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![SKECHERS USA INC [SKX] reports annual net loss of $649.9 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FSKX.png&w=1200&q=75)
SKECHERS USA INC [SKX] has reported a net loss of $649.9 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $8.0 billion
Based in MANHATTAN BEACH, California, SKECHERS USA INC operates in the MANUFACTURING sector.
In the 12 months ending December 31, 2023, Skechers U.S.A., Inc. reported a total revenue of $8,000.3 million, a significant increase from $7,444.6 million recorded in the same period in 2022 and $6,310.2 million in 2021.
Cost of goods sold for the current period amounted to $3,847.9 million, slightly lower than the $3,929.2 million in 2022 but higher than the $3,185.8 million in 2021. As a result, the gross profit for 2023 improved to $4,152.4 million compared to $3,515.4 million in 2022 and $3,124.4 million in 2021.
Operating expenses also increased over the years, with total selling and general administrative expenses totaling $3,367.6 million in 2023 compared to $2,968.7 million in 2022 and $2,526.2 million in 2021. Earnings from operations saw a significant rise to $784.8 million in 2023, up from $546.7 million in 2022 but slightly down from $598.2 million in 2021.
Total other income (expense) improved to $16.1 million in 2023, rebounding from a loss of $24.4 million in 2022 and $28.4 million in 2021. Earnings before income taxes surged to $800.9 million in 2023, a substantial increase from $522.3 million in 2022 and $569.8 million in 2021.
Income tax expenses also rose to $150.9 million in 2023 compared to $93.1 million in 2022 and a benefit of $245.9 million in 2021. After accounting for noncontrolling interests, the net earnings attributable to Skechers U.S.A., Inc. reached $545.8 million in 2023, showing growth from $373.0 million in 2022 and a decline from $741.5 million in 2021.
In terms of earnings per share, the company reported basic earnings of $3.53 per share in 2023, up from $2.40 in 2022 but lower than $4.77 in 2021. Diluted earnings per share also showed an upward trend to $3.49 in 2023, compared to $2.38 in 2022 and $4.73 in 2021.
The weighted-average shares used in calculating net earnings per share for Skechers U.S.A., Inc. remained relatively stable around 154,533 for basic and 156,256 for diluted in 2023, with minor fluctuations compared to the previous years.
These financial results indicate a positive growth trajectory for Skechers U.S.A., Inc. in the 12 months ending December 31, 2023, despite some fluctuations in certain financial metrics compared to the previous periods.
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