Skechers’ Post

Skechers Announces Record Annual Sales of $8.00 Billion for 2023! “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. 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 Announces Third Quarter 2023 Financial Results and Record Quarterly Sales of $2.02 Billion! “Our record third quarter sales were the result of our continued innovation and determination to deliver comfort, style and quality in every pair,” began Robert Greenberg, Chief Executive Officer of Skechers. “We introduced a collaboration with entertainment legend Snoop Dogg, and we launched Skechers Football boots with Harry Kane, one of the leading strikers in the world and captain of England's national team. Both ambassadors and their products generated significant media and consumer attention for the brand." Third Quarter Highlights Record quarterly sales of $2.02 billion, a year-over-year increase of 7.8% Diluted earnings per share of $0.93, a year-over-year increase of 69.1% Direct-to-Consumer sales grew 23.8% Inventory decrease of $436.0 million or 24.0% from December 31, 2022 Repurchased $40 million of Class A common stock

Growth in the three-month period was said to be driven by On’s direct-to-consumer (DTC) channel, recording growth of 54.6 percent... The Wholesale sales channel increased 42.6 percent... Net sales in the Americas grew 60.5 percent... Net sales from Shoes increased 47.0 percent... while Apparel grew 31.8 percent... and Accessories surged 84.2 percent

Earnings in the third quarter jumped 69.3 percent on significant margin improvement. Revenues gained 7.8 percent revenue gain as a 23.8 percent increase in direct-to-consumer sales offset a slight decline at wholesale.

#KontoorBrands, the owner of prominent apparel brands #Wrangler and #Lee, is scheduled to report earnings before the market opens on November 2.  The Street consensus for the company is earnings of $1.18 per share on revenue of $638.68 million, compared to $0.90 per share on revenue of $606.52 million a year earlier.  #Kontoor has a trailing four-quarter earnings surprise of 11.6%, on average, according to Zacks. A quarter ago, the company posted a 16.7% surprise.  Investors will be watching for updates on the company’s direct-to-consumer marketing, as well as its growth in international markets.  In terms of brands, the Zacks Consensus Estimate for the Wrangler and Lee brands are $214 million and $427 million, respectively. That amounts to year-over-year growth of 8.1% and 5.2%, respectively.  More at #Proactive #ProactiveInvestors http://ow.ly/7rLq104Zgmu

While Skechers set multiple sales records during 2023, wholesale pressure continued throughout the fiscal year. In Q3, Skechers “eked out a marginal gain” for its wholesale business with a 0.3% increase, said Tom Nikic, CFA of Wedbush Securities, but he called the footwear giant’s Q4 decline a “surprising reversal” from the previous quarter’s results. Domestic wholesale decreased 10.4% for the quarter, and international wholesale declined 7.1%, COO David Weinberg said on an earnings call with investors. The international decline was primarily due to the EMEA region, and it was partially offset by improvements in the APAC region, “including double-digit improvements in China which had a healthy return to growth over the key fourth quarter holidays,” per Weinberg. Weinberg attributed wholesale decreases to “some retailers conservatively managing inventory levels and taking goods closer to season.” On the call, CFO John Vandemore said the company was optimistic about what it was seeing in the wholesale space so far in 2024, in terms of shipments through the first month of the quarter and bookings in the first half. Paul Young CPA CGA is a former IBM Customer Success Manager that has deployed over 300 data and AI solutions across geographies and industries for the past 8 years. Paul_Young_CGA@outlook.com   Blog - 40 Percent of CFOs distrustful of their organisation’s financial data - https://lnkd.in/gjNvqdcR   Driving better results by the Senior Management and Board of Directors - https://lnkd.in/gnhH3wAs   Ethical and Business Processes PT1 - https://lnkd.in/gsFVVy6c   Corporate and Data Management Ethical Practices - https://lnkd.in/gPw_KUWf   Close, Consolidate and Reporting – https://lnkd.in/gQ5ENXrK   Emergency, Crisis, and Risk Management - https://lnkd.in/ggeeGUtF   Public Sector Governance - https://lnkd.in/g_-685du   IOT - https://lnkd.in/gVMyjPne   Audit Analytics - https://lnkd.in/gjKBFCBB   Data Management - https://lnkd.in/gHBCBShk   ESG - https://lnkd.in/gTvb5_tx   CFO and Cyber security - https://lnkd.in/gmKwR_bK   Generative AI and the Office of Finance - https://lnkd.in/gnViezNd   Microsoft Excel and the Data Journey - https://lnkd.in/geQx52Ce   Customer Success Management - https://lnkd.in/gEtSMeep   Biodiversity - https://lnkd.in/gyQX5Ups

The start of a trend? Interesting statistics on the trend of US e-commerce based sales. Now, I have my own thoughts about the viability and appealability of their products to specific demographics. That being said, Columbia could be a harbinger (never get to use that word 😁) of things to come.

Footwear and sportswear retailer FOOTASYLUM has reported a 6% rise in revenue year on year to £298m for the full year to 28 January 2023, driven by a 18.8% rise in store sales, however profit before tax dropped 75% to £2.8m. Read the full story below. #fashion #retail #retailnews #footasylum

Zumiez Inc. (NASDAQ:ZUMZ), the specialty apparel #retailer, posted a second-quarter loss and guided for 3Q sales that were below analysts’ estimates, sending its shares lower in Friday pre-market trading. The Lynwood, Washington-based company said it faced headwinds as retailers resorted to cutting prices due to pressure on consumer spending. Revenue for the quarter ended July 29, 2023, fell 11.6% to $194.4 million but came in ahead of analysts’ consensus estimates of $190 million. #NASDAQ #ZUMZ More at #Proactive #ProactiveInvestors http://ow.ly/ANut104TEFL

I’ve just published my Q2 earnings review on Crocs, $CROX. With expanding margins, and a large Asia presence, Crocs valuation is simply too cheap. HeyDude margin contraction can be attributed to a shift in strategy from wholesale to direct-to-consumer selling. More thoughts below 👇 https://t.co/cN6ay6oOea