Skechers quietly released its second quarter earnings after the market closed on Friday as the company continues its work to go private.
The Manhattan Beach, Calif.-based footwear company reported net sales in the second quarter of fiscal 2025 of $2.44 billion, a 13.1 percent increase from $2.16 billion the same time last year.
These results beat analyst expectations, which called for net sales between $2.3 billion and $2.38 billion in Q2, according to Yahoo Finance.
Skechers noted that the second quarter’s net sales include a favorable impact due to foreign currency exchange rates of $33.9 million. The company also said that its wholesale sales grew 15.0 percent in Q2, while its direct-to-consumer sales increased 11.0 percent in the period.
Net earnings also increased in Q2 to $170.5 million and diluted earnings per share were $1.13, a 21.5 percent increase compared with prior year net earnings of $140.3 million and diluted earnings per share of 91 cents in Q2 2024.
No executives provided comment in the Friday earnings release.
These latest numbers come amid Skechers’ bid to become a private company this year. In May, Skechers announced a $9 billion go-private deal with Brazilian private-equity firm 3G Capital — the biggest shoe buyout in history.
The deal structure has one election at $63 a share and the other at $57 a share in cash and one unlisted, non-transferable equity unit in a newly formed entity that will become the parent of Skechers upon the closing of the transaction.
The blockbuster move is a reflection of the business prowess of Robert and Michael Greenberg, the father-son duo that has taken the company from family start-up to global powerhouse during the past three decades.
And the Greenbergs have been working diligently on closing the deal. In July, a California federal district court judge in Los Angeles ruled against a pension plan investor’s bid for a preliminary injunction to delay the closing of the planned acquisition of Skechers by 3G Capital. Marking a win for Skechers as it works to move forward.
When the deal was announced in May, the expectation then was that a closing date likely would be in the third quarter.
The footwear firm will remain headquartered in its hometown of Manhattan Beach, Calif. and its current management team will continue to steer the company.