Manhattan Beach-based Skechers announced record sales in the first quarter of 2024, while other brands like Nike see weak earnings. Here's why.
In a crowded sneaker market roiled by the stumbles of its longtime king, Manhattan Beach-based Skechers has been climbing its way up the ranks. While Nike, which has dominated the athletic footwear landscape for years, made headlines last month for its plummeting stock price and gloomy outlook, Skechers announced record sales in the first quarter of 2024 of $2.25 billion, a 12.5% increase over last year. Since 2019, it has increased its annual revenue by more than 50%.
He praised the company’s chief executive, Robert Greenberg, for his willingness to take risks. “One of Robert's key talents is being able to tolerate risks and, quite frankly, not dwell upon them,” Vandemore said. “In our culture we try a lot of different things. Some of them work and some of them don't.” In contrast, Poser said, Nike has not been able to come up with fresh offerings for consumers in recent years.
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