Skechers Q2 2022 Earnings Report
Key Takeaways
Skechers reported record quarterly sales of $1.87 billion, a 12.4% increase year-over-year. However, diluted earnings per share decreased to $0.58, a 34.1% decrease compared to the prior year. The growth was driven by increases in both domestic and international businesses, with wholesale and direct-to-consumer segments contributing.
Record quarterly sales of $1.87 billion, a 12.4% increase year-over-year.
Wholesale sales grew by 18.3%.
Direct-to-Consumer sales grew by 4.3%.
Diluted earnings per share were $0.58.
Skechers
Skechers
Skechers Revenue by Segment
Forward Guidance
For the third quarter of 2022, Skechers expects sales between $1.80 billion and $1.85 billion and diluted earnings per share between $0.70 and $0.75. For the full fiscal year 2022, the company anticipates sales between $7.2 billion and $7.4 billion and diluted earnings per share between $2.60 and $2.70.
Positive Outlook
- Expected sales between $1.80 billion and $1.85 billion for Q3 2022.
- Projected diluted earnings per share between $0.70 and $0.75 for Q3 2022.
- Anticipated sales between $7.2 billion and $7.4 billion for fiscal year 2022.
- Forecasted diluted earnings per share between $2.60 and $2.70 for fiscal year 2022.
- Company believes that comfort technology footwear, impactful marketing and the strength of the brand will drive continued sales growth in the back half of the year.
Challenges Ahead
- Macroeconomic headwinds
- Supply chain issues
- COVID-related restrictions in China
- Unfavorable impact of $0.11 due to declines in foreign exchange rates, primarily in EMEA.
- Challenges across the globe