The company noted that this result was driven by international sales, which were up by 21.1% in the period, while domestic sales saw a drop of 4.8%.

Meanwhile, direct-to-consumer sales were up by 24.5% or US$139 million and wholesale was up by 3.5% or US$43.3 million.

In the first quarter of the year, the company opened 13 domestic stores and closed four, arriving at the total of 548 at the end of the period. Internationally, Skechers opened 43 stores and closed 21 for a final total of 927.

Finally, distributor, licensee and franchise stores were up by 108 and down by 127, ending on 3,074. Skechers’ total global stores were 4,549 as of March 31, 2023.

Looking forward, the brand expects to achieve sales of US$1.85-1.9 billion in the second quarter of the year while sales for the full 2023 fiscal year should total between US$7.9 and 8.1 billion.

David Weinberg, Chief Operating Officer of Skechers, said: “Our record sales, expanded gross margins of 48.9% and meaningfully improved inventory levels are an indication of the strength of our comfort technology products and impactful marketing worldwide.

“We continue to build efficiencies and expand our distribution capabilities around the globe to meet the demand for the comfort, innovation, style, and quality that Skechers consumers want. With plans to reach US$10 billion in annual sales by 2026, we couldn’t be more positive about the many meaningful growth opportunities we see ahead.”