Retail

Skechers Hits The Billion Mark

For the first time in its history, footwear company Skechers‘ sales from its first quarter of the year has surpassed the $1 billion mark. To be more specific, the record net sales reached $1.073 billion, which was a 9.6 percent increase from Q1 2016.

While this growth represents a 16.8 percent increase in Skecher’s international wholesale business, it also shows a 12.8 percent increase in its international retail business.

Skecher’s chief executive officer, Robert Greenberg, commented on an earnings call about the company’s Q1 achievement and what he attributes the success to.

He said, “In 2005, we surpassed $1 billion in annual sales, and now less than 12 years later, we had our first $1 billion plus in quarterly sales. The key to our success then and now is the drive, dedication and talent of the many people behind this great brand. We look very good from a product standpoint — with innovative, comfortable and beautiful footwear and now apparel — and in our marketing as well — with lifestyle campaigns featuring Rob Lowe, Meghan Trainor, Joe Montana, Howie Long, Sugar Ray Leonard, Brook Burke-Charvet and Kelly Brook.”

Greenberg added, “Our success in performance footwear can be seen in our title sponsorship of the Skechers Performance Los Angeles Marathon, in the Pan-European Ironman where we are the footwear sponsor and in our many pro golfers, including American medalist Matt Kucher, Canadian Brook Henderson, Scotland’s Russell Knox, Spaniard Belen Mozo and American Wesley Bryan, who just earned his first PGA Tour victory.”

Following this Q1 milestone, the company is hoping to reach its Q2 goal of $950 to $975 million in sales.

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