SKX - Skechers U.S.A. Inc. (SKX) Q1 2024 Earnings Call Transcript
2024-04-25 21:40:23 ET
Skechers U.S.A., Inc. (SKX)
Q1 2024 Earnings Conference Call
April 25, 2024 04:30 PM ET
Company Participants
Karen Lozano - General Manager of Store 2
David Weinberg - Chief Operating Officer
John Vandemore - Chief Financial Officer
Conference Call Participants
Jay Sole - UBS
Laurent Vasilescu - BNP Paribas
Jim Duffy - Stifel
Krista Zuber - TD Cowen
Rick Patel - Raymond James
Adrienne Yih - Barclays
Tom Nikic - Wedbush
Jesalyn Wong - Evercore
Chris Nardone - Bank of America
Alex Straton - Morgan Stanley
Sam Poser - Williams Trading
Presentation
Operator
Greetings, and welcome to the Skechers’ First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.
I would now like to turn this conference over to Skechers. Thank you. You may begin.
Karen Lozano
Good afternoon, everyone. My name is Karen Lozano. I’m the General Manager of Store 2 in Gardena, California, and I’ve been on the Skechers team for an exciting 11 years. Thank you for joining our Skechers conference call today. I will now read the Safe Harbor statement.
Certain statements contained herein including, without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the Company or future results or events may constitute forward-looking statements that involve risks and uncertainties. Such forward-looking statements involve known and unknown risks, including but not limited to global, national and local economic business and market conditions, including the impact of inflation, foreign currency fluctuations, challenging consumer retail markets in the United States, wars, acts of wars and other conflicts around the world and supply chain delays and disruptions in general and specifically as they apply to the retail industry and the Company.
There can be no assurance that the actual future results, performance or achievements expressed or implied by any of our forward-looking statements will occur. Users of forward-looking statements are encouraged to review the Company’s filings with the U.S. Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other reports filed with the SEC as required by federal securities laws for description of all other significant risk factors that may affect the Company’s business, financial conditions, cash flows and results of operations.
With that, I would like to turn the call over to Skechers’ Chief Operating Officer, David Weinberg; and Chief Financial Officer, John Vandemore. David?
David Weinberg
Good afternoon, and thank you for joining us today for our first quarter 2024 conference call, which marks our 100th as a public company. We started the year with a new quarterly sales record of $2.25 billion an increase of 12.5% or $250 million compared to last year and an adjusted diluted earnings per share record of $1.33.
Additionally, we achieved gross margins of 52.5% and an operating margin of 13.3%. These impressive results were driven by growth in both our reportable segments, direct-to-consumer and wholesale as well as across all regions of the world. The strong global demand for our brand was due to fresh innovations in our proven styles, a more robust offering of our many comfort technologies and the expansion of our performance and lifestyle divisions into new categories and collections....
Skechers U.S.A., Inc. (SKX) Q1 2024 Earnings Call Transcript