Manhattan Beach, California – US-based footwear company Skechers announced net sales of $2.4 bn in the first half of 2018.
Gross profit was $1.1 bn, and earnings from operations were $230 m in the half.
The company said the 13.6% increase in sales was a result of a 22.9% increase in its international wholesale business. A 15.5% increase in its global retail business also contributed to this. Gross margin was 46% in the first half of 2017, and this grew to 48% in the first half of 2018. This resulted from higher prices in these business segments.
David Weinberg, Skechers’ COO, said: ‘We achieved another record sales quarter, and continued to see significant growth in our subsidiary and joint venture businesses, which resulted in record sales of $2.38 billion over the first six months of the year.
‘Our largest international markets – Canada, China, South Korea, Germany, India and the UK – achieved double-digit sales growth in the second quarter, a testament to our global strategy. Additionally, China shipped approximately 5.6 m pairs in the period, a new quarterly record.’
In the quarter ending 30 June 2018, sales were $1.3 bn. This compares with $1.2 bn in the equivalent quarter in 2017. Once again in the second quarter, earnings from operations were hit by higher general and administrative costs at the company, and fell from $86 m to $81m in the quarter.