How This Footwear Powerhouse Brand Went From $400 Million to $4 Billion in Two Decades
It’s a milestone year for Skechers USA Inc.
The California-based business yesterday celebrated two decades as a public company, ringing the closing bell at the New York Stock Exchange.
For the occasion, president Michael Greenberg, CFO John Vandemore, COO David Weinberg and more executives from the company joined the NYSE’s head of U.S. listings, Jim Byrne, to mark Skechers’ ascent from an small shoe brand to one of the world’s top athletic and lifestyle footwear firms.
In the years since its IPO, Skechers’ annual sales have increased more than tenfold, from $424.6 million in 1999 to $4.64 billion in 2018. The casual sneaker-maker sells its products in 170 countries across the world through more than 3,000 retail stores and its growing e-commerce business.
In its first-quarter earnings report, Skechers posted revenues that improved 2.1% to $2.28 billion, just short of the $2.3 billion expected by Wall Street.
Weinberg said that the firm considers its international business its “most significant growth opportunity,” making up more than 50 percent of the company’s total sales. Skechers has been taking steps to broaden the presence of its global retail network, establishing a joint venture with its distribution partner in Mexico, improving the functionality of its website in China and most recently converting its joint venture in India to a wholly owned subsidiary.
At home, the company recently broke ground on an expansion of its headquarters that will more than double its footprint by 2022. It made headlines in mid-May for appointing its first female director, Katherine Blair, to its now-10-member board.
For the second quarter of 2019, Skechers expects sales in the range of $1.2 billion to $1.23 billion. At market close on Tuesday, Skechers’ stock was up 4.6% to $29.
Source:https://footwearnews.com/2019/business/retail/skechers-nyse-closing-bell-1202788293/
