by Zach | May 1, 2023 | Press Release
May 1, 2023 • 8:00 am EDT
LOS ANGELES–(BUSINESS WIRE)–
Global superstar and style icon Doja Cat steps into her recently announced role as the first-ever Skechers Artist-in-Residence with a fiercely energetic Skechers Uno campaign. The creative concept draws inspiration from Y2K, cyberpunk and anime aesthetics as two opposing personalities of the artist battle each other in the signature Skechers style.
Doja Cat brings her creative influence to the Skechers Uno campaign as the brand’s Artist-in-Residence. (Photo: Business Wire)
Doja Cat brings her creative influence to the Skechers Uno campaign as the brand’s Artist-in-Residence. (Photo: Business Wire)
“Building out this campaign and a new world for the Uno with my creative director Brett Alan Nelson and Skechers has been amazing,” said Doja Cat, Skechers Artist-in-Residence. “This is just the start. I look forward to sharing more of what we’ve been creating soon.”
“I was super inspired by the idea of the different Uno colors and which Uno gives you the most power,” added Doja Cat’s creative director, Brett Alan Nelson. “We reference old school anime fight scenes within a battle of ‘Doja Cat vs Doja Cat’ and the ultimate theme is that in the end we will never follow another’s footsteps.”
“Last week, Doja Cat shared that she’s our first Artist-in-Residence while wearing a dress designed with deconstructed Skechers Uno footwear,” added Michael Greenberg, president of Skechers. “Her Skechers campaign is the next illustration of Doja Cat bringing her unique creative influence and fashion-forward inspiration and style to Skechers. As an artist in both the music and fashion worlds, Doja adds a unique perspective to our organization.”
Famed for its signature air-infused wedge outsole, modernized silhouette, and vibrant colorways, the Skechers Uno collection has captivated shoppers everywhere through its ever-evolving range—seen on catwalks around the world as a coveted fashion sneaker.
The complete range of Skechers footwear is available in Skechers retail stores as well as at skechers.com/doja-cat, plus department stores and footwear retailers around the globe.
About Doja Cat
GRAMMY award-winning global superstar Doja Cat made her first upload to Soundcloud in 2013 at 16 years old. Raised in LA, she developed a knack for music by studying piano and dance as a kid. Signed to Kemosabe/RCA in 2014, she released her Purrr! EP followed by her debut album Amala in 2018, but the release of her single “Mooo!” in late 2018 catapulted her into the mainstream and was met with critical acclaim. The following year, she released her GRAMMY-nominated platinum album Hot Pink, which features “Streets,” the viral TikTok sensation that soundtracked the ‘Silhouette Challenge’ and her GRAMMY-nominated #1 smash record, “Say So” which has been RIAA certified 6x platinum.
Doja’s creativity and showmanship as a performer has been praised time and time again. She’s delivered unique and show stopping performances on nearly all the major award show stages and music festivals around the world and was named as one of the 100 most influential people of 2023 by TIME. Doja’s GRAMMY award-winning third album Planet Her dominated the charts, debuting at #1 on the Billboard Top R&B Albums chart and #2 on the Billboard Top 200 and Billboard Top R&B/Hip-Hop Albums chart. It also generated the highest first day Spotify streams for an album by a female rapper. The GRAMMY award-winning and RIAA certified platinum hit “Kiss Me More” ft. SZA, the lead single off Planet Her, hit #1 at Top 40 and Rhythm radio with over 5 billion streams worldwide. Earlier this year, Doja became the first woman to have four #1 hits from one album and landed #1 on the Billboard Artist 100 chart for the first time. More recently, in October 2022, Doja’s single “Vegas” from the Elvis Original Motion Picture Soundtrack hit #1 at Pop Radio – leading her to not only have the most #1’s at Pop Radio this decade but also the most top 10s among women on the Billboard Hot 100 this decade.
About Skechers U.S.A., Inc.
Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology 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. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,500 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.
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 of 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. 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.
Media Contacts:
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
Lauren Weissman
R&CPMK
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Apr 27, 2023 | Press Release
Apr 27, 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 first quarter ended March 31, 2023.
First Quarter Highlights
“Our first quarter 2023 marks a new milestone with quarterly sales of over $2 billion. The 10%, or $182 million, sales increase was the result of broad strength in most markets globally, including regional sales improvements of 21% in both EMEA and APAC, which includes growth of 3% in China,” began David Weinberg, Chief Operating Officer of Skechers. “With an increase of 24.5% worldwide, Direct-to-Consumer performed particularly well due to the improved inventory availability in stores and strong demand for our fresh comfort product offering. Our record sales, expanded gross margins of 48.9% and meaningfully improved inventory levels are an indication of the strength of our comfort technology products and impactful marketing worldwide. We continue to build efficiencies and expand our distribution capabilities around the globe to meet the demand for the comfort, innovation, style, and quality that Skechers consumers want. With plans to reach $10 billion in annual sales by 2026, we couldn’t be more positive about the many meaningful growth opportunities we see ahead.”
“Skechers takes a global product and people first approach to our business. Everything we do as an organization is with the priority of delivering the best and most comfortable products to meet nearly every footwear need. This is why we are the leading walking and work brand, why we’ve made comfort a must in every pair of our shoes, and why we continue to innovate, whether it’s through our kids lighted styles, performance pickleball footwear, golf footwear worn by major tournament winners, or Skechers Hands Free Slip-ins for consumers of all ages,” added Robert Greenberg, Chief Executive Officer of Skechers. “We never stop innovating and improving to meet the needs of our consumers. And we ensure Skechers remains top of mind through our marketing campaigns – whether it’s Snoop Dogg and Martha Stewart in this year’s Super Bowl, digital campaigns starring our talented roster of ambassadors, pickleball tournaments sponsorships, or store windows around the world. We’re expanding the opportunities for consumers to experience Skechers globally – be it at one of our more than 4,500 retail locations, Skechers e-commerce sites, or through the vast network of third-party retailers that carry our products. None of this would be possible without the global infrastructure and talented teams that we have in place. This year will bring challenges as certain markets wrestle with inventory backlogs, but I continue to believe that the trust and respect I have for this organization and the trust the consumers place in Skechers will result in another strong year for the brand.”
First Quarter 2023 Financial Results
Three Months Ended March 31,
Change
(in millions, except per share data)
2023
2022
$
%
Sales
$
2,001.9
$
1,819.6
182.3
10.0
Gross profit
978.6
824.2
154.4
18.7
Gross margin
48.9
%
45.3
%
360
bps
Operating expenses
755.0
648.3
106.7
16.5
As a % of sales
37.7
%
35.6
%
210
bps
Earnings from operations
223.6
175.9
47.7
27.1
Operating margin
11.2
%
9.7
%
150
bps
Net earnings
160.4
121.2
39.2
32.4
Diluted earnings per share
$
1.02
$
0.77
0.25
32.5
First quarter sales increased 10.0% as a result of a 21.1% increase internationally and a 4.8% decrease domestically. Both segments experienced growth, with Direct-to-Consumer increasing 24.5% and Wholesale increasing 3.5%. On a constant currency basis, sales increased 13.3%.
Wholesale sales growth of $43.3 million, or 3.5%, which includes increases in EMEA of 20.1% and APAC of 24.1%, partially offset by a decrease in AMER of 13.2%. Wholesale average selling price increased 5.3% and volume decreased 1.9%.
Direct-to-Consumer sales growth of $139.0 million, or 24.5%, which includes increases in AMER of 28.6%, APAC of 17.9%, and EMEA of 29.5%. Direct-to-Consumer volume increased 27.2% and average selling price decreased 2.2%.
Gross margin was 48.9%, an increase of 360 basis points, due to higher average selling prices in Wholesale and a greater mix of Direct-to-Consumer sales.
Operating expenses increased $106.7 million, or 16.5%, and as a percentage of sales increased 210 basis points to 37.7%. Selling expenses increased $20.4 million, or 18.8%, and as a percentage of sales increased 50 basis points to 6.4%. The increase was due to higher brand demand creation expenditures. General and administrative expenses increased $86.4 million, or 16.0%, and as a percentage of sales increased 160 basis points to 31.3%. Increased expenses were primarily driven by labor, warehouse and distribution expenses, and increased facility costs, including rent and depreciation.
Earnings from operations increased $47.7 million, or 27.1%, to $223.6 million.
Net earnings were $160.4 million and diluted earnings per share were $1.02 compared with prior year net earnings of $121.2 million and diluted earnings per share of $0.77.
In the first quarter, the Company’s effective income tax rate was 18.5%.
“This was another record quarter for Skechers on both the top and bottom line. With broad-based strength globally, our consumers continue to seek out our brand for its compelling product assortment and attractive value proposition,” stated John Vandemore, Chief Financial Officer of Skechers. “We significantly grew our Direct-to-Consumer business and moderated our inventory level, overcoming continued challenges in the domestic wholesale market. We also saw encouraging early signs of a robust recovery in China. We remain confident in our strategy and our ability to achieve $10 billion in sales by 2026.”
Balance Sheet
Cash, cash equivalents and investments totaled $930.3 million, an increase of $141.9 million, or 18.0% from December 31, 2022, primarily due to operating cash flow, partially offset by capital expenditures of $71.2 million and the completion of $30.0 million of share repurchases in the first quarter of 2023.
Inventory was $1.50 billion, a decrease of $315.8 million or 17.4% from December 31, 2022. Inventory levels decreased in AMER, EMEA, and APAC.
Share Repurchase
During the first quarter, the Company repurchased approximately 676,000 shares of its Class A common stock at a cost of $30.0 million. At March 31, 2023, approximately $395.7 million remained available under the Company’s share repurchase program.
Outlook
For the second quarter of 2023, the Company believes it will achieve sales between $1.85 billion and $1.90 billion and diluted earnings per share of between $0.40 and $0.50. Further, the Company believes that for the fiscal year 2023, it will achieve sales between $7.9 billion and $8.1 billion and diluted earnings per share of between $3.00 and $3.20.
Store Count
Number of Stores
December 31, 2022
Opened
Closed
March 31, 2023
Domestic stores
539
13
(4
)
548
International stores
905
43
(21
)
927
Distributor, licensee and franchise stores
3,093
108
(127
)
3,074
Total Skechers stores
4,537
164
(152
)
4,549
First 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 first 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 April 27, 2023, at 7:30 p.m. ET, through May 11, 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: 13737456.
About Skechers U.S.A., Inc.
Skechers U.S.A., Inc., The Comfort Technology 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. The Company’s collections are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through digital stores, and over 4,500 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 Russia’s invasion of 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. 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)
March 31, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
$
760,040
$
615,733
Short-term investments
89,507
102,166
Trade accounts receivable, net
1,052,687
848,287
Other receivables
82,948
86,036
Inventory
1,502,247
1,818,016
Prepaid expenses and other
222,556
176,035
Total current assets
3,709,985
3,646,273
Property, plant and equipment, net
1,377,588
1,345,370
Operating lease right-of-use assets
1,239,222
1,200,565
Deferred tax assets
461,614
454,190
Long-term investments
80,743
70,498
Goodwill
93,497
93,497
Other assets, net
81,822
83,094
Total non-current assets
3,334,486
3,247,214
TOTAL ASSETS
$
7,044,471
$
6,893,487
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
892,057
$
957,384
Accrued expenses
269,225
294,143
Operating lease liabilities
247,411
238,694
Current installments of long-term borrowings
100,469
103,184
Short-term borrowings
30,471
19,635
Total current liabilities
1,539,633
1,613,040
Long-term operating lease liabilities
1,092,711
1,063,672
Long-term borrowings
230,275
216,488
Deferred tax liabilities
8,722
8,656
Other long-term liabilities
126,835
120,045
Total non-current liabilities
1,458,543
1,408,861
Total liabilities
2,998,176
3,021,901
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
134
134
Class B Common Stock
20
21
Additional paid-in capital
383,540
403,799
Accumulated other comprehensive loss
(80,217
)
(84,897
)
Retained earnings
3,411,374
3,250,931
Skechers U.S.A., Inc. equity
3,714,851
3,569,988
Noncontrolling interests
331,444
301,598
Total stockholders’ equity
4,046,295
3,871,586
TOTAL LIABILITIES AND EQUITY
$
7,044,471
$
6,893,487
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Months Ended March 31,
(in thousands, except per share data)
2023
2022
Sales
$
2,001,928
$
1,819,594
Cost of sales
1,023,349
995,431
Gross profit
978,579
824,163
Operating expenses
Selling
128,560
108,209
General and administrative
626,442
540,050
Total operating expenses
755,002
648,259
Earnings from operations
223,577
175,904
Other income (expense)
9,923
(5,746
)
Earnings before income taxes
233,500
170,158
Income tax expense
43,216
33,992
Net earnings
190,284
136,166
Less: Net earnings attributable to noncontrolling interests
29,841
14,943
Net earnings attributable to Skechers U.S.A., Inc.
$
160,443
$
121,223
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
1.03
$
0.78
Diluted
$
1.02
$
0.77
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
155,140
155,996
Diluted
156,755
157,448
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
Segment Information
Three Months Ended March 31,
Change
(in millions)
2023
2022
$
%
Wholesale sales
$
1,294.6
$
1,251.3
43.3
3.5
Gross profit
512.0
455.0
57.0
12.5
Gross margin
39.6
%
36.4
%
320
bps
Direct-to-Consumer sales
$
707.3
$
568.3
139.0
24.5
Gross profit
466.6
369.2
97.4
26.4
Gross margin
66.0
%
65.0
%
100
bps
Total sales
$
2,001.9
$
1,819.6
182.3
10.0
Gross profit
978.6
824.2
154.4
18.7
Gross margin
48.9
%
45.3
%
360
bps
Additional Sales Information
Three Months Ended March 31,
Change
(in millions)
2023
2022
$
%
Geographic sales
Domestic
Wholesale
$
441.9
$
538.6
(96.7
)
(17.9
)
Direct-to-Consumer
299.0
239.4
59.6
24.9
Total domestic sales
740.9
778.0
(37.1
)
(4.8
)
International
Wholesale
852.6
712.8
139.8
19.6
Direct-to-Consumer
408.4
328.8
79.6
24.2
Total international sales
1,261.0
1,041.6
219.4
21.1
Total sales
$
2,001.9
$
1,819.6
182.3
10.0
Regional sales
Americas (AMER)
$
945.9
$
946.9
(1.0
)
(0.1
)
Europe, Middle East & Africa (EMEA)
534.5
441.2
93.3
21.1
Asia Pacific (APAC)
521.5
431.5
90.0
20.9
Total sales
$
2,001.9
$
1,819.6
182.3
10.0
China sales
$
282.0
$
273.0
9.0
3.3
Distributor sales
$
103.9
$
97.0
6.9
7.2
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 March 31,
2023
2022
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency
Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
2,001.9
$
59.3
$
2,061.2
$
1,819.6
241.6
13.3
Cost of sales
1,023.3
34.5
1,057.8
995.4
62.4
6.3
Gross profit
978.6
24.8
1,003.4
824.2
179.2
21.7
Operating expenses
755.0
18.1
773.1
648.3
124.8
19.3
Earnings from operations
223.6
6.7
230.3
175.9
54.4
30.9
Other income (expense)
9.8
(12.8
)
(3.0
)
(5.8
)
2.8
48.3
Income tax expense
43.2
1.4
44.6
34.0
10.6
31.3
Less: Noncontrolling interests
29.8
1.7
31.5
14.9
16.6
111.1
Net earnings
$
160.4
$
(9.2
)
$
151.2
$
121.2
30.0
24.7
Diluted earnings per share
$
1.02
$
(0.06
)
$
0.96
$
0.77
0.19
24.7
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Apr 27, 2023 | Press Release
Apr 27, 2023 • 12:16 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers confirms what Doja Cat announced—that she is the brand’s first Artist-in-Residence.
Skechers Artist-in-Residence Doja Cat in custom Skechers Uno dress and footwear at 2023 TIME100 gala. Photo credit: Kevin Mazur / Getty Images
Skechers Artist-in-Residence Doja Cat in custom Skechers Uno dress and footwear at 2023 TIME100 gala. Photo credit: Kevin Mazur / Getty Images
“Skechers has given me a new canvas to create and I can’t wait to show everyone what we are building,” said Doja Cat who rocked a stunning custom dress crafted from deconstructed Skechers Uno fashion sneakers during her performance at the TIME100 gala in New York on Wednesday night.
About Doja Cat
GRAMMY award-winning global superstar Doja Cat made her first upload to Soundcloud in 2013 at 16 years old. Raised in LA, she developed a knack for music by studying piano and dance as a kid. Signed to Kemosabe/RCA in 2014, she released her Purrr! EP followed by her debut album Amala in 2018, but the release of her single “Mooo!” in late 2018 catapulted her into the mainstream and was met with critical acclaim. The following year, she released her GRAMMY-nominated platinum album Hot Pink, which features “Streets,” the viral TikTok sensation that soundtracked the ‘Silhouette Challenge’ and her GRAMMY-nominated #1 smash record, “Say So” which has been RIAA certified 6x platinum.
Doja’s creativity and showmanship as a performer has been praised time and time again. She’s delivered unique and show stopping performances on nearly all the major award show stages and music festivals around the world and was named as one of the 100 most influential people of 2023 by TIME. Doja’s GRAMMY award-winning third album Planet Her dominated the charts, debuting at #1 on the Billboard Top R&B Albums chart and #2 on the Billboard Top 200 and Billboard Top R&B/Hip-Hop Albums chart. It also generated the highest first day Spotify streams for an album by a female rapper. The GRAMMY award-winning and RIAA certified platinum hit “Kiss Me More” ft. SZA, the lead single off Planet Her, hit #1 at Top 40 and Rhythm radio with over 5 billion streams worldwide. Earlier this year, Doja became the first woman to have four #1 hits from one album and landed #1 on the Billboard Artist 100 chart for the first time. More recently, in October 2022, Doja’s single “Vegas” from the Elvis Original Motion Picture Soundtrack hit #1 at Pop Radio – leading her to not only have the most #1’s at Pop Radio this decade but also the most top 10s among women on the Billboard Hot 100 this decade.
About Skechers U.S.A., Inc.
Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology 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. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,500 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.
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 of 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. 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.
Media Contacts:
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
Lauren Weissman
R&CPMK
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Apr 27, 2023 | Press Release
Apr 27, 2023 • 9:00 am EDT
The Footwear and Apparel Brand Signs Agreement with Sports Connection to Establish Wholly-Owned Subsidiary
LOS ANGELES & ESBJERG, Denmark–(BUSINESS WIRE)–
Skechers, The Comfort Technology Company™, today announced that it has signed an agreement to acquire its existing Scandinavian distributor, Sports Connection Holding ApS.
Skechers is acquiring its third-party Scandinavia distributor and its 58 stores to expand the brand’s reach in Europe. (Photo: Business Wire)
Skechers is acquiring its third-party Scandinavia distributor and its 58 stores to expand the brand’s reach in Europe. (Photo: Business Wire)
The Sports Connection business comprises 58 existing Skechers retail locations, several e-commerce solutions as well as over 1,600 wholesale customers. It will become a wholly-owned subsidiary of Skechers, primarily responsible for driving the brand’s continued growth in the Nordic countries of Denmark, Finland, Norway, Sweden, Greenland and the Faroe Islands.
“With the planned acquisition of our long-serving and successful distributor in Scandinavia, we are welcoming the Sports Connection team more closely into the Skechers family,” said David Weinberg, chief operating officer of Skechers USA, Inc. “We are looking forward to further broadening our reach in Europe by combining the team’s local expertise with our worldwide capabilities and financial resources.”
“We have a long history of partnership with Skechers,” said Peter Jørgensen, CEO of Sports Connection, which was founded in 1994 and has been Skechers’ exclusive distributor in the Nordics since 2005; Jørgensen will now serve as country manager for Skechers in all Nordic countries. “We are proud of the progress we have made growing the Skechers brand as a distributor partner. We have built the infrastructure to support our vast direct-to-consumer and wholesale presence across the Nordics, and this new structure will allow us to leverage our efforts for additional growth in the future. We innately understand how the brand delivers its dynamic collection of styles and signature comfort technologies for every age and activity.”
Skechers will continue to conduct business at the former Sports Connection offices and showrooms in Finland, Norway, Sweden, and Denmark where its Nordic headquarters are located in Esbjerg.
About Skechers USA, Inc.
Skechers USA, Inc. (NYSE:SKX) is The Comfort Technology Company™ based in Southern California. Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,500 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 YouTube and on Instagram in Denmark, Sweden, Norway and Finland.
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 of 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. 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.
Corporate Media Contact:
Jennifer Clay
SKECHERS USA, Inc.
[email protected]
Skechers Denmark Contact:
Glennie Mäkinen Maibom
[email protected]
Source: Skechers USA, Inc.
by Zach | Apr 18, 2023 | Press Release
Apr 18, 2023 • 1:00 am EDT
LONDON–(BUSINESS WIRE)–
Skechers brand ambassador and 2022 U.S. Open champion Matt Fitzpatrick earned his first victory of the 2023 season at the RBC Heritage at Harbour Town Golf Links in Hilton Head, South Carolina on Sunday. Wearing Skechers GO GOLF Pro 5 Hyper™, Fitzpatrick defeated the defending champion on the third playoff hole after an exciting final round ended in a tie.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230417005886/en/
Matt Fitzpatrick, competing in Skechers GO GOLF Pro 5 Hyper™ footwear, wins RBC Heritage in Hilton Head, South Carolina. Photo credit: Sam Greenwood via Getty
Matt Fitzpatrick, competing in Skechers GO GOLF Pro 5 Hyper™ footwear, wins RBC Heritage in Hilton Head, South Carolina. Photo credit: Sam Greenwood via Getty
“I’ve been coming to Hilton Head and playing this course since I was a kid, so to earn this win is so special to me, almost like winning at home,” said Matt Fitzpatrick. “Last year was amazing, signing on with Skechers and introducing its comfortable footwear to my game, and winning my first major championship last summer. Earning my first 2023 title fairly early in the season, knowing all the work I have put in, I feel my head and heart are in the game, and I am ready for another amazing year!”
“Matt Fitzpatrick continues to impress, and we couldn’t be more thrilled that he is part of the Skechers family,” said Michael Greenberg, president of Skechers. “From his career-best second round of 63 to that incredible shot on the final playoff hole at Hilton Head this weekend, Matt’s success proves to golfers everywhere how Skechers GO GOLF footwear delivers the consistent comfort and performance that can elevate anyone’s game, no matter where or how you play.”
After a successful amateur career, Fitzpatrick turned pro at the age of 19. The English native earned his first professional victory in 2015 at the British Masters at Woburn Golf Club. The next year, he was selected for the Ryder Cup European team and went on to win the 2016 DP World Tour Championship. Since his professional debut, Fitzpatrick has achieved seven wins on the European Tour, most recently winning the Estrella Damm N.A. Andalucía Masters at Real Club Valderrama. He has nine worldwide wins and earned his first major championship title in June 2022 at the U.S. Open. Fitzpatrick is currently ranked #8 in the World Golf Rankings.
In 2022, Fitzpatrick joined the roster of Skechers golf pros currently including Brooke Henderson and Billy Andrade who wear Skechers GO GOLF® on tour. Former quarterback and broadcaster Tony Romo is also an ambassador for the brand’s golf footwear and appears in Skechers GO GOLF marketing campaigns.
Known for its lightweight, high-quality, stable and comfortable designs, Skechers GO GOLF has achieved prominence within the golf category alongside the brand’s award-winning running, walking and training collections. Select styles from The Comfort Technology Company™ include signature innovations like Skechers Arch Fit®, ULTRA GO® and Hyper Burst® cushioning, along with other key features.
Skechers GO GOLF footwear is available at Skechers retail stores and skechers.com as well as select retail partners, including specialty golf pro shops.
About SKECHERS USA Ltd. and SKECHERS U.S.A., Inc.
Skechers USA Ltd. is a subsidiary of Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology Company™ based in Southern California. Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and over 4,500 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.
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 of 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230417005886/en/
Petra Kareem
Skechers
[email protected]
Source: Skechers U.S.A., Inc.