The US clothing brand said its revenues exceeded expectations in the fourth quarter, led by Asia and Europe. Revenues were up 1% to US$1.5bn. Ralph Lauren said foreign currency negatively impacted growth. Gross margin was flat on last year at 61.7%, hit by increased input costs from raw materials and labour. Earnings reached $32m against $24m a year ago.
“We made strong progress in the first year of our Next Great Chapter: Accelerate plan, as our teams around the world executed exceptionally well through a highly dynamic global operating environment,” said CEO Patrice Louvet. “Our fiscal 2023 performance puts us on track with our investor day commitments. We continue to be on offense as we balance growth and operating discipline, investing in our brand while delivering strong shareholder returns.”
For the fourth quarter ended 31 March 2023, Under Armour’s net revenue was up 8% from $1.3bn to $1.4bn.
The company recorded an operating income of $35.26m compared to an operating loss of $46m a year earlier.
While net income was $171m as opposed to a loss of $60m in the previous year. This excluded an $87m benefit primarily from a tax valuation allowance release related to prior-period restructuring.
CEO Stephanie Linnartz said: “Fiscal 2024 will be a year of building for the brand. I am prioritising significantly amplifying global brand heat; delivering elevated design and products, with a focus on Sportstyle, footwear, and women; and positioning us to drive better sales growth in the United States.”
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Vince Holding Corp
Global retailer Vince Holdings reported a drop of 7.8% in total company sales to $91.3m in the fourth quarter ended 28 January 2023. Gross profit fell to $36.2m due, in part, to an increase in promotional activity in the direct-to-consumer (D2C) channel. Loss from operations was $5.5m as opposed to income from operations of $1.8m the previous year. Net loss widened to $11m from $2.7m.
CEO Jack Schwefel attributed the results to a “challenging fiscal 2022.” He added: “During the fourth quarter we substantially completed the wind-down of the Rebecca Taylor business and continued to take actions with respect to our inventory balance to end the year in a healthier position. As we look ahead, we will continue to operate with discipline while staying focused on our long-term strategic initiatives while leveraging our recent agreement with Authentic Brands Group.”
The global retailer has also entered into a strategic partnership with Authentic Brands Group.
The TJX Companies reported its net sales at US$14.5bn, an increase of 5% for the thirteen weeks ended 28 January 2023 from $13.8bn previously.
The income before income taxes was reported at $1.3bn from $1.2bn, while net income reached US$1.0bn for the fourth quarter, from $940m a year earlier.
CEO Earnie Herrman, stated: “I am so proud of the outstanding performance and execution of our teams again in 2022. By staying focused on our off-price fundamentals, which have served us well through many kinds of retail and macro environments, we continued to bring customers around the world exciting values and a treasure-hunt shopping experience, every day. Our eclectic, rapidly changing mix of gift giving assortments clearly resonated with consumers this holiday season.”
Owner of the Calvin Klein and Tommy Hilfiger brands delivered a “strong” fourth-quarter for sales, exceeding guidance, but saw earnings drop. Revenues were up 2% to US$2.49bn; guidance was a drop of around 4%. Growth was driven by the Tommy Hilfiger and Calvin Klein brands, in addition to strong revenue growth in Europe and North America. The company, however, continued to experience negative impacts from the Covid pandemic in China. Gross margin narrowed to 55.9% from 58.3%, while earnings dropped to $138.7m from $390.8m last year.
CEO Stefan Larsson said: “We delivered strong fourth quarter performance with stronger than expected high-single digit constant currency revenue growth and earnings above guidance. Our disciplined execution of the PVH+ Plan, our multi-year, brand-focused, direct-to-consumer and digitally-led strategy enabled us to compete to win despite the challenging macro situation.”
Tom Chubb, chairman and CEO, explained that fiscal year 2022 was highlighted by “robust organic growth” in all brands and all channels of distribution.
For the fourth quarter ended 28 January 2023, Oxford Industries recorded a 28% increase in consolidated net sales to US$382.5m as compared to $299.9m 2021.
Gross margin widened to 64.4% from 63.2% a year earlier, while net earnings were up 28.6% to $36.5m.
Chubb added: “Our plan for fiscal 2023 is to capitalise on the momentum we’ve built across our portfolio of brands to drive double digit top- and bottom-line growth.”
Growth strategies to increase scale, modernise the customer experience and leverage customer data have all paid off for Shoe Carnival as it recorded margins and earnings more than double those generated three years ago. Net sales were up 21.2% to US$290.8m, while gross profit margin reached 38.3% from 37.3% a year earlier. Net earnings amounted to $21.6m from $20.6m last year.
“The Shoe Carnival team successfully delivered operating income margins and overall profitability more than double those generated just three years ago, consistent with our strategic plans and 2022 guidance. These results demonstrate the sustainability of our profit transformation and set the new benchmark for us going forward,” said CEO Mark Worden.
For the fourth quarter, Lands’ End reported a 4.6% decrease in its net revenue to US$530m fromUS$555m a year earlier.
Gross margin slumped approximately 340 basis points to 32.5% as compared to 35.9% in the fourth quarter of fiscal 2021. This was attributed to increased industry-wide promotional activity and a focused effort to move through less productive units, slightly offset by lower inbound transportation costs.
Lands’ End posted a net loss of US$3.3m compared with a profit of $7.1m a year earlier. Adjusted EBITDA was US$24.2m versus US$27.3m in the fourth quarter of the previous year.
Andrew McLean, chief executive officer, shared the brand’s plan moving forward: “Looking ahead in 2023 and beyond, we plan to continue to focus on providing high-quality products in key categories that customers want and that present opportunity to drive outsized value creation, including swim and outerwear. We also plan to foster innovation in our operations, with a focus on driving stronger results and best anticipating and serving evolving customer needs, as well as strengthening our digitally native capabilities through enhanced use of data analytics, which we expect will drive deeper brand affinity and grow our share of our addressable market.”
GIII Apparel Group
For the three months ended 31 January 2023, the total net sales increased to US$0.85bn from US$0.74bn in the previous year.
However, the brand reported operating loss of US$292.5m and net loss of US$261.9m compared with the same period last year, as a result of higher cost of goods sold and larger expenses and one off costs.
Morris Goldfarb, G-III’s chairman and chief executive officer, shared the outlook moving forward and said: “The Company today issued guidance for the fiscal year ending January 31, 2024. The Company’s fiscal year 2024 guidance anticipates the expected impact from current levels of inflationary pressure on consumers and on the Company’s operations, as well as incremental costs associated with managing higher levels of inventory.”
Goldfarb further added that the Group will be directing resources towards several new opportunities and announced two new initiatives: the re-positioning and expansion of the Donna Karan brand and a new long-term license with Authentic Brands Group for Nautica.
For the thirteen weeks ended 28 January, 2023, Caleres reported its total net sales were up 2.5% to US$0.69bn from US%0.67bn in the fourth quarter of 2021.
Gross profit slipped on higher costs of goods amounting to US$281.2m versus $294.7m a year earlier and leading to a fall in operating earnings fell to $25.8m versus $43.8m a year earlier.
The net earnings were recorded at US$39.2m from US$33.9m in the previous year.
Jay Schmidt, president and chief executive officer at Caleres said: “Brand Portfolio experienced strong growth in sales, gross margin and earnings and a solid performance from Famous Footwear, which continues to provide the brands, trends and value aligned with consumer preferences. At the same time, Famous Footwear leaned into its improved inventory position to take advantage of strong pockets of demand – leading to record fourth quarter sales as well as an increase in comparable sales.”
J.Jill reported its total net sales were up 1.7% to US$0.14bn for the thirteen weeks ended 28 January, 2023 compared to the previous year.
Gross profit was US$95.1m compared to US$92.7m in the fourth quarter of fiscal 2021. The 50 basis points increase was driven by freight favorability which more than offset margin pressure from additional promotional activity in the quarter.
Operating income was $7.8 million compared to $7.5 million in the fourth quarter of fiscal 2021.
However, the net income was recorded at US$1.0m compared to US$3.6m in the fourth quarter of fiscal year 2021.
Sharing the outlook for 2023, Claire Spofford, president and chief executive officer of J.Jill, said: “In 2023, we expect to build on this progress while maintaining the disciplined approach to inventory and expense management that we have demonstrated over the past eight quarters. While we are cautious with respect to our outlook for this year given the ongoing macro-related headwinds, we remain focused on positioning J.Jill for long term profitable growth.”
Joey Zwillinger, co-founder and co-CEO at Allbirds, pointed out that the year 2022 came to a “challenging close,” with results below the company’s expectations and said this was “due to both execution and macro challenges.”
In the fourth quarter of 2022, Allbirds reported its net revenue decreased 13.4% to US$84.2m when compared to the same period in 2021. This plunge is primarily attributable to a decrease in the number of orders, and an estimated $3.2m negative impact from foreign exchange (FX).
Net loss widened to US$24.9m compared with $10m a year earlier. While, the adjusted EBITDA loss was recorded at US$12.5m compared with earnings of $0.4m for the fourth quarter a year ago.
Gross profit totaled US$36.3m compared to US$48.8m in the fourth quarter of 2021.
Allbirds has announced a strategic transformation plan to reignite growth in the coming years, as well as improve capital efficiency, and drive profitability. In-line with its plan, the company announced the appointment of Annie Mitchell as its chief financial officer, effective 24 April, 2023.
Tilly’s, the lifestyle retailer, announced its fiscal 2022 fourth quarter result with the total net sales reported at US$0.18bn, a decrease of $24.1m or 11.8% compared to previous year.
Gross profit, including buying, distribution, and occupancy costs, was US$52.4m.
The company made an operating loss of $1.1mn compared to an operating income of $17.3 million.
Net income fell to US$0.3m from US$12.1m last year.
Tilly’s said: “The first quarter results have been adversely impacted by weather, particularly in California wherein approximately 40% of its stores reside and currently expects its comparable net sales trend to improve over the remainder of the quarter given easier prior year comparisons.”
The fashion retailer recorded net income of US$7.5m in the fourth quarter of 2022, compared to a net income of $10.7m in Q4 2021. Chico’s operating income was $142m compared to $66.6m in 2021. These doubled profits were driven by strong sales, gross margin performance and expense control. Chico’s net sales in Q4 2022 were $524.1m with an 18.3% increase compared to $496.3m in Q4 2021.
Molly Langenstein, Chico’s CEO, commented: “We achieved strong results across all key financial metrics in fiscal 2022. We delivered strong store and digital sales growth, substantial gross margin expansion and solid expense leverage for the year, which produced outstanding operating income, cash flow and EPS. In the fourth quarter, we were pleased to see revenues and EPS exceed our expectations due to strong January performance.”
Dick’s Sporting Goods
Dick Sporting Goods recorded net sales of US$12.4bn for the fourth quarter of 2022, which was up 0.6% compared to 2021. Net income decreased to $236m compared to $346m in the prior year.
President and chief executive officer Lauren Hobart shared the brand’s outlook for the year ahead and said: “Our 2022 results provide a strong foundation upon which we will build in 2023 and well into the future. In 2023, we will grow both our sales and earnings through positive comps, a return to square footage growth and higher merchandise margin. Our consistent performance and financial strength position us to increase the rate of investment in our business to fuel long-term growth opportunities, and also return significant capital to shareholders. The step-change increase in our dividend clearly reflects our strong conviction in our structurally higher sales and earnings.”
American Eagle Outfitters
American Eagle Outfitters (AEO) reported a total net revenue of $1.5b in Q4 2022 which is down 1% compared to Q4 2021.
AEO operating income – GAAP was $74m in Q4 2022 which decreased from US$80m a year earlier. This came despite a gross profit rise of 4% year on year to $507m and is likely a result of higher impairment charges booked in the period. Net income however did rise to US$55m versus $50.4m for the year ago period, helped by lower interest and other expenses.
Jay Schottenstein, AEO’s CEO, stated “I am proud of how our teams navigated through unanticipated macro challenges this year, which pressured top line demand as we lapped record strength in 2021. In response, we took aggressive actions early in the year on inventory and spending to strengthen margins and increase free cash flow. We ended 2022 in a healthy financial position and I’m pleased to reinstate our quarterly cash dividend.”
Victoria’s Secret & Co.
The Company reported net sales of $2.02bn for the fourth quarter of 2022, a decrease of 7% compared to net sales of $2.17bn in the prior year fourth quarter. This was in-line with the company’s most recent guidance of a net sales decline in the range of 7% to 8% compared to the fourth quarter of 2021.
VS&Co’s operating income – GAAP for the fourth quarter in 2022 was $0.24bn which was low in comparison to $0.33bn for the same period in 2021. The company booked a net income of $172m versus $246m for the same period last year.
Chief executive officer at VS & Co, Martin Waters shared the company’s outlook for 2023: “As we look into the new year, we recognize the environment will likely remain challenging for the foreseeable future. However, we firmly believe our brand repositioning efforts are tracking well and our plans for growth outlined at our Investor Day in October have us on the right path. Our strategic growth plan and our focus on strengthening our core, igniting growth, and transforming the foundation is beginning to come to life.”
Abercrombie & Fitch
Abercrombie and Fitch recorded net sales of $1.2bn for the fourth quarter ended January 28, 2023, which was up 3% as compared to last year on a reported basis and 5% on a constant currency basis.
However, the gross profit rate was down 260 basis points as compared to last year at 55.7%. The year-over-year decrease was primarily driven by higher product costs, including increased cotton prices, inventory reserves more than offsetting lower freight costs and the adverse impact of exchange rates.
Operating income fell to $87m and $92m on a reported and adjusted non-GAAP basis, respectively, as compared to last year.
Net income per diluted share of $0.75 and $0.81 on a reported and adjusted non-GAAP basis, respectively, as compared to net income per diluted share last year of $1.12 and $1.14 on a reported and adjusted non-GAAP basis, respectively.
Fran Horowitz, CEO of Abercrombie, shared the brand’s outlook for the year ahead and said: “As we look to 2023, we remain cautiously optimistic on consumer demand. Our Abercrombie & Fitch brand continues to be a leader in the industry, and multiple actions we have taken in the Hollister brand are resulting in sequential net sales trend improvement. We are pleased with our inventory levels and each of our brands is in a position to chase. While we expect to see net product cost benefits in 2023, we will continue to tightly manage our expenses, inventory and cash flow to properly balance investing for the long-term while improving profitability as we execute to deliver our 2025 Always Forward Plan.”
Tom Kingsbury, Kohl’s chief executive officer, stated that the brand’s fourth quarter results reflect the sales pressure driven by the ongoing persistent inflationary environment.
The net sales decreased 7.2% year-over-year, to $5.8bn, with comparable sales down 6.6% for the 13-week period ended January 28, 2023.
The company booked an operating loss of $0.30bn versus an operating income of $0.45bn in the prior year. As a percentage of total revenue, operating loss was 5.0%, a decrease of 1,195 basis points year-over-year.
Kohl’s made a net loss of $0.27bn, or ($2.49) per diluted share. This compares to net income of $0.29bn, or $2.20 per diluted share in the prior year.
Sharing the company’s ‘cautious’ outlook for 2023, Kingsbury said: “Our efforts to drive the business are already underway. We are refining our strategy and re-establishing merchandise disciplines with a customer-centric focus across the organisation. I am confident that our efforts will drive improved, and more consistent, sales and earnings performance over the long-term.”
The US-based retailer reported sales at $5.2bn for the fourth quarter ended 28 January 2023 compared to $5.0bn for the same period last year.
Similarly, the fourth quarter operating margin was 10.7% compared to 9.8% in 2021. This improvement was mainly driven by lower freight and incentive costs that were partially offset by unfavourable timing of packaway-related expenses.
Operating income was $581m versus $473m a year earlier.
Net income was higher year-on-year at US$0.44bn from $0.36bn.
Barbara Rentler, chief executive officer at Ross Stores, shared the outlook for this year saying the retailer will remain “conservative” when planning ahead.
She explained: “As we enter 2023, the macroeconomic and geopolitical environments remain highly uncertain. Looking ahead, we will continue strengthening our merchandise assortments by delivering great branded bargains to the consumer while also strictly controlling expenses throughout the Company. This will allow us to maximize sales and profitability in 2023 and beyond.”
Macy’s recorded net sales of $8.3bn this quarter, which was down by 4.6% in comparison to the fourth quarter of 2021. The gross margin, similarly, saw a downward trend for the fourth quarter at 34.1%.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q4 were $0.8bn which is comparatively low against the same period in 2021 when it reached US$1.2bn.
Net income slipped to US$508m from $742m for the same period last year.
Jeff Gennette, chairman and chief executive officer of Macy’s Inc, said: “The company’s performance primarily reflects the impacts of macroeconomic pressures on the consumer in conjunction with a lack of government stimulus benefits and a heightened competitive retail environment driven by industry-wide inventory surpluses.”
He explained: “Merchandise margin declined largely due to planned markdowns and promotions, which were higher relative to last year, when inventory constraints in the industry led to low promotional levels and robust full-price sell-throughs. The higher level of markdowns and promotions was reflective of both the company’s commitment to end 2022 with inventories at the right level and composition, as well as its response to the competitive retail environment.”
Looking ahead at 2023, Macy’s said it anticipates that the heightened level of uncertainty within the macroeconomic environment will continue.
- Net sales fell to $4.2bn from $4.4bn a year earlier.
- Total revenues amounted to $4.3bn from $4.5bn a year earlier
- EBIT was $187m against $299m against the same period last year, primarily due to higher markdowns, partially offset by supply chain expense efficiencies.
- Net income fell to $119m from $200m year-on-year
“We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty. We also made the difficult decision to wind down operations in our Canadian business. This will enable us to simplify our operations and further increase our focus on driving long-term profitable growth in our core US business,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. “
Urban Outfitters saw a record increase of 3.9% in net sales to US$1.38bn for the three months ended 31 January 2023. However, the gross profit rate for the same period decreased by 68 basis points compared to the prior year, primarily due to store impairment charges of $5.5m. Net income dropped to $31.5m from $40.9m a year earlier.
For the full year, net sales were up 5.4% to $4.79bn, while net income dropped to $159.7m from $310.6m last year.
Richard A Hayne, chief executive officer at Urban Outfitters, said: “We are pleased to report record fourth quarter sales as we enter the spring selling season with an improved inventory position which bodes well for merchandise margin opportunity in fiscal 2024.”
Kontoor Brands recorded a 7% increase in revenue for the quarter to $732m over the same period in the prior year. This was driven by strength in domestic wholesale and digital, but somewhat offset by decreases in international with the continued impacts of lockdowns and restrictions in China weighing on the quarter.
Gross margin decreased 200 basis points to 40.8% owing to higher inflationary pressures on input costs, inventory provisions and impacts from production downtime, as well as foreign currency. Earnings were up 18% to $51.6m.
Adding to the brand’s outlook for the year ahead, Scott Baxter, president and CEO of Kontoor Brands, said: “Even as we anticipate macro headwinds to persist through the year, we begin 2023 from a position of strength. We expect our strategic investments in talent, demand creation and innovation to support continued share gains in our core business, while also driving diversified, accretive growth across DTC channels, categories and international markets.”
Net sales fell 14.1% year-on-year to $912.1m driven by declines in the company’s US Retail, US wholesale, and international segments of 12.7%, 17.8%, and 12%, respectively. These declines reflect the significant impact inflation has had on demand from consumers and wholesale customers. Operating income decreased 20.6%, to $109.5m. Net income decreased 17.3%, to $80.2m, compared to $97m in the fourth quarter of fiscal 2021. Full-year net sales were 7.9% to $3.2bn. Operating income fell 23.7% to $379.2m and net income was 26.4% lower at $250m.
“We saw stronger than expected demand for our brands in the final months of the year which enabled Carter’s to achieve its fourth-quarter sales and earnings objectives,” said Michael D. Casey, chairman and CEO. “Our supply chain performance improved meaningfully in the second half of 2022, enabling a stronger product offering for holiday shoppers and better on-time deliveries of our new Spring product offerings. Despite a very promotional market, we improved price realisation in the fourth quarter which, together with lower spending and better inventory results, drove higher-than-expected cash flow.
“In 2023, we expect inflation will continue to weigh on consumers, especially families with young children. Given the slowdown in consumer demand in 2022, most of our wholesale customers are planning inventory commitments very conservatively in the first half this year, and we plan to do so as well. Assuming continued moderation in inflation and improvement in market conditions, we expect that the trend in demand for our brands will improve beginning in the second half of this year. Based on a favourable trend in product costs and ocean freight rates, we also expect to see growth in profitability in the second half.”
Columbia Sportswear Company
An increase in sales failed to stem a decline in earnings for Columbia Sportswear Company in its fourth-quarter but the apparel retailer has issued a positive outlook for the 2023 financial year. Net sales increased 4% in the quarter to US$1.17bn, weighed down by sales declines in emerging brands. Gross margin contracted 180 basis points to 50.4% from 52.2% a year earlier, and earnings were down 20% to $125.7m.
“We are entering 2023 in a position of strength, with strong consumer demand for our innovative products,” said CEO Tim Boyle. “With the early receipt of spring merchandise, we are well positioned for timely deliveries, and have strategies in place to profitably and efficiently reduce inventory levels. Our financial strength, with over $400m in cash and no debt, and our operating discipline will enable us to navigate near-term headwinds and position us to emerge in a stronger position. I’m confident we have the right strategies in place to unlock the significant growth opportunities we see across the business.”
Crocs booked a 61% jump in revenues to US$945.2m and a 37.5% increase in operating income to US$220.1m for the fourth quarter. Diluted earnings per share were $2.20 as compared to $2.57 for the same period last year due to a lower tax benefit. For the year, revenues grew 53.7% to $3.6bn and adjusted operating income increased 41.9% to $986.3m. Diluted earnings per share fell 23.5% to $8.71 per share due to a lower tax benefit somewhat offset by higher net income.
“Consumer demand for the Crocs and HeyDude brands has been exceptional, fuelling record 2022 revenues for both brands at a combined $3.6bn and top-tier adjusted operating margin of 28%,” said Andrew Rees, CEO. “We anticipate another record year in 2023 with growth expected to be led by sandals and international for the Crocs Brand and increased US market penetration for HeyDude.”
The Children’s Place Inc
The Children’s Place says it expects to report a net loss of US$52m to $57m in its fourth-quarter, primarily due to a deterioration in gross margin as a result of the macro-economic environment, significantly higher input costs, including decade-high cotton costs and other supply chain costs. Net sales are expected to be approximately $454m to $456m, versus the company’s prior guidance of $460m at the low end, and down approximately $52m to $54m, or down approximately 10.2% to 10.6%, versus last year. Operating loss for the quarter is expected to be in the range of (14.2%) to (15.6%) of net sales.
Hanesbrands reports Q4 net sales of US$1.47bn down 16% year on year. Operating profit and margin in Q4 fell to US$60m from $156m a year earlier. Hanesbrands booked a loss of $418m compared to an income of $68m.
On a full-year basis, sales fell 8% to US$6.2bn. Operating profit and operating margin fell 8.3% to $520m. Loss from continuing operations was US131m from an income from continuing operations of $521m a year earlier. Adjusted income from continuing operations totalled $342 million. This compares to adjusted income from continuing operations of $645 million
“We delivered fourth-quarter results at or above our guidance as we continue to take actions to navigate the extremely challenging environment,” said Steve Bratspies, CEO. “HanesBrands is a stronger, more disciplined company than we were even a year ago, and we’re not standing still. We have created a clear path to improving cash flow and margins as the year progresses. We shifted our capital allocation strategy, eliminating the dividend as we commit to reducing debt. We remain confident in our full potential plan and in achieving our long-term financial targets.”
Columbia Sportswear booked net sales of US$1.2bn in the fourth quarter, a 4% year-on-year increase. Operating income fell 27% to US$155.4m year on year which includes $35.6m of impairment charges related to prAna. Net income decreased 20 percent to $125.7m.
Full year net sales grew 11% to $3.5bn. Operating income decreased 13% to $393.1m. Net income fell 12% to $311.4m.
Chairman, president and CEO Tim Boyle commented: “I believe this financial performance could have been even higher, absent supply chain constraints which severely delayed inventory availability throughout the year.
“We are entering 2023 in a position of strength, with strong consumer demand for our innovative products. With the early receipt of Spring merchandise, we are well-positioned for timely deliveries, and have strategies in place to profitably and efficiently reduce inventory levels. I’m confident we have the right strategies in place to unlock the significant growth opportunities we see across the business.”
Skechers booked a 13.5% year-on-year sales increase for the fourth quarter of US$1.88bn. Operating earnings fell to $86.6m from $93.1m a year earlier. Net income fell 81% to 75.5m from $402.4m a year earlier.
The full-year results followed a similar pattern with sales up 18% to $$7.5bn. Operating income fell 8.6% to $546.7m and net earnings were 49.7% lower at $373m.
“Skechers’ record fourth quarter and full-year sales, demonstrate the strength of our brand as the comfort technology leader and the robust demand for our innovative product portfolio, which drove global growth across channels despite volatile economic conditions,” stated John Vandemore, Sketchers chief financial officer. “We are making considerable progress on addressing the short-term challenges from elevated inventory levels and congestion in the supply chain, while staying keenly focused on executing against and investing in our long-term growth strategy.”