by Zach | Nov 1, 2023 | Press Release
The 15th Skechers Pier to Pier Friendship Walk raised more than $3 million for children with varying abilities and education. On stage (L to R): Friendship Foundation member Yousef Hassan; Mr. T; Brooke Burke; Skechers Walk Founder Michael Greenberg; Amanda Kloots; CEO of Kinecta Keith Sultemeier; Robin Curren, Executive Director of the Skechers Foundation; and Yossi Mintz, Founder of the Friendship Foundation. (Photo: Ian Logan Photography)
Skechers Walk Founder Michael Greenberg joins longtime Friendship Foundation member Jacob Dominguez at the 2023 Skechers Pier to Pier Friendship Walk in Manhattan Beach, CA. (Photo: Ian Logan Photography)
Nov 1, 2023 • 12:00 pm EDT
Presented by Kinecta Federal Credit Union, the Annual Event Broke Records and Will Help Thousands of Children with Diverse Needs, Public Education and Scholarships
LOS ANGELES–(BUSINESS WIRE)– The Skechers Pier to Pier Friendship Walk celebrated its 15th anniversary event with more than $3 million raised for children with special needs, public education, and national scholarships—totaling over $24 million in donations since its inception in 2009. Thousands of registrants contributed to these causes at the milestone event, which was supported by Presenting Sponsor Kinecta Federal Credit Union and over 100 generous businesses and donors, and featured Brooke Burke, Mr. T and Amanda Kloots along with performances from Young Selena singer and America’s Got Talent golden buzzer winner Madison Taylor Baez, Team Siwa’s pop group XOMG POP! and teen group FuturePop.
The 15th Skechers Pier to Pier Friendship Walk raised more than $3 million for children with varying abilities and education. On stage (L to R): Friendship Foundation member Yousef Hassan; Mr. T; Brooke Burke; Skechers Walk Founder Michael Greenberg; Amanda Kloots; CEO of Kinecta Keith Sultemeier; Robin Curren, Executive Director of the Skechers Foundation; and Yossi Mintz, Founder of the Friendship Foundation. (Photo: Ian Logan Photography)
“I am very fortunate to have a platform to do good, and to be part of an organization at Skechers and the community of the South Bay that believes in giving back. It’s been my greatest joy to make a difference through philanthropy, especially the Skechers Pier to Pier Friendship Walk,” said Michael Greenberg, founder of the Walk. “For over 15 years, I’ve seen thousands of our children form friendships, mature into young adults, realize their purpose, set out into the world—all the way knowing that we are here for them, behind them. The Walk has been such a beautiful and moving day to be part of, year after year—from seeing all the walkers to our generous celebrities and volunteers to incredible organizations like Kinecta and companies with so much heart—all here to uplift our kids. I’m deeply grateful for this experience—I know we’re helping future generations, and I encourage every community to do the same. I always say, ‘give until it hurts.’ But really, seeing the smiles on the kids’ faces, it just feels good.”
“This walk is about the power of friendship, which is actually quite profound when you think about it,” added fitness encourager and television host Brooke Burke. “Friendship is the thread that connects every human. It inspires us to make the impossible possible. And it’s the constant I’ve seen over the 12 years I’ve supported this walk. From the parents, neighbors and kids to the engaged sponsors and performers, athletes and icons who have graced this stage, everyone is here to celebrate friendship year after year.”
“This is my first time here, and what a thrill it’s been,” added actor and icon Mr. T. “Every kid has room to grow—there are no ceilings to what any person can learn and achieve. And what an amazing, special day this community has made to help them on their way. The energy and enthusiasm at this event is incredible. This Walk’s going to keep celebrating for 15 more years and beyond—and I’m so happy to be part of this beautiful legacy of love for our kids.”
Historically California’s largest event for children with special needs and education, the 3.5-mile Skechers Pier to Pier Friendship Walk supports the future Friendship Campus (The Greenberg Family / Skechers Center)—a $55 million, 3.25-acre campus that will offer a life-changing community for friendship and learning. Planned for completion by year-end 2025, the facility will include numerous vocational programs including a Creative Arts Center, Culinary Institute, Recreation Center, Life Skills programming, and early education and mentoring opportunities, giving young adults the tools to transition to the workforce and find lifelong passion and purpose.
The Campus will also be home to the new headquarters for the Friendship Foundation, which offers companionship, celebrates uniqueness and encourages acceptance for all with diverse abilities. The organization offers over 60 in-person programs such as art, music, fitness, sign language, science, social emotional wellness and yoga, as well as pop-up programs like virtual scavenger hunts and talent shows that are free for anyone to attend locally and across the United States.
Academically, the Walk supports public school education foundations—reducing class sizes, updating labs, libraries and facilities and protecting teachers’ jobs. The Skechers Foundation’s national scholarship program also gives a portion of Walk proceeds to students with financial need and proven excellence in academics, athletics and leadership, donating more than $1.1 million in scholarships to date.
The Skechers Pier to Pier Friendship Walk thanks Presenting Sponsor Kinecta Federal Credit Union and all of its sponsors, including Nickelodeon, Rare Beauty, Schwartz Family Foundation, Steel Sports, United Legwear & Apparel Co., Big 5 Sporting Goods, Petco Love, TJX Companies, Chevron, Bank of America, Ross Stores, Barco, Dakine, Vertra, LA Kings, LA Dodgers, McCarthy, LA Angels, Continental Development, WSS, Turkish Airlines, Cushman & Wakefield and many more companies that are committed to supporting our children.
To watch this year’s Skechers Pier to Pier Friendship Walk and learn more about the event, please visit skechersfriendshipwalk.com or YouTube, and follow the Walk on Facebook, X and Instagram.
About Skechers Foundation
Established in 2010 to help children in need, the Skechers Foundation is dedicated to strengthening communities to ensure the health, success and well-being of youth worldwide. We invest in a global network of charitable organizations dedicated to embracing individuals with diverse abilities, improving education, empowering disadvantaged families and providing humanitarian, disaster and economic relief. By supporting millions through our products and services, we aspire to make a valiant effort in creating stronger, self-sufficient individuals for future generations.
About Skechers USA, Inc.
Skechers U.S.A., Inc. (NYSE:SKX), a Fortune 500® company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. Collections from The Comfort Technology Company™ are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,900 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
About Kinecta Federal Credit Union
Headquartered in Manhattan Beach, California, Kinecta Federal Credit Union is one of the country’s largest credit unions, with assets of $6.7 billion and more than 270,000 members from coast to coast. Banking the Southern California area for more than 80 years, with additional branches in New York, New Jersey, Northern California and Florida, Kinecta offers its members a full range of financial products from banking, lending and insurance to wealth management services. Kinecta has been recognized by the Mortgage Bankers Association as a recipient of its Diversity, Equity and Inclusion (DEI) Residential Leadership Award, and received the Best of Show award granted by the Credit Union National Association (CUNA) Technology Council. Residents of Rochester, NY, voted Kinecta as a finalist for Best Credit Union in the Democrat & Chronicle’s annual Rochester Choice Awards in 2022. Forbes awarded Kinecta as a top-ranked credit union in California on its America’s Best Credit Unions in Each State 2022 List. Kinecta has 29 branches, and its members can use a network of more than 5,800 shared branches and access over 85,000 fee-free ATMs nationwide. For more information on Kinecta, visit the website and LinkedIn.
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 the United States, and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS USA
[email protected]
(310) 937-1326
by Zach | Oct 26, 2023 | Press Release
Oct 26, 2023 • 4:05 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology Company™ and a global footwear leader, today announced financial results for the third quarter ended September 30, 2023.
Third Quarter Highlights
“Skechers’ achieved a new quarterly sales record of $2.02 billion, reflecting robust demand for our brand,” said David Weinberg, Chief Operating Officer of Skechers. “All regions grew, including the Americas, with growth of 7% in the United States due to continued strength in our Direct-to-Consumer channel, and Asia Pacific with growth of 18% in China. In addition, our inventory levels are down significantly, and our gross margin was strong at 52.9% reflecting favorable pricing, a higher mix of Direct-to-Consumer sales and lower unit costs. As we continue to focus on growing our international business, enhancing our Direct-to-Consumer presence and expanding our product offering, we remain confident in the strength of our brand and executing Skechers’ long-term growth strategy.”
“Our record third quarter sales were the result of our continued innovation and determination to deliver comfort, style and quality in every pair,” began Robert Greenberg, Chief Executive Officer of Skechers. “We introduced a collaboration with entertainment legend Snoop Dogg, and we launched Skechers Football boots with Harry Kane, one of the leading strikers in the world and captain of England’s national team. Both ambassadors and their products generated significant media and consumer attention for the brand. And, this week, we announced the signing of two-time NBA All-Star Julius Randle and rising star Terance Mann – both of whom are competing in our Skechers Basketball footwear this week. Leading professional athletes both on the pitch and on the court in Skechers Performance footwear are a testament to our ability to deliver comfort that performs at the highest levels of competition. Designing desirable footwear for fans of Snoop Dogg as well as our ambassador Martha Stewart demonstrates the diversity of style, offering and demographic of the Skechers brand and our customers. We believe our constant innovation to meet the needs of consumers from all walks of life—including professional athletes, and our impactful marketing will drive our success for years to come.”
Third Quarter 2023 Financial Results
Three Months Ended September 30,
Change
(in millions, except per share data)
2023
2022
$
%
Sales
$
2,025.0
$
1,878.4
146.6
7.8
Gross profit
1,071.9
883.9
188.0
21.3
Gross margin
52.9
%
47.1
%
590 bps
Operating expenses
858.7
754.0
104.7
13.9
As a % of sales
42.4
%
40.1
%
230 bps
Earnings from operations
213.2
130.0
83.2
64.0
Operating margin
10.5
%
6.9
%
360 bps
Net earnings attributable to Skechers U.S.A., Inc.
145.4
85.9
59.5
69.3
Diluted earnings per share
$
0.93
$
0.55
0.38
69.1
Third quarter sales increased 7.8% as a result of an 8.6% increase internationally and a 6.5% increase domestically. Direct-to-Consumer increased 23.8% and Wholesale decreased 1.4%. On a constant currency basis, sales increased 6.7%.
Wholesale sales declined $17.0 million, or 1.4%, which includes decreases in EMEA of 8.3% and AMER of 0.5%, partially offset by an increase in APAC of 7.1%. Wholesale volume decreased 10.8% and average selling price increased 10.3%.
Direct-to-Consumer sales grew $163.6 million, or 23.8%, which includes increases in AMER of 17.3%, APAC of 24.2% and EMEA of 60.8%. Direct-to-Consumer volume increased 18.8% and average selling price increased 4.3%.
Gross margin was 52.9%, an increase of 590 basis points, primarily due to higher average selling prices, a higher proportion of Direct-to-Consumer sales, and lower freight costs.
Operating expenses increased $104.7 million, or 13.9%, and as a percentage of sales increased 230 basis points to 42.4%. Selling expenses increased $27.4 million, or 18.2%, and as a percentage of sales increased 80 basis points to 8.8%. The increase was due to higher brand demand creation expenditures. General and administrative expenses increased $77.3 million, or 12.8%, and as a percentage of sales increased 150 basis points to 33.6%. Increased expenses were primarily driven by increased facility costs, including rent and depreciation, and labor.
Earnings from operations increased $83.2 million, or 64.0%, to $213.2 million, resulting in an operating margin of 10.5%.
Net earnings were $145.4 million and diluted earnings per share were $0.93 compared with prior year net earnings of $85.9 million and diluted earnings per share of $0.55.
In the third quarter, the Company’s effective income tax rate was 19.5%.
“Skechers’ record quarterly sales and robust earnings growth demonstrate the sustained momentum of our brand. Coupled with a significant improvement in working capital, especially in our overall inventory levels, we remain confident in the strength of our brand and demand for our comfort technology products,” stated John Vandemore, Chief Financial Officer of Skechers. “As we continue to execute against our long-term growth strategy, we believe we remain well positioned to accomplish our objective of generating $10 billion in sales by 2026.”
Nine Months 2023 Financial Results
Nine Months Ended September 30,
Change
(in millions, except per share data)
2023
2022
$
%
Sales
$
6,039.4
$
5,565.8
473.6
8.5
Gross profit
3,111.0
2,605.7
505.3
19.4
Gross margin
51.5
%
46.8
%
470 bps
Operating expenses
2,456.5
2,145.6
310.9
14.5
As a % of sales
40.7
%
38.6
%
210 bps
Earnings from operations
654.5
460.0
194.5
42.3
Operating margin
10.8
%
8.3
%
260 bps
Net earnings attributable to Skechers U.S.A., Inc.
458.6
297.5
161.1
54.2
Diluted earnings per share
$
2.93
$
1.90
1.03
54.2
Year-to-date sales increased 8.5%, reflecting a 15.6% increase in international sales and a 1.1% decrease domestically. Direct-to-Consumer increased 26.0% and Wholesale decreased 1.1%. On a constant currency basis, sales increased 9.6%.
Wholesale sales decreased $41.0 million, or 1.1%, due to a decrease in AMER of 11.4%, partially offset by increases in APAC of 14.5% and EMEA of 6.2%. Wholesale volume decreased 8.5% and average selling price increased 7.8%.
Direct-to-Consumer sales grew $514.6 million, or 26.0%, due to increases in AMER of 24.2%, APAC of 22.4%, and EMEA of 47.8%. Direct-to-Consumer volume increased 22.9% and average selling price increased 2.5%.
Gross margin was 51.5%, 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 $310.9 million or 14.5%. As a percentage of sales, operating expenses increased 210 basis points to 40.7%. Selling expenses increased $68.3 million or 16.0%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $242.6 million or 14.1%, primarily driven by labor, increased facility costs, including rent and depreciation, and warehouse and distribution expenses.
Earnings from operations increased $194.5 million to $654.5 million, resulting in an operating margin of 10.8%.
Net earnings were $458.6 million and diluted earnings per share were $2.93, an increase of 54.2% over the prior year.
The Company’s effective income tax rate was 18.5%.
Balance Sheet
Cash, cash equivalents and investments totaled $1.27 billion, an increase of $484.6 million, or 61.5% from December 31, 2022, primarily due to increased earnings and favorable changes in working capital, primarily inventory improvements as we worked through capacity challenges and processing constraints at our distribution centers. Increases were partially offset by capital expenditures of $238.7 million, $100.0 million of share repurchases year-to-date and payments of $70.4 million, net of cash acquired, related to the acquisition of our Scandinavian distributor.
Inventory was $1.38 billion, a decrease of $436.0 million or 24.0% from December 31, 2022.
Share Repurchase
During the third quarter, the Company repurchased approximately 805,486 shares of its Class A common stock at a cost of $40.0 million. Year-to-date 2023, the Company has repurchased nearly 2.1 million shares of its Class A common stock at a cost of $100.0 million. At September 30, 2023, approximately $325.7 million remained available under the Company’s share repurchase program.
Outlook
For the fourth quarter of 2023, the Company believes it will achieve sales between $1.91 billion and $2.01 billion and diluted earnings per share of between $0.40 and $0.50. Further, the Company believes that for the full year 2023, it will achieve sales between $7.95 billion and $8.05 billion and diluted earnings per share of between $3.33 and $3.43.
Store Count
Number of Stores
December 31, 2022
Opened (1)
Closed (1)
September 30, 2023
Domestic stores
539
26
(11
)
554
International stores
905
210
(76
)
1,039
Distributor, licensee and franchise stores
3,093
637
(331
)
3,399
Total Skechers stores
4,537
873
(418
)
4,992
(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.
Third Quarter 2023 Conference Call
The Company will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its third quarter 2023 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning October 26, 2023, at 7:30 p.m. ET, through November 9, 2023, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13741251.
About Skechers U.S.A., Inc.
Skechers U.S.A., Inc., a Fortune 500® company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. Collections from The Comfort Technology Company™ are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through digital stores, and approximately 5,000 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter and TikTok.
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 the United States and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
As of
As of
(in thousands)
September 30, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
$
1,100,401
$
615,733
Short-term investments
64,065
102,166
Trade accounts receivable, net
929,368
848,287
Other receivables
65,323
86,036
Inventory
1,382,027
1,818,016
Prepaid expenses and other
226,565
176,035
Total current assets
3,767,749
3,646,273
Property, plant and equipment, net
1,466,145
1,345,370
Operating lease right-of-use assets
1,212,113
1,200,565
Deferred tax assets
442,875
454,190
Long-term investments
108,517
70,498
Goodwill
101,230
93,497
Other assets, net
140,635
83,094
Total non-current assets
3,471,515
3,247,214
TOTAL ASSETS
$
7,239,264
$
6,893,487
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
820,789
$
957,384
Accrued expenses
296,313
294,143
Operating lease liabilities
264,556
238,694
Current installments of long-term borrowings
76,695
103,184
Short-term borrowings
35,178
19,635
Total current liabilities
1,493,531
1,613,040
Long-term operating lease liabilities
1,047,896
1,063,672
Long-term borrowings
239,590
216,488
Deferred tax liabilities
20,203
8,656
Other long-term liabilities
133,781
120,045
Total non-current liabilities
1,441,470
1,408,861
Total liabilities
2,935,001
3,021,901
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
134
134
Class B Common Stock
20
21
Additional paid-in capital
340,476
403,799
Accumulated other comprehensive loss
(98,044
)
(84,897
)
Retained earnings
3,709,548
3,250,931
Skechers U.S.A., Inc. equity
3,952,134
3,569,988
Noncontrolling interests
352,129
301,598
Total stockholders’ equity
4,304,263
3,871,586
TOTAL LIABILITIES AND EQUITY
$
7,239,264
$
6,893,487
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands, except per share data)
2023
2022
2023
2022
Sales
$
2,024,958
$
1,878,367
$
6,039,402
$
5,565,765
Cost of sales
953,040
994,432
2,928,381
2,960,088
Gross profit
1,071,918
883,935
3,111,021
2,605,677
Operating expenses
Selling
178,286
150,857
493,964
425,675
General and administrative
680,449
603,107
1,962,564
1,719,969
Total operating expenses
858,735
753,964
2,456,528
2,145,644
Earnings from operations
213,183
129,971
654,493
460,033
Other income (expense)
(7,055
)
(15,139
)
5,660
(40,144
)
Earnings before income taxes
206,128
114,832
660,153
419,889
Income tax expense
40,202
20,498
122,360
83,229
Net earnings
165,926
94,334
537,793
336,660
Less: Net earnings attributable to noncontrolling interests
20,511
8,448
79,176
39,147
Net earnings attributable to Skechers U.S.A., Inc.
$
145,415
$
85,886
$
458,617
$
297,513
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.94
$
0.55
$
2.96
$
1.91
Diluted
$
0.93
$
0.55
$
2.93
$
1.90
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
154,525
155,420
154,876
155,783
Diluted
156,200
156,233
156,496
156,714
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
Segment Information
Three Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Wholesale sales
$
1,174.6
$
1,191.6
(17.0
)
(1.4
)
Gross profit
510.0
424.6
85.4
20.1
Gross margin
43.4
%
35.6
%
780 bps
Direct-to-Consumer sales
$
850.4
$
686.8
163.6
23.8
Gross profit
561.9
459.3
102.6
22.3
Gross margin
66.1
%
66.9
%
(80) bps
Total sales
$
2,025.0
$
1,878.4
146.6
7.8
Gross profit
1,071.9
883.9
188.0
21.3
Gross margin
52.9
%
47.1
%
590 bps
Nine Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Wholesale sales
$
3,542.2
$
3,583.2
(41.0
)
(1.1
)
Gross profit
1,453.6
1,294.0
159.6
12.3
Gross margin
41.0
%
36.1
%
490 bps
Direct-to-Consumer sales
$
2,497.2
$
1,982.6
514.6
26.0
Gross profit
1,657.4
1,311.7
345.7
26.4
Gross margin
66.4
%
66.2
%
20 bps
Total sales
$
6,039.4
$
5,565.8
473.6
8.5
Gross profit
3,111.0
2,605.7
505.3
19.4
Gross margin
51.5
%
46.8
%
470 bps
Additional Sales Information
Three Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Geographic sales
Domestic
Wholesale
$
407.7
$
406.6
1.1
0.3
Direct-to-Consumer
386.9
339.2
47.7
14.1
Total domestic sales
794.6
745.8
48.8
6.5
International
Wholesale
766.9
785.0
(18.1
)
(2.3
)
Direct-to-Consumer
463.5
347.6
115.9
33.3
Total international sales
1,230.4
1,132.6
97.8
8.6
Total sales
$
2,025.0
$
1,878.4
146.6
7.8
Regional sales
Americas (AMER)
$
1,017.5
$
948.0
69.5
7.3
Europe, Middle East & Africa (EMEA)
480.4
469.8
10.6
2.3
Asia Pacific (APAC)
527.1
460.6
66.5
14.4
Total sales
$
2,025.0
$
1,878.4
146.6
7.8
China sales
$
267.6
$
226.7
40.9
18.0
Distributor sales
$
120.5
$
171.1
(50.6
)
(29.6
)
Nine Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Geographic sales
Domestic
Wholesale
$
1,240.4
$
1,466.2
(225.8
)
(15.4
)
Direct-to-Consumer
1,096.9
898.2
198.7
22.1
Total domestic sales
2,337.3
2,364.4
(27.1
)
(1.1
)
International
Wholesale
2,301.8
2,117.0
184.8
8.7
Direct-to-Consumer
1,400.3
1,084.4
315.9
29.1
Total international sales
3,702.1
3,201.4
500.7
15.6
Total sales
$
6,039.4
$
5,565.8
473.6
8.5
Regional sales
Americas (AMER)
$
2,990.4
$
2,928.8
61.6
2.1
Europe, Middle East & Africa (EMEA)
1,448.2
1,285.5
162.7
12.7
Asia Pacific (APAC)
1,600.8
1,351.5
249.3
18.4
Total sales
$
6,039.4
$
5,565.8
473.6
8.5
China sales
$
852.0
$
754.7
97.3
12.9
Distributor sales
$
324.2
$
396.5
(72.3
)
(18.2
)
SKECHERS U.S.A., INC. AND SUBSIDIARIES
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 September 30,
2023
2022
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
2,025.0
$
(21.7
)
$
2,003.3
$
1,878.4
124.9
6.7
Cost of sales
953.1
(15.9
)
937.2
994.5
(57.3
)
(5.8
)
Gross profit
1,071.9
(5.8
)
1,066.1
883.9
182.2
20.6
Operating expenses
858.7
(3.8
)
854.9
754.0
100.9
13.4
Earnings from operations
213.2
(2.0
)
211.2
130.0
81.2
62.5
Other income (expense)
(7.1
)
8.3
1.2
(15.2
)
16.4
n/m
Income tax expense (benefit)
40.2
(0.1
)
40.1
20.5
19.6
95.7
Less: Noncontrolling interests
20.5
(0.7
)
19.8
8.4
11.4
134.3
Net earnings
$
145.4
$
7.1
$
152.5
$
85.9
66.6
77.6
Diluted earnings per share
$
0.93
$
0.05
$
0.98
$
0.55
0.43
78.2
Nine Months Ended September 30,
2023
2022
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
6,039.4
$
62.2
$
6,101.6
$
5,565.8
535.8
9.6
Cost of sales
2,928.4
28.2
2,956.6
2,960.1
(3.5
)
(0.1
)
Gross profit
3,111.0
34.0
3,145.0
2,605.7
539.3
20.7
Operating expenses
2,456.5
23.6
2,480.1
2,145.6
334.5
15.6
Earnings from operations
654.5
10.4
664.9
460.0
204.9
44.5
Other income (expense)
5.7
(8.9
)
(3.2
)
(40.2
)
37.0
(92.0
)
Income tax expense
122.4
2.3
124.7
83.2
41.5
49.9
Less: Noncontrolling interests
79.2
2.5
81.7
39.1
42.6
108.6
Net earnings
$
458.6
$
(3.3
)
$
455.3
$
297.5
157.8
53.0
Diluted earnings per share
$
2.93
$
(0.02
)
$
2.91
$
1.90
1.01
53.2
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Oct 25, 2023 | Press Release
Julius Randle in Skechers Basketball: SKX FLOAT™. (Photo: Business Wire)
Terance Mann in Skechers Basketball: SKX Resagrip™. (Photo: Business Wire)
The new Skechers Basketball: SKX Resagrip™ and SKX FLOAT™ mid-top shoes launching the week of October 30. (Photo: Business Wire)
Oct 25, 2023 • 9:00 am EDT
Julius Randle and Terance Mann Start NBA Season Tonight Competing in Skechers Basketball Shoes
LOS ANGELES–(BUSINESS WIRE)– In time for the start of the NBA season, global award-winning brand Skechers hits the hardwood with its inaugural line of technical basketball shoes that offer elite performance and all-star quality for every level of athlete. The initial wave of Skechers Basketball shoes launching next week includes two distinct mid-top styles—SKX Resagrip™ and SKX FLOAT™—that fuse innovative technologies with the brand’s signature comfort.
Julius Randle in Skechers Basketball: SKX FLOAT™. (Photo: Business Wire)
Skechers has enlisted New York Knicks power forward Julius Randle and Los Angeles Clippers shooting guard Terance Mann as the first professional athletes to compete in Skechers Basketball shoes. Following weeks of practice and preseason games in the footwear, Randle and Mann signed on as Skechers Basketball ambassadors—agreeing to represent the performance footwear brand in campaigns after experiencing the most comfortable shoes on the court.
“Following our road map for success as a breakthrough brand in running, golf, pickleball, and global football, we’re leveraging the insight and feedback of pros like Julius Randle and Terance Mann to authenticate our position as a performance brand with the best basketball shoes on the court,” said Greg Smith, VP of Product Development and Merchandising for Skechers Performance. “We’re entering the sport with two players who represent a cross section of the NBA, from an all-star veteran in the Eastern Conference to a rising star right here in Los Angeles. Our roster illustrates that Skechers steps on the court with innovative features and designs for every type of athlete, whatever your style or wherever you play.”
“Along with our recent entry into the soccer business, Skechers now offers high-performance footwear for athletes competing in the two biggest sports on the planet,” added Michael Greenberg, president of Skechers. “This is the start of a long-term investment in basketball with more player partnerships, which is essential for our growth strategy and vision. We’re launching in the three largest stand-alone basketball markets—the U.S., China and the Philippines—with expansion to more regions expected in the future.”
The perfect hybrid of form and function, the SKX Resagrip™ is designed for players who move at top speed with next-level cushioning and responsiveness to accommodate quick and explosive movements. It features Goodyear® Resagrip Technology with a unique outsole configuration so you can play hard and focus on your game. For players in search of game-changing stability, the SKX FLOAT™ offers strategically-placed TPU to help lock the foot in place, while a lightweight Swirl Tech™ design provides flexibility for an exceptional court feel with a Goodyear® outsole for enhanced traction. Both styles include Skechers Hyper Burst® cushioning in the midsole plus a Hyper Burst Pro™ sockliner for added comfort.
“It’s an incredible experience working with Skechers. They’re new to the sport, so we have the opportunity to do exciting things outside the box in a positive and impactful way,” said Julius Randle. “Skechers is a great fit for me because I’m a competitive player and they have this same approach when it comes to their mission to make the best shoe on the court. This is the next stage in a journey for Skechers and for my career, so we’re trailblazing together with these amazing shoes. I love that.”
“From the first moment I stepped onto the court in Skechers, I knew these shoes were the real deal—they’re so comfortable and also represent my style,” said Terance Mann. “I love that Skechers is an L.A.-based brand. I can meet in person at any time to talk about the shoes and really partner with them. They’re giving me everything that I need, and I’m looking forward to competing in Skechers.”
Julius Randle hails from Dallas, Texas and played a single year at University of Kentucky, going all the way to the National Championship Game while earning SEC Rookie of the Year and setting the school record for double-doubles in a season by a freshman. He was selected as the 7th overall pick in the 2014 NBA draft by the Los Angeles Lakers where he played four seasons and is now in his fifth season with the New York Knicks. Randle is a two-time NBA All-Star, two-time member of the All-NBA Team, and was named NBA Most Improved Player in 2021.
Terance Mann was born in Brooklyn, New York and spent his collegiate career at Florida State where he was the third player in school history to surpass 1,200 points, 600 rebounds, 200 assists and 100 steals. He was selected by the Los Angeles Clippers in the second round of the 2019 NBA draft. Currently in his fifth season with the team, Mann helped the Clippers reach the Western Conference Finals for the first time in franchise history in 2021.
Beyond basketball, the Skechers team of elite athletes competing in the brand’s performance footwear includes FC Bayern Munich striker Harry Kane, golfers Matt Fitzpatrick and Brooke Henderson, pickleball pros Tyson McGuffin and Catherine Parenteau, as well as Dodgers pitcher Clayton Kershaw.
The Skechers Basketball footwear collection will be available next week at skechersbasketball.com and select Skechers retail stores in North America, as well as select retailers and Skechers stores in the Philippines and China. Additional colorways arrive later this fall and low-top versions of both styles will launch in Spring 2024.
About SKECHERS U.S.A., Inc.
Skechers U.S.A., Inc. (NYSE:SKX), a Fortune 500® company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. Collections from The Comfort Technology Company™ are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,700 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
About Goodyear
Goodyear is one of the world’s largest tire companies. It employs about 72,000 people and manufactures its products in 57 facilities in 23 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.
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 the United States and the impact of Russia’s war with Ukraine; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
by Zach | Oct 23, 2023 | Press Release
Oct 23, 2023 • 12:00 pm EDT
The Skechers Foundation and Presenting Sponsor Kinecta Federal Credit Union Partner with Celebrities Brooke Burke, Mr. T and Amanda Kloots to Support Children with Diverse Abilities, Public Schools and National Scholarships
LOS ANGELES–(BUSINESS WIRE)–
The Skechers Pier to Pier Friendship Walk, presented by Kinecta Federal Credit Union, is celebrating its 15th anniversary with a fundraising goal of $2.5 million for youth with special needs, public schools and national college scholarships. This year’s special anniversary on Sunday, October 29th, will celebrate beautiful friendships with celebrities Brooke Burke, Mr. T and Amanda Kloots as the charity event launches a new era of fundraising for the next generation of children.
Skechers Pier to Pier Friendship Walk Founder Michael Greenberg celebrates the 2022 event in Manhattan Beach, CA. (Photo: Business Wire)
Skechers Pier to Pier Friendship Walk Founder Michael Greenberg celebrates the 2022 event in Manhattan Beach, CA. (Photo: Business Wire)
“Over 15 years, our Walk has changed the lives of thousands of kids. Back in 2009, a passionate, devoted group of friends set their minds to giving children with diverse needs more access to programs, better education, and friendship. Today, we are making an indelible impact on children, families, volunteers, and companies that support our work,” said Michael Greenberg, founder of the Skechers Pier to Pier Friendship Walk. “There is so much to be grateful for. Together, we have created a vibrant Friendship Foundation and have laid the groundwork for our upcoming world-class Friendship Campus, which will serve individuals with physical and intellectual diversities; a lifeline fund that has transformed our public schools; and a national college scholarship program that has turned dreams into reality for high-achieving students who might not otherwise be able to afford college.
“Fundamentally, the Walk has also taught our children that any obstacle is surmountable when you are passionate, committed and determined—knowledge they will have for the rest of their lives. Our 15th anniversary is a tremendous milestone, and nothing makes me happier than celebrating this beautiful day that allows all of us to give back, with love and gratitude, to the children in our world.”
“It’s not where you start, it’s where you finish—that’s what I tell the kids, and that’s why I’m proud to be part of this year’s Walk,” said actor and icon Mr. T. “I used to work as a teacher’s assistant in the Board of Education, where I could guide students who had a lot of potential but needed help to get there. All kids can succeed when they’ve got the right tools and support. I’m proud to join Brooke, Amanda and the thousands who will be part of this event for our children. Our kids work hard and we should have their backs, every single day.”
Skechers Pier to Pier Friendship Walk donations support the future Friendship Campus (The Greenberg Family / Skechers Center)—a $55 million, 3.25-acre campus that will offer a life-changing community for friendship and learning. Planned for completion by year-end 2025, the facility will include numerous vocational programs including a Creative Arts Center, Culinary Institute, Recreation Center, Life Skills programming, and early education and mentoring opportunities, giving young adults the tools to transition to the workforce and find lifelong passion and purpose.
The Campus will also be home to the new headquarters for the Friendship Foundation, which offers companionship, celebrates uniqueness and encourages acceptance for all with diverse abilities. The organization offers 60+ in-person programs such as art, music, fitness, sign language, science, social emotional wellness and yoga, as well as pop-up programs like virtual scavenger hunts and talent shows that are free for anyone to attend locally and across the United States.
Academically, the Walk supports public school education foundations—reducing class sizes, updating labs, libraries and facilities and protecting teachers’ jobs. The Skechers Foundation’s national scholarship program also gives a portion of Walk proceeds to students with financial need and proven excellence in academics, athletics and leadership, donating more than $1.1 million in scholarships to date.
“Kinecta has been an active community partner in the South Bay for over 80 years, and giving back is a big part of what we do,” said Keith Sultemeier, president and chief executive officer of Kinecta, which will sponsor a Financial Empowerment Academy at the new Friendship Campus. “At Kinecta, we are committed to the future success of our community, and we believe this requires investing in our youth through education. We’re proud to continue as the Presenting Sponsor of the 2023 Skechers Pier to Pier Friendship Walk and support local public schools and education foundations.”
Featuring a cast of performers including Young Selena singer and America’s Got Talent golden buzzer winner Madison Taylor Baez, Team Siwa’s pop group XOMG POP! and teen group FuturePop, the Walk has been supported by numerous celebrities and athletes including Sugar Ray Leonard, Tony Romo, Howie Long, Meb Keflezighi, Jimmy Kimmel, Denise Austin, Kelly Brooke, Ellen K, Camila Alves-McConaughey, and dozens of Young Hollywood celebrities from Nickelodeon, Disney, Netflix, Apple TV+ and Hulu, including Logan Shroyer, Dani Bowman, Lily Brooks O’Briant and more.
Sponsors and walkers are welcome to sign up in person at the event or online at skechersfriendshipwalk.com. Participants can also follow the event on Facebook, X and Instagram.
In addition to Presenting Sponsor Kinecta Federal Credit Union, the Skechers Pier to Pier Friendship Walk thanks all of its sponsors, including Nickelodeon, Rare Beauty, Schwartz Family Foundation, Steel Sports, United Legwear & Apparel Co., Big 5 Sporting Goods, Petco Love, TJX Companies, Chevron, Bank of America, Ross Stores, Barco, Dakine, Vertra, LA Kings, LA Dodgers, McCarthy, LA Angels, Continental Development, WSS, Turkish Airlines, Cushman & Wakefield and many more companies that are committed to supporting our children.
About Skechers Foundation
Established in 2010 to help children in need, the Skechers Foundation is dedicated to strengthening communities to ensure the health, success and well-being of youth worldwide. We invest in a global network of charitable organizations dedicated to embracing individuals with diverse abilities, improving education, empowering disadvantaged families and providing humanitarian, disaster and economic relief. By supporting millions through our products and services, we aspire to make a valiant effort in creating stronger, self-sufficient individuals for future generations.
About Skechers USA, Inc.
Skechers U.S.A., Inc. (NYSE:SKX), a Fortune 500® company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. Collections from The Comfort Technology Company™ are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,700 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
About Kinecta Federal Credit Union
Headquartered in Manhattan Beach, California, Kinecta Federal Credit Union is one of the country’s largest credit unions, with assets of $6.7 billion and more than 270,000 members from coast to coast. Banking the Southern California area for more than 80 years, with additional branches in New York, New Jersey, Northern California and Florida, Kinecta offers its members a full range of financial products from banking, lending and insurance to wealth management services. Kinecta has been recognized by the Mortgage Bankers Association as a recipient of its Diversity, Equity and Inclusion (DEI) Residential Leadership Award, and received the Best of Show award granted by the Credit Union National Association (CUNA) Technology Council. Residents of Rochester, NY, voted Kinecta as a finalist for Best Credit Union in the Democrat & Chronicle’s annual Rochester Choice Awards in 2022. Forbes awarded Kinecta as a top-ranked credit union in California on its America’s Best Credit Unions in Each State 2022 List. Kinecta has 29 branches, and its members can use a network of more than 5,800 shared branches and access over 85,000 fee-free ATMs nationwide. For more information on Kinecta, visit the website and LinkedIn.
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 the United States and the impact of Russia’s war with Ukraine; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS USA, Inc.
[email protected]
(310) 937-1326
Source: Skechers Foundation
by Zach | Oct 12, 2023 | Press Release
Oct 12, 2023 • 9:00 am EDT
Skechers announces the second chapter of its Visual Artist Series with the dynamic imagery of Skechers x Ricardo Cavolo
LOS ANGELES–(BUSINESS WIRE)–
Skechers is giving its Visual Artist Series a vibrant burst of energy with the eclectic cast behind one of Spain’s most influential artists, Ricardo Cavolo. The new Skechers x Ricardo Cavolo footwear capsule for women features the illustrator’s renowned flaming heart and eye imagery on a curated selection of top styles and comfort technologies.
The latest in the Skechers Visual Artist Series, the Skechers x Ricardo Cavolo collection reinvents the brand’s iconic profiles with one of Spain’s most influential artists. (Graphic: Business Wire)
The latest in the Skechers Visual Artist Series, the Skechers x Ricardo Cavolo collection reinvents the brand’s iconic profiles with one of Spain’s most influential artists. (Graphic: Business Wire)
“My art tells stories of characters and their experiences through images that transcend culture and time,” said Ricardo Cavolo. “To see them continue their journey into this new dimension, where they now walk among us, is such a beautiful concept. It’s lovely to see Skechers celebrating art, and how they’re bringing artists and the fashion industry together to give us this incredible experience.”
“Ricardo Cavolo’s art is one of a kind. Fiery, direct and straight to the heart—literally. You can feel it the moment you see it—both in his images and on the collection’s uppers, which he personally designed,” said Michael Greenberg, president of Skechers. “In a world where conversations are exploring how best to protect and nurture our creative voice, we are proud to work hand-in-hand with great talent through our Visual Artist Series and show how their ingenuity inspires us. Cavolo’s symbols of love, empathy and hope are all of this, personified.”
A multimedia artisan known for connecting folk and traditional arts with spiritual imagery and modern tattoo culture, Cavolo transforms timeless icons into a dynamic narrative, focusing on portraiture and playfully depicting protagonists through symmetry and symbolism. Known for his illustrations, publications, fashion collaborations and wide range of globally commissioned works, Cavolo’s art has appeared on public murals and in exhibitions from Paris to Moscow, Mexico City and Hong Kong.
The Skechers x Ricardo Cavolo capsule is the second to debut in Skechers’ Visual Artist Series. Launched by American artist and designer Jen Stark’s hypnotic collection of iconic drip patterns this summer, the brand’s gallery of wearable art spotlights visionaries’ distinct designs on Skechers product in a run of launches through 2024. The Skechers x Ricardo Cavolo limited-edition capsule of three unique styles is now available at skechers.com, Skechers retail stores in the U.S. and select global markets.
About SKECHERS U.S.A., Inc.
Skechers U.S.A., Inc. (NYSE:SKX), a Fortune 500® company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. Collections from The Comfort Technology Company™ are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,700 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
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 the United States and the impact of Russia’s war with Ukraine; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS USA, Inc. [email protected]
Source: Skechers U.S.A., Inc.