LOS ANGELES - Skechers U.S.A., Inc. (NYSE:SKX), a global footwear leader, has announced the opening of its 5,000th retail store, marking a significant milestone in the company's expansive retail presence. This new store, located in Bogotá, Colombia, is part of a series of recent openings in various countries, including Chile, Greece, India, Mexico, South Korea, and the United States, contributing to the brand's strong international footprint.
The achievement reflects Skechers' continued growth strategy, with the company planning to open an additional 140 to 160 company-owned stores within this year. These stores will join the hundreds of partner-operated locations that open annually, pushing the brand towards its goal of 10,000 global stores.
Skechers, known as The Comfort Technology Company®, offers a diverse range of lifestyle and performance footwear, apparel, and accessories. Its products feature various comfort innovations such as Skechers Hands Free Slip-ins®, Skechers Arch Fit®, and Skechers Air-Cooled Memory Foam®, catering to both fashion-forward consumers and sports enthusiasts.
The company's president, Michael Greenberg, emphasized the importance of physical stores for customer engagement and brand loyalty. He recounted the brand's journey from its first store in Manhattan Beach in 1995 to its international expansion, highlighting consistent store design across continents to maintain brand identity.
Skechers, headquartered in Southern California, is a Fortune 500® company that manages its international business through a network of wholly-owned subsidiaries, joint ventures, and distributors. Its products are available in 180 countries and territories, sold through department and specialty stores, as well as digital and physical retail locations.
This announcement is based on a press release statement.
InvestingPro Insights
As Skechers (NYSE:SKX) celebrates the opening of its 5,000th retail store, the company's financial health remains a key component of its aggressive expansion strategy. According to real-time data from InvestingPro, Skechers boasts a market capitalization of $9.18 billion, reflecting the company's significant presence in the footwear industry.
InvestingPro Data highlights a Price-to-Earnings (P/E) ratio of 16.82 for the last twelve months as of Q4 2023, which is considered attractive given the company's near-term earnings growth. Additionally, the company's Gross Profit Margin stands at a robust 51.9%, indicating efficient cost management and a strong competitive position in the market.
InvestingPro Tips suggest that Skechers is trading at a low P/E ratio relative to its earnings growth, which might appeal to value investors looking for growth potential at reasonable prices. Moreover, the company's liquid assets exceed its short-term obligations, providing financial flexibility for continued expansion and operational activities.
For interested investors looking to delve deeper into Skechers' financial metrics, InvestingPro offers additional insights and tips. There are currently 7 more InvestingPro Tips available for Skechers, which can be accessed by visiting InvestingPro. To enrich your investment research, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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