Skechers to open 180 to 200 stores worldwide in 2025
Skechers U.S.A. wrapped up 2024 with a strong holiday season and record annual sales, but offered disappointing full-year sales guidance amid concerns about higher tariffs on goods from China.
The global footwear brand continues to expand its footprint, with 180 to 200 new company-owned stores on tap for 2025, COO David Weinberg told analysts on the company’s earnings call.
“We opened 77 company-owned stores in the quarter, including 20 big-box locations in the United States, 15 stores in China and five each in Canada, Colombia and Mexico,” he said.
Skechers' net income totaled $99.3 million, or earnings per share of $0.65, for the quarter ended Dec. 21, compared with net earnings of $87.2 million and earnings per share of $0.56 in the year-ago period. Adjusted earnings were $0.86 a share.
Net sales rose 12.8% to $2.21 billion. Sales increased 14% in the Americas and 25% in Europe, the Middle East and Africa. Sales rose 3% in Asia-Pacific, with the company citing “continuing headwinds” in China.
Wholesale sales soared 17.5%. Volume increased 18.1%, and the average selling price declined 0.6%.
Direct-to-consumer sales rose 8.4%. Volume increased 9.7% and the average selling price declined 1.2%.
“We saw particularly strong results in the United States, across Europe, in India and in Japan,” said Weinberg in the earning release. “Though challenging market and shipping conditions persisted in a few countries, the strength of our business is attributable to our differentiated market position, a highly attractive value proposition that combines comfort, innovation, style and quality at an attainable price
For the full year, Skechers’ sales increased 12.1% to $8.97 billion. On a constant currently basis, sales rose 13% to $9.04 billion.
For its current fiscal year, Skechers forecast sales of $9.7 billion to $9.8 billion and earnings of $4.30 to $4.50 a share, below analysts forecast for sales of $9.88 billion and earnings of $4.89 a share.
[READ MORE: Skechers opens its first ‘performance store’]
“We continue to advance our product innovation with comfort technologies across the portfolio, the latest example of which is our Skechers cricket footwear in India,” Weinberg said. “Additionally, we remain committed to investing in our operations, including the expansion of our distribution centers in North America, China and Europe, as well as delivering an exceptional customer experience in direct-to-consumer such as with the opening of our first experiential performance store in Edmonton.”
