Skechers Raises Outlook After Record Q2

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Skechers raised its full-year outlook after posting record sales for the second quarter.

The Manhattan Beach, Calif.-based footwear company reported Q2 net sales of $2.16 billion, up 7.2 percent. Net earnings were $140.3 million and diluted earnings per share were 91 cents compared with prior year net earnings of $152.8 million and diluted earnings per share of 98 cents. Sales fell slightly short of Skechers’ prior guidance, which was projected sales in the range of $2.175 billion to $2.225 billion. Net earnings per share were ahead of Skechers’ guidance of between 85 cents and 90 cents.

Shares rose more than 4 percent in after-market trading on Thursday.

In the second quarter, international sales were up 6.9 percent and domestic net sales grew 7.2 percent. By channel, direct-to-consumer sales were up 9.2 percent and wholesale sales were up 5.5 percent. As of June 30, Skechers said it had 576 domestic stores, 1,126 international stores and 3,565 distributor, licensee or franchise stores. Total store count at the end of Q2 was 5,267.

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Skechers chief operating officer David Weinberg said in a statement that the company raised its full-year outlook after being encouraged by the strong demand for second half orders of Skechers.

“As we look to the remainder of the year and beyond, we remain focused on enhancing our global infrastructure, managing inventory levels, and driving efficiencies to achieve profitable growth,” Weinberg said.

For fiscal year 2025, Skechers expects to achieve sales between $8.875 and $8.975 billion and diluted earnings per share between $4.08 and $4.18. In the third quarter, Skechers is targeting sales between $2.30 and $2.35 billion and diluted earnings per share between $1.10 and $1.15.

“In the face of significant operational and foreign exchange headwinds, Skechers delivered meaningful sales growth during the quarter, demonstrating the strength of our brand as the comfort technology leader,” said Skechers’ chief financial officer John Vandemore in a statement. “Demand for our innovative and diverse product portfolio remains robust, leading us to raise both sales and earnings expectations for the full year.”

Vandemore added that Skechers still expects to reach $10 billion in sales by 2026.

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