The following is a summary of the Skechers U.S.A., Inc. (SKX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Skechers achieved a quarterly sales record of $2.25 billion, marking a 12.5% increase from last year.

• The company noted gross margins and operating margins of 52.5% and 13.3% respectively.

• With an adjusted diluted earnings per share of $1.33, the boosted sales were supported by international sales growth of 15% and domestic sales growth of 7.8%.

• Skechers' cash balance increased to $1.25 billion by quarter's end, up $322.2 million compared to the same period in the prior year.

• The growth in gross margin is expected to continue, potentially increasing by 100 to 150 basis points.

• Skechers predicts an improved operating margin for the year, with outlooks to return to double digits.

Business Progress:

• Skechers attributed their growth to product innovation, expansion into new collections, strong global demand, and strategic partnerships, such as with Snoop Dogg.

• They launched new product types, such as Skechers Hands-Free Slip-ins, and opened 52 new company-owned and 95 third-party stores.

• The company plans on further investing in logistics, with a new distribution center in Panama and an expanded facility in China.

• Further investment in an accelerated implementation of an Enterprise Resource Planning (ERP) system is underway to support the company's future growth.

• Skechers is also expanding its sporting category sponsorships, including Major League Baseball (MLB) players and the Mumbai Indians cricket team.

• Promising Q2 growth is expected, evidenced by accelerated wholesale orders.

• Skechers also plans to continue investing in innovative product features and expanding their brand reach in different design categories.

More details: Skechers USA IR

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