Yahoo Finance Skechers Rings NYSE Opening Bell to Celebrate 25 Years as a Public Company
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Skechers celebrated 25 years as a public company by ringing the New York Stock Exchange opening bell on Monday.
Julius Randle of the New York Knicks, one of the first athletes to step onto the court in Skechers basketball shoes, joined company leaders on the podium for the occasion. Randle along with the Skechers team had something else to celebrate on Monday – the company reached an all-time high stock price of $72.27. As of the time of this post, the stock is now at $71.64.
The Manhattan Beach, Calif.-based footwear company’s latest milestone comes just weeks after it hit a record high of $2.25 billion in revenue in the first quarter of 2024, up 12.5 percent from $2.0 billion the same period last year. Along with setting a new sales record, the company also delivered results above expectations, and further expanded the Skechers brand globally in Q1.
Skechers noted that its international business drove revenue growth in the quarter, with sales in the segment up 15.2 percent in Q1. Domestic net sales returned to growth, up 7.8 percent in the period. For the quarter, international sales represented 65 percent of total sales, the company noted.
This success comes from a strong leadership team and a clear path to continued growth. In November, Skechers USA president and co-founder Michael Greenberg reflected on the company’s impactful business and community contributions as he was honored with the Person of the Year award at the 37th annual FN Achievement Awards.
“The growth of Skechers over the last 31 years is a story of many faces,” Greenberg said at the time. “Nothing great is achieved alone on an island.”
At the time of his FNAA honor, Greenberg also mentioned how the company has evolved over the years. “Skechers is the first lifestyle brand that I’m aware of that really started as a casual, utilitarian type of brand and then merged into the world of performance,” he said. “When we launched into running 15 years ago, the footwear community was a little cautious, but today, Skechers holds top spots in golf and pickleball, we have a strong running business and now we’re entering football and basketball.”
As for its ambitions in those categories, Greenberg’s intent is clear: “I want to say it loudly: This is our compass heading. It’s the direction of the company.”
Looking ahead, Skechers said in April that it expects to achieve sales between $2.175 billion and $2.225 billion and diluted earnings per share of between 85 cents and 90 cents in the second quarter. Further, the company believes that for the fiscal year 2024, it will achieve sales between $8.725 and $8.875 billion and diluted earnings per share of between $3.95 and $4.10.
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