Skechers Announces Third Quarter 2024 Financial Results and Record-breaking Quarterly Sales of $2.35 Billion
Third Quarter Highlights
-
Record quarterly sales of
$2.35 billion , a 15.9% increase - Wholesale sales grew 20.6%
- Direct-to-Consumer sales grew 9.6%
-
Diluted earnings per share of
$1.26 , a 35.5% increase -
Repurchased
$90.0 million of Class A common stock
“Strong consumer demand for Skechers across all distribution channels resulted in a new quarterly sales record of
“Skechers’ significant growth in the third quarter can be attributed to offering the right product at the right price and ensuring availability at locations where consumers want to shop – whether it’s in our own direct-to-consumer channels or with our network of key retailers,” began
Third Quarter 2024 Financial Results
|
|
Three Months Ended |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
2,347.7 |
|
|
$ |
2,025.0 |
|
|
|
322.7 |
|
|
|
15.9 |
|
Gross profit |
|
|
1,223.0 |
|
|
|
1,071.9 |
|
|
|
151.1 |
|
|
|
14.1 |
|
Gross margin |
|
|
52.1 |
% |
|
|
52.9 |
% |
|
|
|
|
|
(80) bps |
|
|
Operating expenses |
|
|
989.6 |
|
|
|
858.7 |
|
|
|
130.9 |
|
|
|
15.2 |
|
As a % of sales |
|
|
42.2 |
% |
|
|
42.4 |
% |
|
|
|
|
|
(30) bps |
|
|
Earnings from operations |
|
|
233.4 |
|
|
|
213.2 |
|
|
|
20.2 |
|
|
|
9.5 |
|
Operating margin |
|
|
9.9 |
% |
|
|
10.5 |
% |
|
|
|
|
|
(60) bps |
|
|
Net earnings attributable to |
|
|
193.2 |
|
|
|
145.4 |
|
|
|
47.8 |
|
|
|
32.9 |
|
Diluted earnings per share |
|
$ |
1.26 |
|
|
$ |
0.93 |
|
|
|
0.33 |
|
|
|
35.5 |
|
Third quarter sales increased 15.9% as a result of a 16.4% increase internationally and a 15.3% increase domestically. Wholesale increased 20.6% and Direct-to-Consumer increased 9.6%. On a constant currency basis, sales increased 15.9%.
Wholesale sales grew
Direct-to-Consumer sales grew
Gross margin was 52.1%, a decrease of 80 basis points, due to lower average selling prices.
Operating expenses increased
Earnings from operations increased
Net earnings were
In the third quarter, the Company’s effective income tax rate was 14.7%. The decrease was due to the release of certain allowances and other provision adjustments.
“Skechers’ record third-quarter financial performance underscores the strength of our global diversification and demand for our distinctive value proposition," stated
Nine Months 2024 Financial Results
|
|
Nine Months Ended |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
6,756.9 |
|
|
$ |
6,039.4 |
|
|
|
717.5 |
|
|
|
11.9 |
|
Gross profit |
|
|
3,589.1 |
|
|
|
3,111.0 |
|
|
|
478.1 |
|
|
|
15.4 |
|
Gross margin |
|
|
53.1 |
% |
|
|
51.5 |
% |
|
|
|
|
160 bps |
|
||
Operating expenses |
|
|
2,850.4 |
|
|
|
2,456.5 |
|
|
|
393.9 |
|
|
|
16.0 |
|
As a % of sales |
|
|
42.2 |
% |
|
|
40.7 |
% |
|
|
|
|
150 bps |
|
||
Earnings from operations |
|
|
738.8 |
|
|
|
654.5 |
|
|
|
84.3 |
|
|
|
12.9 |
|
Operating margin |
|
|
10.9 |
% |
|
|
10.8 |
% |
|
|
|
|
10 bps |
|
||
Net earnings attributable to |
|
|
540.1 |
|
|
|
458.6 |
|
|
|
81.5 |
|
|
|
17.8 |
|
Diluted earnings per share |
|
$ |
3.50 |
|
|
$ |
2.93 |
|
|
|
0.57 |
|
|
|
19.5 |
|
Year-to-date sales increased 11.9%, reflecting a 12.9% increase in international sales and a 10.3% increase domestically. Wholesale increased 12.1% and Direct-to-Consumer increased 11.6%. On a constant currency basis, sales increased 12.7%.
Wholesale sales increased
Direct-to-Consumer sales grew
Gross margin was 53.1%, an increase of 160 basis points, due to lower costs per unit, driven by lower freight.
Operating expenses increased
Earnings from operations increased
Net earnings were
The Company’s effective income tax rate was 17.8%.
Balance Sheet
Cash, cash equivalents and investments totaled
Inventory was
Share Repurchases
During the third quarter, the Company repurchased 1.4 million shares of its Class A common stock at a cost of
Outlook
For the fourth quarter of 2024, the Company believes it will achieve sales between
Store Count
|
|
Number of Stores |
|
|||||||||||||
|
|
|
|
|
Opened |
|
|
Closed |
|
|
|
|
||||
Domestic stores |
|
|
563 |
|
|
|
42 |
|
|
|
(13 |
) |
|
|
592 |
|
International stores |
|
|
1,085 |
|
|
|
149 |
|
|
|
(83 |
) |
|
|
1,151 |
|
Distributor, licensee and franchise stores |
|
|
3,520 |
|
|
|
315 |
|
|
|
(246 |
) |
|
|
3,589 |
|
Total Skechers stores |
|
|
5,168 |
|
|
|
506 |
|
|
|
(342 |
) |
|
|
5,332 |
|
Third Quarter 2024 Conference Call
The Company will host a conference call at
About
Skechers,
Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in
Condensed Consolidated Balance Sheets
(Unaudited)
|
|
As of |
|
|
As of |
|
||
(in thousands) |
|
|
|
|
|
|
||
ASSETS |
|
|||||||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,354,054 |
|
|
$ |
1,189,910 |
|
Short-term investments |
|
|
113,795 |
|
|
|
72,595 |
|
Trade accounts receivable, net |
|
|
1,187,033 |
|
|
|
860,300 |
|
Other receivables |
|
|
98,272 |
|
|
|
82,253 |
|
Inventory |
|
|
1,706,842 |
|
|
|
1,525,409 |
|
Prepaid expenses and other |
|
|
238,512 |
|
|
|
222,137 |
|
Total current assets |
|
|
4,698,508 |
|
|
|
3,952,604 |
|
Property, plant and equipment, net |
|
|
1,782,606 |
|
|
|
1,506,690 |
|
Operating lease right-of-use assets |
|
|
1,354,811 |
|
|
|
1,276,171 |
|
Deferred tax assets |
|
|
443,571 |
|
|
|
450,574 |
|
Long-term investments |
|
|
130,470 |
|
|
|
123,996 |
|
|
|
|
99,774 |
|
|
|
101,230 |
|
Other assets, net |
|
|
136,301 |
|
|
|
136,086 |
|
Total non-current assets |
|
|
3,947,533 |
|
|
|
3,594,747 |
|
TOTAL ASSETS |
|
$ |
8,646,041 |
|
|
$ |
7,547,351 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
|
|||||||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
1,190,194 |
|
|
$ |
1,008,001 |
|
Accrued expenses |
|
|
331,335 |
|
|
|
320,105 |
|
Operating lease liabilities |
|
|
295,591 |
|
|
|
274,296 |
|
Current installments of long-term borrowings |
|
|
371,438 |
|
|
|
46,571 |
|
Short-term borrowings |
|
|
208,098 |
|
|
|
11,894 |
|
Total current liabilities |
|
|
2,396,656 |
|
|
|
1,660,867 |
|
Long-term operating lease liabilities |
|
|
1,169,488 |
|
|
|
1,108,110 |
|
Long-term borrowings |
|
|
49,351 |
|
|
|
242,944 |
|
Deferred tax liabilities |
|
|
11,177 |
|
|
|
12,594 |
|
Other long-term liabilities |
|
|
106,855 |
|
|
|
122,794 |
|
Total non-current liabilities |
|
|
1,336,871 |
|
|
|
1,486,442 |
|
Total liabilities |
|
|
3,733,527 |
|
|
|
3,147,309 |
|
Redeemable noncontrolling interest |
|
|
91,979 |
|
|
|
89,832 |
|
Stockholders’ equity |
|
|
|
|
|
|
||
Preferred Stock |
|
|
— |
|
|
|
— |
|
Class A Common Stock |
|
|
132 |
|
|
|
133 |
|
Class B Common Stock |
|
|
19 |
|
|
|
20 |
|
Additional paid-in capital |
|
|
110,350 |
|
|
|
295,847 |
|
Accumulated other comprehensive loss |
|
|
(88,366 |
) |
|
|
(73,388 |
) |
Retained earnings |
|
|
4,336,875 |
|
|
|
3,796,730 |
|
|
|
|
4,359,010 |
|
|
|
4,019,342 |
|
Noncontrolling interests |
|
|
461,525 |
|
|
|
290,868 |
|
Total stockholders' equity |
|
|
4,820,535 |
|
|
|
4,310,210 |
|
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
|
$ |
8,646,041 |
|
|
$ |
7,547,351 |
|
Condensed Consolidated Statements of Earnings
(Unaudited)
|
Three Months Ended |
|
|
Nine Months Ended |
|
|||||||||||
(in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Sales |
|
$ |
2,347,705 |
|
|
$ |
2,024,958 |
|
|
$ |
6,756,935 |
|
|
$ |
6,039,402 |
|
Cost of sales |
|
|
1,124,659 |
|
|
|
953,040 |
|
|
|
3,167,818 |
|
|
|
2,928,381 |
|
Gross profit |
|
|
1,223,046 |
|
|
|
1,071,918 |
|
|
|
3,589,117 |
|
|
|
3,111,021 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling |
|
|
211,162 |
|
|
|
178,286 |
|
|
|
603,534 |
|
|
|
493,964 |
|
General and administrative |
|
|
778,460 |
|
|
|
680,449 |
|
|
|
2,246,830 |
|
|
|
1,962,564 |
|
Total operating expenses |
|
|
989,622 |
|
|
|
858,735 |
|
|
|
2,850,364 |
|
|
|
2,456,528 |
|
Earnings from operations |
|
|
233,424 |
|
|
|
213,183 |
|
|
|
738,753 |
|
|
|
654,493 |
|
Other income (expense) |
|
|
11,891 |
|
|
|
(7,055 |
) |
|
|
8,189 |
|
|
|
5,660 |
|
Earnings before income taxes |
|
|
245,315 |
|
|
|
206,128 |
|
|
|
746,942 |
|
|
|
660,153 |
|
Income tax expense |
|
|
36,006 |
|
|
|
40,202 |
|
|
|
132,731 |
|
|
|
122,360 |
|
Net earnings |
|
|
209,309 |
|
|
|
165,926 |
|
|
|
614,211 |
|
|
|
537,793 |
|
Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest |
|
|
16,088 |
|
|
|
20,511 |
|
|
|
74,066 |
|
|
|
79,176 |
|
Net earnings attributable to |
|
$ |
193,221 |
|
|
$ |
145,415 |
|
|
$ |
540,145 |
|
|
$ |
458,617 |
|
Net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.27 |
|
|
$ |
0.94 |
|
|
$ |
3.54 |
|
|
$ |
2.96 |
|
Diluted |
|
$ |
1.26 |
|
|
$ |
0.93 |
|
|
$ |
3.50 |
|
|
$ |
2.93 |
|
Weighted-average shares used in calculating net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
151,831 |
|
|
|
154,525 |
|
|
|
152,409 |
|
|
|
154,876 |
|
Diluted |
|
|
153,662 |
|
|
|
156,200 |
|
|
|
154,412 |
|
|
|
156,496 |
|
Supplemental Financial Information
(Unaudited)
Segment Information
|
Three Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
1,416.0 |
|
|
$ |
1,174.6 |
|
|
|
241.4 |
|
|
|
20.6 |
|
Gross profit |
|
|
605.4 |
|
|
|
510.0 |
|
|
|
95.4 |
|
|
|
18.7 |
|
Gross margin |
|
|
42.8 |
% |
|
|
43.4 |
% |
|
|
|
|
(70) bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
931.7 |
|
|
$ |
850.4 |
|
|
|
81.3 |
|
|
|
9.6 |
|
Gross profit |
|
|
617.6 |
|
|
|
561.9 |
|
|
|
55.7 |
|
|
|
9.9 |
|
Gross margin |
|
|
66.3 |
% |
|
|
66.1 |
% |
|
|
|
|
20 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
2,347.7 |
|
|
$ |
2,025.0 |
|
|
|
322.7 |
|
|
|
15.9 |
|
Gross profit |
|
|
1,223.0 |
|
|
|
1,071.9 |
|
|
|
151.1 |
|
|
|
14.1 |
|
Gross margin |
|
|
52.1 |
% |
|
|
52.9 |
% |
|
|
|
|
(80) bps |
|
|
Nine Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
3,969.8 |
|
|
$ |
3,542.2 |
|
|
|
427.6 |
|
|
|
12.1 |
|
Gross profit |
|
|
1,738.5 |
|
|
|
1,453.6 |
|
|
|
284.9 |
|
|
|
19.6 |
|
Gross margin |
|
|
43.8 |
% |
|
|
41.0 |
% |
|
|
|
|
280 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
2,787.1 |
|
|
$ |
2,497.2 |
|
|
|
289.9 |
|
|
|
11.6 |
|
Gross profit |
|
|
1,850.6 |
|
|
|
1,657.4 |
|
|
|
193.2 |
|
|
|
11.7 |
|
Gross margin |
|
|
66.4 |
% |
|
|
66.4 |
% |
|
|
|
|
0 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
6,756.9 |
|
|
$ |
6,039.4 |
|
|
|
717.5 |
|
|
|
11.9 |
|
Gross profit |
|
|
3,589.1 |
|
|
|
3,111.0 |
|
|
|
478.1 |
|
|
|
15.4 |
|
Gross margin |
|
|
53.1 |
% |
|
|
51.5 |
% |
|
|
|
|
160 bps |
|
Additional Sales Information
|
Three Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
514.6 |
|
|
$ |
407.7 |
|
|
|
106.9 |
|
|
|
26.2 |
|
Direct-to-Consumer |
|
|
401.4 |
|
|
|
386.9 |
|
|
|
14.5 |
|
|
|
3.7 |
|
Total domestic sales |
|
|
916.0 |
|
|
|
794.6 |
|
|
|
121.4 |
|
|
|
15.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
901.4 |
|
|
|
766.9 |
|
|
|
134.5 |
|
|
|
17.5 |
|
Direct-to-Consumer |
|
|
530.3 |
|
|
|
463.5 |
|
|
|
66.8 |
|
|
|
14.4 |
|
Total international sales |
|
|
1,431.7 |
|
|
|
1,230.4 |
|
|
|
201.3 |
|
|
|
16.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
2,347.7 |
|
|
$ |
2,025.0 |
|
|
|
322.7 |
|
|
|
15.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,156.1 |
|
|
$ |
1,017.5 |
|
|
|
138.6 |
|
|
|
13.6 |
|
|
|
|
625.6 |
|
|
|
480.4 |
|
|
|
145.2 |
|
|
|
30.2 |
|
|
|
|
566.0 |
|
|
|
527.1 |
|
|
|
38.9 |
|
|
|
7.4 |
|
Total sales |
|
$ |
2,347.7 |
|
|
$ |
2,025.0 |
|
|
|
322.7 |
|
|
|
15.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
252.4 |
|
|
$ |
267.6 |
|
|
|
(15.2 |
) |
|
|
(5.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
128.1 |
|
|
$ |
120.5 |
|
|
|
7.6 |
|
|
|
6.4 |
|
|
Nine Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
1,437.5 |
|
|
$ |
1,240.4 |
|
|
|
197.1 |
|
|
|
15.9 |
|
Direct-to-Consumer |
|
|
1,141.2 |
|
|
|
1,096.9 |
|
|
|
44.3 |
|
|
|
4.0 |
|
Total domestic sales |
|
|
2,578.7 |
|
|
|
2,337.3 |
|
|
|
241.4 |
|
|
|
10.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
2,532.3 |
|
|
|
2,301.8 |
|
|
|
230.5 |
|
|
|
10.0 |
|
Direct-to-Consumer |
|
|
1,645.9 |
|
|
|
1,400.3 |
|
|
|
245.6 |
|
|
|
17.5 |
|
Total international sales |
|
|
4,178.2 |
|
|
|
3,702.1 |
|
|
|
476.1 |
|
|
|
12.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
6,756.9 |
|
|
$ |
6,039.4 |
|
|
|
717.5 |
|
|
|
11.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
3,276.5 |
|
|
$ |
2,990.4 |
|
|
|
286.1 |
|
|
|
9.6 |
|
|
|
|
1,745.7 |
|
|
|
1,448.2 |
|
|
|
297.5 |
|
|
|
20.5 |
|
|
|
|
1,734.7 |
|
|
|
1,600.8 |
|
|
|
133.9 |
|
|
|
8.4 |
|
Total sales |
|
$ |
6,756.9 |
|
|
$ |
6,039.4 |
|
|
|
717.5 |
|
|
|
11.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
884.7 |
|
|
$ |
852.0 |
|
|
|
32.7 |
|
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
366.9 |
|
|
$ |
324.2 |
|
|
|
42.7 |
|
|
|
13.1 |
|
Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures
(Unaudited)
Constant Currency Adjustment (Non-GAAP Financial Measure)
We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results.
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non-GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
2,347.7 |
|
|
$ |
0.1 |
|
|
$ |
2,347.8 |
|
|
$ |
2,025.0 |
|
|
|
322.8 |
|
|
|
15.9 |
|
Cost of sales |
|
|
1,124.7 |
|
|
|
2.1 |
|
|
|
1,126.8 |
|
|
|
953.1 |
|
|
|
173.7 |
|
|
|
18.2 |
|
Gross profit |
|
|
1,223.0 |
|
|
|
(2.0 |
) |
|
|
1,221.0 |
|
|
|
1,071.9 |
|
|
|
149.1 |
|
|
|
13.9 |
|
Operating expenses |
|
|
989.6 |
|
|
|
(0.9 |
) |
|
|
988.7 |
|
|
|
858.7 |
|
|
|
130.0 |
|
|
|
15.1 |
|
Earnings from operations |
|
|
233.4 |
|
|
|
(1.1 |
) |
|
|
232.3 |
|
|
|
213.2 |
|
|
|
19.1 |
|
|
|
9.0 |
|
Other (expense) income |
|
|
11.9 |
|
|
|
(6.6 |
) |
|
|
5.3 |
|
|
|
(7.1 |
) |
|
|
12.4 |
|
|
n/m |
|
|
Income tax expense |
|
|
36.0 |
|
|
|
0.5 |
|
|
|
36.5 |
|
|
|
40.2 |
|
|
|
(3.7 |
) |
|
|
(9.3 |
) |
Less: Noncontrolling interests and redeemable noncontrolling interest |
|
|
16.1 |
|
|
|
- |
|
|
|
16.1 |
|
|
|
20.5 |
|
|
|
(4.4 |
) |
|
|
(21.3 |
) |
Net earnings attributable to |
|
$ |
193.2 |
|
|
$ |
(8.2 |
) |
|
$ |
185.0 |
|
|
$ |
145.4 |
|
|
|
39.6 |
|
|
|
27.2 |
|
Diluted earnings per share |
|
$ |
1.26 |
|
|
$ |
(0.06 |
) |
|
$ |
1.20 |
|
|
$ |
0.93 |
|
|
|
0.27 |
|
|
|
29.0 |
|
|
|
Nine Months Ended |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non-GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
6,756.9 |
|
|
$ |
47.7 |
|
|
$ |
6,804.6 |
|
|
$ |
6,039.4 |
|
|
|
765.2 |
|
|
|
12.7 |
|
Cost of sales |
|
|
3,167.8 |
|
|
|
20.5 |
|
|
|
3,188.3 |
|
|
|
2,928.4 |
|
|
|
259.9 |
|
|
|
8.9 |
|
Gross profit |
|
|
3,589.1 |
|
|
|
27.2 |
|
|
|
3,616.3 |
|
|
|
3,111.0 |
|
|
|
505.3 |
|
|
|
16.2 |
|
Operating expenses |
|
|
2,850.4 |
|
|
|
20.5 |
|
|
|
2,870.9 |
|
|
|
2,456.5 |
|
|
|
414.4 |
|
|
|
16.9 |
|
Earnings from operations |
|
|
738.7 |
|
|
|
6.7 |
|
|
|
745.4 |
|
|
|
654.5 |
|
|
|
90.9 |
|
|
|
13.9 |
|
Other income |
|
|
8.2 |
|
|
|
3.8 |
|
|
|
12.0 |
|
|
|
5.7 |
|
|
|
6.3 |
|
|
|
110.5 |
|
Income tax expense |
|
|
132.7 |
|
|
|
1.9 |
|
|
|
134.6 |
|
|
|
122.4 |
|
|
|
12.2 |
|
|
|
10.0 |
|
Less: Noncontrolling interests and redeemable noncontrolling interest |
|
|
74.1 |
|
|
|
1.7 |
|
|
|
75.8 |
|
|
|
79.2 |
|
|
|
(3.4 |
) |
|
|
(4.3 |
) |
Net earnings attributable to |
|
$ |
540.1 |
|
|
$ |
6.9 |
|
|
$ |
547.0 |
|
|
$ |
458.6 |
|
|
|
88.4 |
|
|
|
19.3 |
|
Diluted earnings per share |
|
$ |
3.50 |
|
|
$ |
0.04 |
|
|
$ |
3.54 |
|
|
$ |
2.93 |
|
|
|
0.61 |
|
|
|
20.8 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024570781/en/
Investor Relations
investors@skechers.com
Press
jennc@skechers.com
Source: