Skechers Steps Up Global Game With 16% Q3 Sales Growth, Boosts 2024 Targets With Strong Wholesale & Athlete Appeal

Skechers U.S.A., Inc. (NYSE:SKX) shares are trading higher premarket on Friday. On Thursday, the company recorded sales growth of 15.9% year-over-year to $2.35 billion, beating the consensus of $2.306 billion.

The company achieved 20.6% sales growth in Wholesale and 9.6% in Direct-to-Consumer, despite challenging market conditions in some regions.

Sales grew 30% in EMEA, driven by double-digit growth across all countries; 14% in the Americas, led by strong sales in the U.S. and Canada; and 7% in Asia Pacific, with double-digit gains in several countries.

Gross profit increased 14.1% to $1.223 billion. Gross margin stood at 52.1%, down 80 basis points from the prior year, impacted by lower average selling prices.

EPS of $1.26 exceeded the consensus of $1.15.

As ...