Skechers DTC Sales Soar 60.8% in EMEA, Setting Third Consecutive Quarterly Record
Skechers has reported a significant boost in its direct-to-consumer (DTC) sales, with the EMEA region seeing a remarkable 60.8% increase. This growth marks the third consecutive quarter that the company has set a sales record.
Skechers' third quarter sales reached $2.02 billion, a 7.8% increase. Despite a $17 million decline in its wholesale business, a 1.4% decrease, the company's DTC business soared with a $163.6 million increase, a substantial 23.8% rise. The domestic wholesale business is expected to grow in 2024, according to optimistic statements from the company's executives.
During this quarter, Skechers debuted a multi-year sneaker partnership with Snoop Dogg and entered the professional basketball market, launching two new mid-top style shoes. The decline in wholesale business was primarily due to lower distributor sales internationally, while the domestic wholesale business performed better than expected.
Skechers' strong performance in the DTC sector has driven its sales to record highs. With positive prospects for the domestic wholesale business in 2024, the company continues to expand its reach, as seen in its recent partnerships and market entries.
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