Company has a target of 10 billion in annual sales by 2026
Skechers will open its new location in Cookeville on June 6, according to a source.
On Christmas of last year, the Upper Cumberland Business Journal reported the Comfort Technology Company, and global footwear leader, announced a location within the city at 393 West Jackson Street in Jackson Plaza, the longtime home of furniture, home and seasonal décor store Kirkland’s Home.
The six-month remodel project has now neared completion.
Skechers – Remodel at 393 West Jackson Street in Jackson Plaza is nearing completion.
Skechers aggressively expanded its footprint in 2023, opening 72 company-owned stores in the third quarter alone. Many of those are in China and other international markets. The company also opened 324 “third-party” stores. The company’s worldwide store count is 4,992, and it says international expansion contributes to sales growth.
The company recently announced its first quarter financial results ending on March 31, 2024.
Highlights included:
- Record sales of $2.25 billion, a 12.5% increase
- Wholesale sales grew 9.8%
- Direct-to-consumer sales grew 17.3%
- Diluted earnings per share of $1.33, a 30.4% increase
- Repurchased $60.0 million of Class A common stock
“For the first quarter, Skechers achieved a new sales record of $2.25 billion, EPS of $1.33, gross margins of 52.5%, and an operating margin of 13.3%, all notable accomplishments as we mark our 100th earnings call as a public company,” said David Weinberg, Chief Operating Officer of Skechers. “We saw growth of 17% in our Direct-to-Consumer segment and 10% in Wholesale, as well as increases of 15% internationally and 8% domestically.”
Skechers has a target of 10 billion in annual sales by 2026, it is confident it can reach by investing in new American locations like the one in Cookeville and expanding to “key markets” like India, China and Chile.
For more information, visit Skechers.com.
This is an ongoing story. Check back for details.
UCBJ Photo.
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