By Sabela Ojea
Skechers USA logged sales growth in the third quarter fueled by consumer demand across all distribution channels.
The shoe maker on Thursday posted a net profit of $193.2 million, or $1.26 a share, compared with $145.4 million, or 93 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast per-share earnings of $1.14.
Stripping out one-time items, the company's earnings per share came in at $1.20. Wall Street had expected adjusted per-share earnings of $1.16.
Sales climbed 16% to $2.35 billion, beating the $2.31 expected by analysts.
Skechers said its domestic and international sales were up 15% and 16%, respectively. In the Asia Pacific region, where the company had been seeing a slowdown due to challenges in China, Skechers logged growth of 7%. In Europe, Middle East and Africa sales jumped 30%.
Revenue in the Americas rose 14%, with wholesale up 21% and direct-to-consumer sales seeing an increase of 9.6%.
"These results reinforce our confidence in achieving our goal of $10 billion in sales by 2026 and continued growth thereafter," Chief Financial Officer John Vandemore said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 24, 2024 16:47 ET (20:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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