The world’s third-largest athletic footwear company, Skechers, said strong consumer demand for affordable comfort drove record quarterly sales results at a time when both of its largest rivals are struggling.
According to a company press release, for the three months ending June 30 total sales rose 12% following the introduction and innovation surrounding what the company calls “hands-free comfort footwear” and the expansion of its Arch Fit line.
The company known for its affordable comfort offerings added more fashion-focused styles to its suite of footwear with Viper Court, which is designed specifically for those who play pickleball, touted as the fastest-growing sport in America, the press release says.
“We believe we are in a unique position as a brand that delivers on comfort, style, innovation and quality at a reasonable price, all especially desirable given our current macro environment,” said COO David Weinberg in a conference call with investors and analysts Tuesday (July 26).
While Skechers is proud of the second-quarter record sales, it has a long way to go to achieve its long-term sales goals — but has a plan to get there in the next several years.
“To achieve our goal of $10 billion in annual sales by 2026, we will continue to strategically open Skechers stores, expand our digital commerce reach, enhance our DTC omnichannel capabilities through investments in our global point-of-sale systems and grow and upgrade our logistics centers to more efficiently distribute our best footwear assortment,” said Weinberg.
Related: Nike Alleges Sneaker Marketplace StockX is Selling Fake Shoes
The footwear marketplace is getting increasingly competitive — and litigious — these days, with Nike in May accusing sneaker marketplace StockX of selling fake shoes with the swoosh logo emblazoned on the side of them.
Nike’s original lawsuit against StockX originated in February, when Nike accused StockX of “blatantly freeriding” on Nike’s trademarks and goodwill through its Vault NFTs service. StockX said its non-fungible tokens (NFTs) aren’t digital sneakers, but rather “listings for physical sneakers that are stored in a vault.”
The company has since added claims of counterfeiting and false advertising.
In a statement on its website, StockX said it takes customer protection “extremely seriously.” The company also said it has spent “millions” fighting against counterfeit product proliferation.
PYMNTS wrote that StockX has denied Nike’s claim about its tokenized digital images violating Nike’s trademarks. StockX said its products weren’t “virtual products or digital sneakers,” and said they were more like virtual receipts.
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