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Clothing & Shoes

Skechers Q2 sales spike 127% to £1.2bn

The quarter also saw a return to net profit at the group, rising from a net loss of $68.1m (£49.3m) in Q2 FY20 to a profit of $137.4m (£99.4m) the following year

Skechers has reported a 127.3% year-on-year increase in sales to $1.66bn (£1.2bn) for the three months ended 30 June 2021.

The global footwear company’s record quarterly sales also represented a 31.7% jump from Q2 2019.

The quarter also saw a return to net profit at the group, rising from a net loss of $68.1m (£49.3m) in Q2 FY20 to a profit of $137.4m (£99.4m) the following year.

Moreover, domestic wholesale sales in the US spiked 205.7%, direct-to-consumer sales jumped 138.8%, and the group fully repaid its $452.5m (£327.5m) revolving credit facility during the period.

David Weinberg, COO at the company, said: “As consumers began returning to a more normal lifestyle in many markets, demand increased for our comfort technology products, including in North America, across Europe, and in China, which achieved double-digit gains over both 2020 and 2019. 

“Looking to the remainder of the year and into the next year, we remain confident in the strength of our brand and the relevance of our distinct product offering.”

European wholesale sales also climbed 150.2% year-on-year during the three month period, with the UK and Germany driving the growth.

John Vandemore, CFO at Skechers, added: “Our record second quarter results reflect the outstanding execution of our long-term growth strategy.

“The result was evident in growth across our segments and record profitability and is a testament to the prudence of the infrastructure investments we have made and are continuing to make to support our brand and our strategy.”

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