Skechers to open 3000 more stores in China by 2026

The American sports brand SKECHERS has released its financial report for the first quarter of 2023, which shows that Skechers' sales in the first quarter of 2023 reached US$2 billion (about 13.837 billion yuan), an increase of 10% over the same period in 2022. Gross margin was 48.9%, and adjusted earnings per diluted share were $1.02.

Among them, Skechers' direct-to-consumer business (DTC business) sales in the first quarter of 2023 increased by 24.5%. Inventories amounted to $315.8 million, down 17.4% from December 31, 2022.

In 2022, Skechers' sales reached US$7.4 billion (approximately 49.58 billion yuan), an increase of 18% over 2021, setting the best sales record in history.

The Chinese market has always been one of the most important overseas markets for Skechers. Since entering the Chinese market in 2008, Skechers has opened nearly 3,000 offline stores in Chinese mainland and developed online sales on multiple e-commerce platforms.

According to the brand's development plan, Skechers will open 700 new stores in China in 2023. It is estimated that by 2026, Skechers will reach a revenue scale of 30 billion yuan in the Chinese market, and add nearly 3,000 Chinese stores.