2022 was a record year for trainer brand Skechers: four quarters in a row, the American shoe manufacturer posted its highest-ever sales. This year too bodes well.
Trouble in China
Trainers continue to do well, as proven by Skechers’ four consecutive quarters of improving its own records. Over the whole year, sales rose 18 % to reach 7.4 billion dollars (7 billion euros) – more than a billion more than a year earlier. Net profit was 373 million dollars (340 million euros).
Each quarter saw records being broken, but COO David Weinberg is particularly proud of the fourth quarter. Sales rose 13.5 % in the three months to 31 December, mainly thanks to a 22.3 % increase in US sales. International sales rose a lot more modestly at 8.7 %, as new Covid restrictions in China threw a spanner in the works: sales plummeted 23 % there, after more than a thousand Skechers shops had to close again in November.
Mainly via wholesalers
Unlike many other fashion brands, Skechers relies mainly on wholesale. Sales there rose by 15.7 %, while direct sales to consumers increased by 10.8 %. Over the full year, wholesale sales were actually up 23.2 %, compared to 10.2 % in its own shops. Only in the US home market was there real growth in own retail. The brand also opened its own webshop in the Benelux last year.
Along with the rest of the fashion landscape, Skechers is counting on improvements in China this year, which should give a huge boost. This month, the brand also launches a special collection in collaboration with designer Diane Von Furstenberg. “We finished the year strong and expect continued growth in 2023”, Weinberg concludes.
