Skechers Announces Record Annual Sales of $8.00 Billion for 2023
2023 Highlights
-
Record annual sales of
$8.00 billion , a year-over-year increase of 7.5% - Direct-to-Consumer sales grew 24.3%
-
Diluted earnings per share of
$3.49 , a year-over-year increase of 46.6% -
Inventory decrease of
$292.6 million or 16.1% fromDecember 31, 2022
Fourth Quarter Highlights
-
Record fourth quarter sales of
$1.96 billion , a year-over-year increase of 4.4% - Direct-to-Consumer sales grew 20.3%
-
Diluted earnings per share of
$0.56 , a year-over-year increase of 16.7% -
Repurchased
$60 million of Class A common stock
“Skechers achieved a new fourth quarter sales record of
“Skechers’ new annual sales record of
Fourth Quarter 2023 Financial Results
|
|
Three Months Ended |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
1,960.9 |
|
|
$ |
1,878.8 |
|
|
|
82.1 |
|
|
|
4.4 |
|
Gross profit |
|
|
1,041.4 |
|
|
|
909.7 |
|
|
|
131.7 |
|
|
|
14.5 |
|
Gross margin |
|
|
53.1 |
% |
|
|
48.4 |
% |
|
|
|
|
470 bps |
|
||
Operating expenses |
|
|
911.1 |
|
|
|
823.0 |
|
|
|
88.1 |
|
|
|
10.7 |
|
As a % of sales |
|
|
46.5 |
% |
|
|
43.8 |
% |
|
|
|
|
270 bps |
|
||
Earnings from operations |
|
|
130.3 |
|
|
|
86.6 |
|
|
|
43.7 |
|
|
|
50.4 |
|
Operating margin |
|
|
6.6 |
% |
|
|
4.6 |
% |
|
|
|
|
200 bps |
|
||
Net earnings attributable to |
|
|
87.2 |
|
|
|
75.5 |
|
|
|
11.7 |
|
|
|
15.4 |
|
Diluted earnings per share |
|
$ |
0.56 |
|
|
$ |
0.48 |
|
|
|
0.08 |
|
|
|
16.7 |
|
Fourth quarter sales increased 4.4% as a result of a 6.9% increase internationally and a 0.3% increase domestically. Direct-to-Consumer increased 20.3% and Wholesale decreased 8.3%. On a constant currency basis, sales increased 2.8%.
Wholesale sales declined
Direct-to-Consumer sales grew
Gross margin was 53.1%, an increase of 470 basis points, primarily due to higher average selling prices, a higher proportion of Direct-to-Consumer sales, and lower costs per unit, driven by lower freight costs.
Operating expenses increased
Earnings from operations increased
Net earnings were
In the fourth quarter, the Company’s effective income tax rate was 20.3%.
“Skechers' record sales and earnings demonstrate the strong global position of our brand, compelling product assortment, and worldwide execution capabilities,” said
Full Year 2023 Financial Results
|
|
Year Ended |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
8,000.3 |
|
|
$ |
7,444.5 |
|
|
|
555.8 |
|
|
|
7.5 |
|
Gross profit |
|
|
4,152.4 |
|
|
|
3,515.4 |
|
|
|
637.0 |
|
|
|
18.1 |
|
Gross margin |
|
|
51.9 |
% |
|
|
47.2 |
% |
|
|
|
|
470 bps |
|
||
Operating expenses |
|
|
3,367.6 |
|
|
|
2,968.7 |
|
|
|
398.9 |
|
|
|
13.4 |
|
As a % of sales |
|
|
42.1 |
% |
|
|
39.9 |
% |
|
|
|
|
220 bps |
|
||
Earnings from operations |
|
|
784.8 |
|
|
|
546.7 |
|
|
|
238.1 |
|
|
|
43.6 |
|
Operating margin |
|
|
9.8 |
% |
|
|
7.3 |
% |
|
|
|
|
250 bps |
|
||
Net earnings attributable to |
|
|
545.8 |
|
|
|
373.0 |
|
|
|
172.8 |
|
|
|
46.3 |
|
Diluted earnings per share |
|
$ |
3.49 |
|
|
$ |
2.38 |
|
|
|
1.11 |
|
|
|
46.6 |
|
Full year sales increased 7.5%, reflecting a 13.3% increase internationally and a 0.8% decrease domestically. Direct-to-Consumer increased 24.3% and Wholesale decreased 2.8%. On a constant currency basis, sales increased 7.9%.
Wholesale sales decreased
Direct-to-Consumer sales grew
Gross margin was 51.9%, an increase of 470 basis points, primarily driven by higher average selling prices and a higher proportion of Direct-to-Consumer sales.
Operating expenses increased
Earnings from operations increased
Net earnings were
The Company’s effective income tax rate was 18.8%.
Balance Sheet
Cash, cash equivalents and investments totaled
Inventory was
Share Repurchase
During the fourth quarter, the Company repurchased 1.1 million shares of its Class A common stock at a cost of
Outlook
For the fiscal year 2024, the Company believes it will achieve sales between
Store Count
|
|
Number of Stores |
|
|||||||||||||
|
|
|
|
|
Opened(1) |
|
|
Closed(1) |
|
|
|
|||||
Domestic stores |
|
|
539 |
|
|
|
35 |
|
|
|
(11 |
) |
|
|
563 |
|
International stores |
|
|
905 |
|
|
|
268 |
|
|
|
(88 |
) |
|
|
1,085 |
|
Distributor, licensee and franchise stores |
|
|
3,093 |
|
|
|
841 |
|
|
|
(414 |
) |
|
|
3,520 |
|
Total Skechers stores |
|
|
4,537 |
|
|
|
1,144 |
|
|
|
(513 |
) |
|
|
5,168 |
|
(1) |
Includes the conversion of 58 third-party stores to International stores previously included in Distributor stores as a result of the acquisition of our Scandinavian distributor. |
Fourth Quarter 2023 Conference Call
The Company will host a conference call today,
About
Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
|
|
As of |
|
As of |
||||
(in thousands) |
|
|
|
|
||||
ASSETS |
||||||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,189,910 |
|
|
$ |
615,733 |
|
Short-term investments |
|
|
72,595 |
|
|
|
102,166 |
|
Trade accounts receivable, net |
|
|
860,300 |
|
|
|
848,287 |
|
Other receivables |
|
|
82,253 |
|
|
|
86,036 |
|
Inventory |
|
|
1,525,409 |
|
|
|
1,818,016 |
|
Prepaid expenses and other |
|
|
222,137 |
|
|
|
176,035 |
|
Total current assets |
|
|
3,952,604 |
|
|
|
3,646,273 |
|
Property, plant and equipment, net |
|
|
1,506,690 |
|
|
|
1,345,370 |
|
Operating lease right-of-use assets |
|
|
1,276,171 |
|
|
|
1,200,565 |
|
Deferred tax assets |
|
|
450,574 |
|
|
|
454,190 |
|
Long-term investments |
|
|
123,996 |
|
|
|
70,498 |
|
|
|
|
101,230 |
|
|
|
93,497 |
|
Other assets, net |
|
|
136,086 |
|
|
|
83,094 |
|
Total non-current assets |
|
|
3,594,747 |
|
|
|
3,247,214 |
|
TOTAL ASSETS |
|
$ |
7,547,351 |
|
|
$ |
6,893,487 |
|
LIABILITIES AND EQUITY |
||||||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
1,008,001 |
|
|
$ |
957,384 |
|
Accrued expenses |
|
|
320,105 |
|
|
|
294,143 |
|
Operating lease liabilities |
|
|
274,296 |
|
|
|
238,694 |
|
Current installments of long-term borrowings |
|
|
46,571 |
|
|
|
103,184 |
|
Short-term borrowings |
|
|
11,894 |
|
|
|
19,635 |
|
Total current liabilities |
|
|
1,660,867 |
|
|
|
1,613,040 |
|
Long-term operating lease liabilities |
|
|
1,108,110 |
|
|
|
1,063,672 |
|
Long-term borrowings |
|
|
242,944 |
|
|
|
216,488 |
|
Deferred tax liabilities |
|
|
12,594 |
|
|
|
8,656 |
|
Other long-term liabilities |
|
|
122,794 |
|
|
|
120,045 |
|
Total non-current liabilities |
|
|
1,486,442 |
|
|
|
1,408,861 |
|
Total liabilities |
|
|
3,147,309 |
|
|
|
3,021,901 |
|
Stockholders’ equity |
|
|
|
|
||||
Preferred Stock |
|
|
— |
|
|
— |
|
|
Class A Common Stock |
|
|
133 |
|
|
|
134 |
|
Class B Common Stock |
|
|
20 |
|
|
|
21 |
|
Additional paid-in capital |
|
|
295,847 |
|
|
|
403,799 |
|
Accumulated other comprehensive loss |
|
|
(73,388 |
) |
|
|
(84,897 |
) |
Retained earnings |
|
|
3,796,730 |
|
|
|
3,250,931 |
|
|
|
|
4,019,342 |
|
|
|
3,569,988 |
|
Noncontrolling interests |
|
|
380,700 |
|
|
|
301,598 |
|
Total stockholders' equity |
|
|
4,400,042 |
|
|
|
3,871,586 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
7,547,351 |
|
|
$ |
6,893,487 |
|
|
||||||||||||||||
Condensed Consolidated Statements of Earnings |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
|
Year Ended |
||||||||||||
(in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|||||
Sales |
|
$ |
1,960,940 |
|
|
$ |
1,878,785 |
|
|
$ |
8,000,342 |
|
|
$ |
7,444,550 |
|
Cost of sales |
|
|
919,557 |
|
|
|
969,105 |
|
|
|
3,847,938 |
|
|
|
3,929,193 |
|
Gross profit |
|
|
1,041,383 |
|
|
|
909,680 |
|
|
|
4,152,404 |
|
|
|
3,515,357 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling |
|
|
182,926 |
|
|
|
157,951 |
|
|
|
676,890 |
|
|
|
583,626 |
|
General and administrative |
|
|
728,164 |
|
|
|
665,092 |
|
|
|
2,690,728 |
|
|
|
2,385,061 |
|
Total operating expenses |
|
|
911,090 |
|
|
|
823,043 |
|
|
|
3,367,618 |
|
|
|
2,968,687 |
|
Earnings from operations |
|
|
130,293 |
|
|
|
86,637 |
|
|
|
784,786 |
|
|
|
546,670 |
|
Other income (expense) |
|
|
10,426 |
|
|
|
15,731 |
|
|
|
16,086 |
|
|
|
(24,413 |
) |
Earnings before income taxes |
|
|
140,719 |
|
|
|
102,368 |
|
|
|
800,872 |
|
|
|
522,257 |
|
Income tax expense |
|
|
28,589 |
|
|
|
9,866 |
|
|
|
150,949 |
|
|
|
93,095 |
|
Net earnings |
|
|
112,130 |
|
|
|
92,502 |
|
|
|
649,923 |
|
|
|
429,162 |
|
Less: Net earnings attributable to noncontrolling interests |
|
|
24,948 |
|
|
|
16,987 |
|
|
|
104,124 |
|
|
|
56,134 |
|
Net earnings attributable to |
|
$ |
87,182 |
|
|
$ |
75,515 |
|
|
$ |
545,799 |
|
|
$ |
373,028 |
|
Net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.57 |
|
|
$ |
0.49 |
|
|
$ |
3.53 |
|
|
$ |
2.40 |
|
Diluted |
|
$ |
0.56 |
|
|
$ |
0.48 |
|
|
$ |
3.49 |
|
|
$ |
2.38 |
|
Weighted-average shares used in calculating net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
153,516 |
|
|
|
155,162 |
|
|
|
154,533 |
|
|
|
155,627 |
|
Diluted |
|
|
155,571 |
|
|
|
156,278 |
|
|
|
156,256 |
|
|
|
156,608 |
|
|
||||||||||||||||
Supplemental Financial Information |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
Segment Information |
||||||||||||||||
|
Three Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
962.6 |
|
|
$ |
1,049.2 |
|
|
|
(86.6 |
) |
|
|
(8.3 |
) |
Gross profit |
|
|
393.2 |
|
|
|
375.2 |
|
|
|
18.0 |
|
|
|
4.8 |
|
Gross margin |
|
|
40.9 |
% |
|
|
35.8 |
% |
|
|
|
|
510 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
998.3 |
|
|
$ |
829.6 |
|
|
|
168.7 |
|
|
|
20.3 |
|
Gross profit |
|
|
648.2 |
|
|
|
534.4 |
|
|
|
113.8 |
|
|
|
21.3 |
|
Gross margin |
|
|
64.9 |
% |
|
|
64.4 |
% |
|
|
|
|
50 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
1,960.9 |
|
|
$ |
1,878.8 |
|
|
|
82.1 |
|
|
|
4.4 |
|
Gross profit |
|
|
1,041.4 |
|
|
|
909.7 |
|
|
|
131.7 |
|
|
|
14.5 |
|
Gross margin |
|
|
53.1 |
% |
|
|
48.4 |
% |
|
|
|
|
470 bps |
|
||
|
Year Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
4,504.8 |
|
|
$ |
4,632.4 |
|
|
|
(127.6 |
) |
|
|
(2.8 |
) |
Gross profit |
|
|
1,846.8 |
|
|
|
1,669.3 |
|
|
|
177.5 |
|
|
|
10.6 |
|
Gross margin |
|
|
41.0 |
% |
|
|
36.0 |
% |
|
|
|
|
500 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
3,495.5 |
|
|
$ |
2,812.1 |
|
|
|
683.4 |
|
|
|
24.3 |
|
Gross profit |
|
|
2,305.6 |
|
|
|
1,846.1 |
|
|
|
459.5 |
|
|
|
24.9 |
|
Gross margin |
|
|
66.0 |
% |
|
|
65.6 |
% |
|
|
|
|
30 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
8,000.3 |
|
|
$ |
7,444.5 |
|
|
|
555.8 |
|
|
|
7.5 |
|
Gross profit |
|
|
4,152.4 |
|
|
|
3,515.4 |
|
|
|
637.0 |
|
|
|
18.1 |
|
Gross margin |
|
|
51.9 |
% |
|
|
47.2 |
% |
|
|
|
|
470 bps |
|
Additional Sales Information |
||||||||||||||||
|
Three Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
327.5 |
|
|
$ |
365.4 |
|
|
|
(37.9 |
) |
|
|
(10.4 |
) |
Direct-to-Consumer |
|
|
385.4 |
|
|
|
345.4 |
|
|
|
40.0 |
|
|
|
11.6 |
|
Total domestic sales |
|
|
712.9 |
|
|
|
710.8 |
|
|
|
2.1 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
635.1 |
|
|
|
683.8 |
|
|
|
(48.7 |
) |
|
|
(7.1 |
) |
Direct-to-Consumer |
|
|
612.9 |
|
|
|
484.2 |
|
|
|
128.7 |
|
|
|
26.6 |
|
Total international sales |
|
|
1,248.0 |
|
|
|
1,168.0 |
|
|
|
80.0 |
|
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
1,960.9 |
|
|
$ |
1,878.8 |
|
|
|
82.1 |
|
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
955.4 |
|
|
$ |
925.6 |
|
|
|
29.8 |
|
|
|
3.2 |
|
|
|
|
383.5 |
|
|
|
413.7 |
|
|
|
(30.2 |
) |
|
|
(7.3 |
) |
|
|
|
622.0 |
|
|
|
539.5 |
|
|
|
82.5 |
|
|
|
15.3 |
|
Total sales |
|
$ |
1,960.9 |
|
|
$ |
1,878.8 |
|
|
|
82.1 |
|
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
376.7 |
|
|
$ |
308.0 |
|
|
|
68.7 |
|
|
|
22.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
139.6 |
|
|
$ |
160.7 |
|
|
|
(21.1 |
) |
|
|
(13.1 |
) |
|
Year Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
1,567.8 |
|
|
$ |
1,831.6 |
|
|
|
(263.8 |
) |
|
|
(14.4 |
) |
Direct-to-Consumer |
|
|
1,482.4 |
|
|
|
1,243.5 |
|
|
|
238.9 |
|
|
|
19.2 |
|
Total domestic sales |
|
|
3,050.2 |
|
|
|
3,075.1 |
|
|
|
(24.9 |
) |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
2,937.0 |
|
|
|
2,800.8 |
|
|
|
136.2 |
|
|
|
4.9 |
|
Direct-to-Consumer |
|
|
2,013.1 |
|
|
|
1,568.6 |
|
|
|
444.5 |
|
|
|
28.3 |
|
Total international sales |
|
|
4,950.1 |
|
|
|
4,369.4 |
|
|
|
580.7 |
|
|
|
13.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
8,000.3 |
|
|
$ |
7,444.5 |
|
|
|
555.8 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
3,945.7 |
|
|
$ |
3,854.4 |
|
|
|
91.3 |
|
|
|
2.4 |
|
|
|
|
1,831.8 |
|
|
|
1,699.2 |
|
|
|
132.6 |
|
|
|
7.8 |
|
|
|
|
2,222.8 |
|
|
|
1,890.9 |
|
|
|
331.9 |
|
|
|
17.5 |
|
Total sales |
|
$ |
8,000.3 |
|
|
$ |
7,444.5 |
|
|
|
555.8 |
|
|
|
7.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,228.6 |
|
|
$ |
1,062.7 |
|
|
|
165.9 |
|
|
|
15.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
463.9 |
|
|
$ |
557.1 |
|
|
|
(93.2 |
) |
|
|
(16.7 |
) |
|
||||||||||||||||||||||||
Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Constant Currency Adjustment (Non-GAAP Financial Measure) |
||||||||||||||||||||||||
We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results. |
||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
2023 |
|
|
2022 |
|
Change |
|||||||||||||||||
(in millions, except per share data) |
|
Reported
|
|
|
Constant
|
|
Adjusted for
|
|
|
Reported
|
|
$ |
|
% |
||||||||||
Sales |
|
$ |
1,960.9 |
|
|
$ |
(29.6 |
) |
|
$ |
1,931.3 |
|
|
$ |
1,878.8 |
|
|
|
52.5 |
|
|
|
2.8 |
|
Cost of sales |
|
|
919.5 |
|
|
|
(12.1 |
) |
|
|
907.4 |
|
|
|
969.1 |
|
|
|
(61.7 |
) |
|
|
(6.4 |
) |
Gross profit |
|
|
1,041.4 |
|
|
|
(17.5 |
) |
|
|
1,023.9 |
|
|
|
909.7 |
|
|
|
114.2 |
|
|
|
12.6 |
|
Operating expenses |
|
|
911.1 |
|
|
|
(10.1 |
) |
|
|
901.0 |
|
|
|
823.0 |
|
|
|
78.0 |
|
|
|
9.5 |
|
Earnings from operations |
|
|
130.3 |
|
|
|
(7.4 |
) |
|
|
122.9 |
|
|
|
86.6 |
|
|
|
36.3 |
|
|
|
41.8 |
|
Other income (expense) |
|
|
10.4 |
|
|
|
(6.9 |
) |
|
|
3.5 |
|
|
|
15.8 |
|
|
|
(12.3 |
) |
|
|
(77.8 |
) |
Income tax expense (benefit) |
|
|
28.6 |
|
|
|
(1.9 |
) |
|
|
26.7 |
|
|
|
9.9 |
|
|
|
16.8 |
|
|
|
171.0 |
|
Less: Noncontrolling interests |
|
|
24.9 |
|
|
|
(0.2 |
) |
|
|
24.7 |
|
|
|
17.0 |
|
|
|
7.7 |
|
|
|
45.7 |
|
Net earnings attributable to |
|
$ |
87.2 |
|
|
$ |
(12.2 |
) |
|
$ |
75.0 |
|
|
$ |
75.5 |
|
|
|
(0.5 |
) |
|
|
(0.6 |
) |
Diluted earnings per share |
|
$ |
0.56 |
|
|
$ |
(0.08 |
) |
|
$ |
0.48 |
|
|
$ |
0.48 |
|
|
|
- |
|
|
|
- |
|
|
|
Year Ended |
||||||||||||||||||||||
|
|
2023 |
|
|
2022 |
|
Change |
|||||||||||||||||
(in millions, except per share data) |
|
Reported
|
|
|
Constant
|
|
Adjusted for
|
|
|
Reported
|
|
$ |
|
% |
||||||||||
Sales |
|
$ |
8,000.3 |
|
|
$ |
32.6 |
|
|
$ |
8,032.9 |
|
|
$ |
7,444.5 |
|
|
|
588.4 |
|
|
|
7.9 |
|
Cost of sales |
|
|
3,847.9 |
|
|
|
16.1 |
|
|
|
3,864.0 |
|
|
|
3,929.1 |
|
|
|
(65.1 |
) |
|
|
(1.7 |
) |
Gross profit |
|
|
4,152.4 |
|
|
|
16.5 |
|
|
|
4,168.9 |
|
|
|
3,515.4 |
|
|
|
653.5 |
|
|
|
18.6 |
|
Operating expenses |
|
|
3,367.6 |
|
|
|
13.5 |
|
|
|
3,381.1 |
|
|
|
2,968.7 |
|
|
|
412.4 |
|
|
|
13.9 |
|
Earnings from operations |
|
|
784.8 |
|
|
|
3.0 |
|
|
|
787.8 |
|
|
|
546.7 |
|
|
|
241.1 |
|
|
|
44.1 |
|
Other income (expense) |
|
|
16.0 |
|
|
|
(15.6 |
) |
|
|
0.4 |
|
|
|
(24.5 |
) |
|
|
24.9 |
|
|
n/m |
|
|
Income tax expense |
|
|
150.9 |
|
|
|
0.6 |
|
|
|
151.5 |
|
|
|
93.1 |
|
|
|
58.4 |
|
|
|
62.7 |
|
Less: Noncontrolling interests |
|
|
104.1 |
|
|
|
2.3 |
|
|
|
106.4 |
|
|
|
56.1 |
|
|
|
50.3 |
|
|
|
89.5 |
|
Net earnings attributable to |
|
$ |
545.8 |
|
|
$ |
(15.5 |
) |
|
$ |
530.3 |
|
|
$ |
373.0 |
|
|
|
157.3 |
|
|
|
42.2 |
|
Diluted earnings per share |
|
$ |
3.49 |
|
|
$ |
(0.10 |
) |
|
$ |
3.39 |
|
|
$ |
2.38 |
|
|
|
1.01 |
|
|
|
42.4 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201843765/en/
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