Skechers Announces Second Quarter 2024 Financial Results and Board Authorized $1 Billion Share Repurchase Program
Second Quarter Highlights
-
Record second quarter sales of
$2.16 billion , a 7.2% increase, and constant currency sales of$2.19 billion , an 8.7% increase - Direct-to-Consumer sales grew 9.2%
- Wholesale sales grew 5.5%
-
Diluted earnings per share of
$0.91 -
New
$1 billion share repurchase program
“Skechers achieved a new second quarter sales record of
“This quarter marked the 25th anniversary of our initial public offering. As we celebrated this event, we also achieved record second quarter sales and further solidified our position as the third largest athletic footwear company in the world by continuing to deliver comfortable, and innovative footwear worldwide,” began
Second Quarter 2024 Financial Results |
||||||||||||||||
|
|
Three Months Ended |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
Gross profit |
|
|
1,184.4 |
|
|
|
1,060.5 |
|
|
|
123.9 |
|
|
|
11.7 |
|
Gross margin |
|
|
54.9 |
% |
|
|
52.7 |
% |
|
|
|
|
220 bps |
|
||
Operating expenses |
|
|
977.9 |
|
|
|
842.8 |
|
|
|
135.1 |
|
|
|
16.0 |
|
As a % of sales |
|
|
45.3 |
% |
|
|
41.9 |
% |
|
|
|
|
340 bps |
|
||
Earnings from operations |
|
|
206.5 |
|
|
|
217.7 |
|
|
|
(11.2 |
) |
|
|
(5.1 |
) |
Operating margin |
|
|
9.6 |
% |
|
|
10.8 |
% |
|
|
|
|
|
(120) bps |
|
|
Net earnings attributable to |
|
|
140.3 |
|
|
|
152.8 |
|
|
|
(12.5 |
) |
|
|
(8.2 |
) |
Diluted earnings per share |
|
$ |
0.91 |
|
|
$ |
0.98 |
|
|
|
(0.07 |
) |
|
|
(7.1 |
) |
Second quarter sales increased 7.2% as a result of a 6.9% increase internationally and a 7.7% increase domestically. Direct-to-Consumer increased 9.2% and Wholesale increased 5.5%. On a constant currency basis, sales increased 8.7%.
Wholesale sales grew
Direct-to-Consumer sales grew
Gross margin was 54.9%, an increase of 220 basis points, primarily due to lower costs per unit, driven by lower freight and favorable mix of Direct-to-Consumer volumes.
Operating expenses increased
Earnings from operations decreased
Net earnings were
In the second quarter, the Company’s effective income tax rate was 19.7%.
“In the face of significant operational and foreign exchange headwinds, Skechers delivered meaningful sales growth during the quarter, demonstrating the strength of our brand as the comfort technology leader,” stated
Six Months 2024 Financial Results |
||||||||||||||||
|
|
Six Months Ended |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
Gross profit |
|
|
2,366.1 |
|
|
|
2,039.1 |
|
|
|
327.0 |
|
|
|
16.0 |
|
Gross margin |
|
|
53.7 |
% |
|
|
50.8 |
% |
|
|
|
|
290 bps |
|
||
Operating expenses |
|
|
1,860.7 |
|
|
|
1,597.8 |
|
|
|
262.9 |
|
|
|
16.5 |
|
As a % of sales |
|
|
42.2 |
% |
|
|
39.8 |
% |
|
|
|
|
240 bps |
|
||
Earnings from operations |
|
|
505.3 |
|
|
|
441.3 |
|
|
|
64.0 |
|
|
|
14.5 |
|
Operating margin |
|
|
11.5 |
% |
|
|
11.0 |
% |
|
|
|
|
50 bps |
|
||
Net earnings attributable to |
|
|
346.9 |
|
|
|
313.2 |
|
|
|
33.7 |
|
|
|
10.8 |
|
Diluted earnings per share |
|
$ |
2.24 |
|
|
$ |
2.00 |
|
|
|
0.24 |
|
|
|
12.0 |
|
Year-to-date sales increased 9.8%, reflecting an 11.1% increase in international sales and a 7.8% increase domestically. Direct-to-Consumer increased 12.7% and Wholesale increased 7.9%. On a constant currency basis, sales increased 11.0%.
Wholesale sales increased
Direct-to-Consumer sales grew
Gross margin was 53.7%, an increase of 290 basis points, due to lower costs per unit, driven by lower freight.
Operating expenses increased
Earnings from operations increased
Net earnings were
The Company’s effective income tax rate was 19.3%.
Balance Sheet
Cash, cash equivalents and investments totaled
Inventory was
Share Repurchase
During the second quarter, the Company repurchased 0.9 million shares of its Class A common stock at a cost of
On
Outlook
For the third quarter of 2024, the Company believes it will achieve sales between
Store Count |
||||||||||||||||
|
|
Number of Stores |
|
|||||||||||||
|
|
|
|
|
Opened |
|
|
Closed |
|
|
|
|
||||
Domestic stores |
|
|
563 |
|
|
|
25 |
|
|
|
(12 |
) |
|
|
576 |
|
International stores |
|
|
1,085 |
|
|
|
98 |
|
|
|
(57 |
) |
|
|
1,126 |
|
Distributor, licensee and franchise stores |
|
|
3,520 |
|
|
|
194 |
|
|
|
(149 |
) |
|
|
3,565 |
|
Total Skechers stores |
|
|
5,168 |
|
|
|
317 |
|
|
|
(218 |
) |
|
|
5,267 |
|
Second Quarter 2024 Conference Call
The Company will host a conference call at
About
Skechers,
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` 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 |
|
$ |
1,280,430 |
|
|
$ |
1,189,910 |
|
Short-term investments |
|
|
130,111 |
|
|
|
72,595 |
|
Trade accounts receivable, net |
|
|
1,027,231 |
|
|
|
860,300 |
|
Other receivables |
|
|
77,921 |
|
|
|
82,253 |
|
Inventory |
|
|
1,514,512 |
|
|
|
1,525,409 |
|
Prepaid expenses and other |
|
|
223,819 |
|
|
|
222,137 |
|
Total current assets |
|
|
4,254,024 |
|
|
|
3,952,604 |
|
Property, plant and equipment, net |
|
|
1,587,433 |
|
|
|
1,506,690 |
|
Operating lease right-of-use assets |
|
|
1,327,795 |
|
|
|
1,276,171 |
|
Deferred tax assets |
|
|
435,404 |
|
|
|
450,574 |
|
Long-term investments |
|
|
137,379 |
|
|
|
123,996 |
|
|
|
|
101,230 |
|
|
|
101,230 |
|
Other assets, net |
|
|
131,686 |
|
|
|
136,086 |
|
Total non-current assets |
|
|
3,720,927 |
|
|
|
3,594,747 |
|
TOTAL ASSETS |
|
$ |
7,974,951 |
|
|
$ |
7,547,351 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
|
|||||||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
1,176,668 |
|
|
$ |
1,008,001 |
|
Accrued expenses |
|
|
305,144 |
|
|
|
320,105 |
|
Operating lease liabilities |
|
|
286,535 |
|
|
|
274,296 |
|
Current installments of long-term borrowings |
|
|
292,891 |
|
|
|
46,571 |
|
Short-term borrowings |
|
|
— |
|
|
|
11,894 |
|
Total current liabilities |
|
|
2,061,238 |
|
|
|
1,660,867 |
|
Long-term operating lease liabilities |
|
|
1,145,090 |
|
|
|
1,108,110 |
|
Long-term borrowings |
|
|
45,702 |
|
|
|
242,944 |
|
Deferred tax liabilities |
|
|
11,666 |
|
|
|
12,594 |
|
Other long-term liabilities |
|
|
104,107 |
|
|
|
122,794 |
|
Total non-current liabilities |
|
|
1,306,565 |
|
|
|
1,486,442 |
|
Total liabilities |
|
|
3,367,803 |
|
|
|
3,147,309 |
|
Redeemable noncontrolling interest |
|
|
93,576 |
|
|
|
89,832 |
|
Stockholders’ equity |
|
|
|
|
|
|
||
Preferred Stock |
|
|
— |
|
|
|
— |
|
Class A Common Stock |
|
|
132 |
|
|
|
133 |
|
Class B Common Stock |
|
|
20 |
|
|
|
20 |
|
Additional paid-in capital |
|
|
178,148 |
|
|
|
295,847 |
|
Accumulated other comprehensive loss |
|
|
(100,670 |
) |
|
|
(73,388 |
) |
Retained earnings |
|
|
4,143,654 |
|
|
|
3,796,730 |
|
|
|
|
4,221,284 |
|
|
|
4,019,342 |
|
Noncontrolling interests |
|
|
292,288 |
|
|
|
290,868 |
|
Total stockholders' equity |
|
|
4,513,572 |
|
|
|
4,310,210 |
|
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
|
$ |
7,974,951 |
|
|
$ |
7,547,351 |
|
Condensed Consolidated Statements of Earnings (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
|
Six Months Ended |
|
|||||||||||
(in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Sales |
|
$ |
2,157,643 |
|
|
$ |
2,012,516 |
|
|
$ |
4,409,230 |
|
|
$ |
4,014,444 |
|
Cost of sales |
|
|
973,206 |
|
|
|
951,992 |
|
|
|
2,043,159 |
|
|
|
1,975,341 |
|
Gross profit |
|
|
1,184,437 |
|
|
|
1,060,524 |
|
|
|
2,366,071 |
|
|
|
2,039,103 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling |
|
|
235,870 |
|
|
|
187,118 |
|
|
|
392,371 |
|
|
|
315,678 |
|
General and administrative |
|
|
742,036 |
|
|
|
655,673 |
|
|
|
1,468,371 |
|
|
|
1,282,115 |
|
Total operating expenses |
|
|
977,906 |
|
|
|
842,791 |
|
|
|
1,860,742 |
|
|
|
1,597,793 |
|
Earnings from operations |
|
|
206,531 |
|
|
|
217,733 |
|
|
|
505,329 |
|
|
|
441,310 |
|
Other (expense) income |
|
|
(1,652 |
) |
|
|
2,792 |
|
|
|
(3,702 |
) |
|
|
12,715 |
|
Earnings before income taxes |
|
|
204,879 |
|
|
|
220,525 |
|
|
|
501,627 |
|
|
|
454,025 |
|
Income tax expense |
|
|
40,355 |
|
|
|
38,942 |
|
|
|
96,725 |
|
|
|
82,158 |
|
Net earnings |
|
|
164,524 |
|
|
|
181,583 |
|
|
|
404,902 |
|
|
|
371,867 |
|
Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest |
|
|
24,222 |
|
|
|
28,824 |
|
|
|
57,978 |
|
|
|
58,665 |
|
Net earnings attributable to |
|
$ |
140,302 |
|
|
$ |
152,759 |
|
|
$ |
346,924 |
|
|
$ |
313,202 |
|
Net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.92 |
|
|
$ |
0.99 |
|
|
$ |
2.27 |
|
|
$ |
2.02 |
|
Diluted |
|
$ |
0.91 |
|
|
$ |
0.98 |
|
|
$ |
2.24 |
|
|
$ |
2.00 |
|
Weighted-average shares used in calculating net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
152,503 |
|
|
|
154,970 |
|
|
|
152,707 |
|
|
|
155,055 |
|
Diluted |
|
|
154,176 |
|
|
|
156,571 |
|
|
|
154,640 |
|
|
|
156,654 |
|
Supplemental Financial Information (Unaudited) |
||||||||||||||||
Segment Information |
||||||||||||||||
|
Three Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
1,132.1 |
|
|
$ |
1,073.0 |
|
|
|
59.1 |
|
|
|
5.5 |
|
Gross profit |
|
|
496.9 |
|
|
|
431.5 |
|
|
|
65.4 |
|
|
|
15.2 |
|
Gross margin |
|
|
43.9 |
% |
|
|
40.2 |
% |
|
|
|
|
370 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
1,025.5 |
|
|
$ |
939.5 |
|
|
|
86.0 |
|
|
|
9.2 |
|
Gross profit |
|
|
687.5 |
|
|
|
629.0 |
|
|
|
58.5 |
|
|
|
9.3 |
|
Gross margin |
|
|
67.0 |
% |
|
|
66.9 |
% |
|
|
|
|
10 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
Gross profit |
|
|
1,184.4 |
|
|
|
1,060.5 |
|
|
|
123.9 |
|
|
|
11.7 |
|
Gross margin |
|
|
54.9 |
% |
|
|
52.7 |
% |
|
|
|
|
220 bps |
|
|
Six Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
2,553.8 |
|
|
$ |
2,367.6 |
|
|
|
186.2 |
|
|
|
7.9 |
|
Gross profit |
|
|
1,133.1 |
|
|
|
943.5 |
|
|
|
189.6 |
|
|
|
20.1 |
|
Gross margin |
|
|
44.4 |
% |
|
|
39.9 |
% |
|
|
|
|
450 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
1,855.4 |
|
|
$ |
1,646.8 |
|
|
|
208.6 |
|
|
|
12.7 |
|
Gross profit |
|
|
1,233.0 |
|
|
|
1,095.6 |
|
|
|
137.4 |
|
|
|
12.6 |
|
Gross margin |
|
|
66.5 |
% |
|
|
66.5 |
% |
|
|
|
|
(10) bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
Gross profit |
|
|
2,366.1 |
|
|
|
2,039.1 |
|
|
|
327.0 |
|
|
|
16.0 |
|
Gross margin |
|
|
53.7 |
% |
|
|
50.8 |
% |
|
|
|
|
290 bps |
|
Additional Sales Information |
||||||||||||||||
|
Three Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
446.9 |
|
|
$ |
390.8 |
|
|
|
56.1 |
|
|
|
14.4 |
|
Direct-to-Consumer |
|
|
416.9 |
|
|
|
411.1 |
|
|
|
5.8 |
|
|
|
1.4 |
|
Total domestic sales |
|
|
863.8 |
|
|
|
801.9 |
|
|
|
61.9 |
|
|
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
685.2 |
|
|
|
682.2 |
|
|
|
3.0 |
|
|
|
0.4 |
|
Direct-to-Consumer |
|
|
608.6 |
|
|
|
528.4 |
|
|
|
80.2 |
|
|
|
15.2 |
|
Total international sales |
|
|
1,293.8 |
|
|
|
1,210.6 |
|
|
|
83.2 |
|
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,100.9 |
|
|
$ |
1,027.0 |
|
|
|
73.9 |
|
|
|
7.2 |
|
|
|
|
492.5 |
|
|
|
433.3 |
|
|
|
59.2 |
|
|
|
13.7 |
|
|
|
|
564.2 |
|
|
|
552.2 |
|
|
|
12.0 |
|
|
|
2.2 |
|
Total sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
312.7 |
|
|
$ |
302.4 |
|
|
|
10.3 |
|
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
112.8 |
|
|
$ |
99.8 |
|
|
|
13.0 |
|
|
|
13.0 |
|
|
Six Months Ended |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
922.9 |
|
|
$ |
832.7 |
|
|
|
90.2 |
|
|
|
10.8 |
|
Direct-to-Consumer |
|
|
739.7 |
|
|
|
710.0 |
|
|
|
29.7 |
|
|
|
4.2 |
|
Total domestic sales |
|
|
1,662.6 |
|
|
|
1,542.7 |
|
|
|
119.9 |
|
|
|
7.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
1,630.9 |
|
|
|
1,534.9 |
|
|
|
96.0 |
|
|
|
6.3 |
|
Direct-to-Consumer |
|
|
1,115.7 |
|
|
|
936.8 |
|
|
|
178.9 |
|
|
|
19.1 |
|
Total international sales |
|
|
2,746.6 |
|
|
|
2,471.7 |
|
|
|
274.9 |
|
|
|
11.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
2,120.4 |
|
|
$ |
1,972.9 |
|
|
147.5 |
|
|
|
7.5 |
|
|
|
|
|
1,120.2 |
|
|
|
967.8 |
|
|
|
152.4 |
|
|
|
15.7 |
|
|
|
|
1,168.6 |
|
|
|
1,073.7 |
|
|
|
94.9 |
|
|
|
8.8 |
|
Total sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
632.3 |
|
|
$ |
584.4 |
|
|
|
47.9 |
|
|
|
8.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
238.7 |
|
|
$ |
203.8 |
|
|
|
34.9 |
|
|
|
17.2 |
|
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 |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non-GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
2,157.6 |
|
|
$ |
29.3 |
|
|
$ |
2,186.9 |
|
|
$ |
2,012.5 |
|
|
|
174.4 |
|
|
|
8.7 |
|
Cost of sales |
|
|
973.2 |
|
|
|
11.3 |
|
|
|
984.5 |
|
|
|
952.0 |
|
|
|
32.5 |
|
|
|
3.4 |
|
Gross profit |
|
|
1,184.4 |
|
|
|
18.0 |
|
|
|
1,202.4 |
|
|
|
1,060.5 |
|
|
|
141.9 |
|
|
|
13.4 |
|
Operating expenses |
|
|
977.9 |
|
|
|
12.8 |
|
|
|
990.7 |
|
|
|
842.8 |
|
|
|
147.9 |
|
|
|
17.5 |
|
Earnings from operations |
|
|
206.5 |
|
|
|
5.2 |
|
|
|
211.7 |
|
|
|
217.7 |
|
|
|
(6.0 |
) |
|
|
(2.8 |
) |
Other (expense) income |
|
|
(1.6 |
) |
|
|
6.0 |
|
|
|
4.4 |
|
|
|
2.8 |
|
|
|
1.6 |
|
|
|
57.1 |
|
Income tax expense |
|
|
40.4 |
|
|
|
0.7 |
|
|
|
41.1 |
|
|
|
38.9 |
|
|
|
2.2 |
|
|
|
5.6 |
|
Less: Noncontrolling interests and redeemable noncontrolling interest |
|
|
24.2 |
|
|
|
0.7 |
|
|
|
24.9 |
|
|
|
28.8 |
|
|
|
(3.9 |
) |
|
|
(13.7 |
) |
Net earnings attributable to |
|
$ |
140.3 |
|
|
$ |
9.8 |
|
|
$ |
150.1 |
|
|
$ |
152.8 |
|
|
|
(2.7 |
) |
|
|
(1.8 |
) |
Diluted earnings per share |
|
$ |
0.91 |
|
|
$ |
0.06 |
|
|
$ |
0.97 |
|
|
$ |
0.98 |
|
|
|
(0.01 |
) |
|
|
(1.0 |
) |
|
|
Six Months Ended |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non-GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
4,409.2 |
|
|
$ |
47.6 |
|
|
$ |
4,456.8 |
|
|
$ |
4,014.4 |
|
|
|
442.4 |
|
|
|
11.0 |
|
Cost of sales |
|
|
2,043.1 |
|
|
|
18.4 |
|
|
|
2,061.5 |
|
|
|
1,975.3 |
|
|
|
86.2 |
|
|
|
4.4 |
|
Gross profit |
|
|
2,366.1 |
|
|
|
29.2 |
|
|
|
2,395.3 |
|
|
|
2,039.1 |
|
|
|
356.2 |
|
|
|
17.5 |
|
Operating expenses |
|
|
1,860.7 |
|
|
|
21.5 |
|
|
|
1,882.2 |
|
|
|
1,597.8 |
|
|
|
284.4 |
|
|
|
17.8 |
|
Earnings from operations |
|
|
505.3 |
|
|
|
7.8 |
|
|
|
513.1 |
|
|
|
441.3 |
|
|
|
71.8 |
|
|
|
16.3 |
|
Other (expense) income |
|
|
(3.7 |
) |
|
|
10.4 |
|
|
|
6.7 |
|
|
|
12.8 |
|
|
|
(6.1 |
) |
|
|
(47.7 |
) |
Income tax expense |
|
|
96.7 |
|
|
|
1.4 |
|
|
|
98.1 |
|
|
|
82.2 |
|
|
|
15.9 |
|
|
|
19.4 |
|
Less: Noncontrolling interests and redeemable noncontrolling interest |
|
|
58.0 |
|
|
|
1.7 |
|
|
|
59.7 |
|
|
|
58.7 |
|
|
|
1.0 |
|
|
|
1.7 |
|
Net earnings attributable to |
|
$ |
346.9 |
|
|
$ |
15.1 |
|
|
$ |
362.0 |
|
|
$ |
313.2 |
|
|
|
48.8 |
|
|
|
15.6 |
|
Diluted earnings per share |
|
$ |
2.24 |
|
|
$ |
0.10 |
|
|
$ |
2.34 |
|
|
$ |
2.00 |
|
|
|
0.34 |
|
|
|
17.0 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725009968/en/
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