. He stated that achieving a new sales record in the first quarter amidst lockdown measures in many key countries is a remarkable achievement. Greenberg emphasized that this significant growth is the result of continued demand for Skechers products, as consumers prioritize comfort and quality in their footwear.

Greenberg also noted the increased importance of walking as an activity due to the current COVID-19 pandemic, which has contributed to the demand for Skechers products. He highlighted that with warmer weather and increased vaccination rates worldwide, foot traffic in many retail stores is improving, and the digital business continues to be a strong growth driver.

Looking ahead, Skechers has a positive outlook for its future prospects. The company anticipates achieving annual sales of between $5.8 billion and $5.9 billion in the full fiscal year 2021, with diluted earnings per share projected to be between $1.80 and $2.00. For the second quarter, Skechers predicts diluted earnings per share in the range of $0.40 to $0.50, with revenues projected to be between $1.45 billion and $1.50 billion.

Currently, Skechers operates 3,891 stores worldwide, including 523 domestic locations, 331 international stores, 467 joint venture stores, and 2,570 locations run by distributors, licensees, and franchisees. With its strong financial performance and global presence, Skechers continues to strengthen its position as a leading footwear brand in the market.

For more information on Skechers’ financial results, visit their official website: https://investors.skechers.com/home/default.aspx.

To explore Skechers’ latest product offerings, visit their online store: https://www.skechers.com/.