by Zach | Sep 8, 2022 | Press Release
Sep 8, 2022 • 4:00 am EDT
LONDON–(BUSINESS WIRE)–
Skechers USA Ltd., a subsidiary of Skechers USA, Inc., has been named Outdoor Footwear Brand of the Year and Accessory Brand of the Year at the 2022 Footwear Industry Awards. Organised by Datateam Business Media, publisher of Footwear Today magazine, the Awards celebrate the brands, retailers and professionals at the heart of the footwear market.
“It’s a great honour to have earned not one, but two accolades this year at the Footwear Industry Awards,” said Peter Youell, managing director of Skechers UK and Ireland. “As The Comfort Technology Company™, for Skechers to be recognised for Outdoor Footwear Brand of the Year shows how the brand has successfully expanded into this space and is considered a key player when it comes to the innovations in our durable, lightweight and comfortable footwear for hiking, trail and exploring the great outdoors. To win Accessory Brand of the Year is a great added bonus, just like our popular backpack, sunglass and watch ranges add to the overall Skechers experience, building on the brand’s ever-evolving lifestyle package.”
From hiking boots and trail running sneakers to river sandals and rugged slides, Skechers offers a range of Outdoor products across numerous categories for men and women. As an industry leader in comfort known for developing innovative technologies and materials, the Skechers Outdoor collection offers many of the brand’s signature features including patented Skechers Arch Fit® Technology, Skechers Max Cushioning® Technology, Skechers Hyper Burst® Technology, Skechers Air-Cooled Memory Foam®, Skechers Relaxed Fit® Technology, Skechers Stretch Fit® Technology, Skechers Hands Free Slip-ins™ Technology, as well as Goodyear® Performance Outsoles.
“Skechers has been a fixture at the Footwear Industry Awards over the years thanks to support from all of our UK retail partners,” said David Weinberg, chief operating officer of Skechers. “Consumers in the UK and around the world clearly love getting away in our rugged Outdoor products that feature Goodyear® Performance Outsoles for enhanced traction, stability and durability. Additionally, the recognition for our accessories illustrates the strength of Skechers as a complete lifestyle brand beyond our footwear and apparel businesses.”
Skechers received numerous Footwear Industry Awards in past years, including Brand of the Year in 2015, 2016, and 2017. Additionally, Skechers won Sports Brand of the Year in 2012 and 2013, Fashion Brand of the Year in 2014 and 2015, Ladies’ Brand of the Year in 2016 and 2018, Children’s Brand of the Year in 2019, Men’s Brand of the Year in 2020, as well as Leader in Customer Service for 2018.
Celebrity product endorsees for Skechers’ collections include music icons Ava Max, Chesca, Myleene Klass and Willie Nelson; television personalities Joanna Krupa, Brooke Burke, Martha Stewart and Amanda Kloots; Dodgers pitcher Clayton Kershaw; and a slate of retired sports stars such as football players Jamie Redknapp and Michael Ballack, American football player and broadcaster Tony Romo and iconic boxer Sugar Ray Leonard, among others.
The Company’s footwear and apparel collections are available in Skechers retail stores as well as at skechers.co.uk, plus department stores and footwear retailers around the globe.
About Skechers USA Ltd. and Skechers USA, Inc.
Skechers USA Ltd. is an English subsidiary of Skechers USA, 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 4,355 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. 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 Twitter.
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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s recent 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, 2021 and its quarterly reports on Form 10-Q in 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220908005488/en/
Petra Kereem
Skechers UK
T: +44 (0) 1707 655 955
Source: Skechers USA Ltd.
by Zach | Aug 31, 2022 | Press Release
Aug 31, 2022 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE: SKX), The Comfort Technology Company™ and a global footwear leader, today announced that John Vandemore, Chief Financial Officer, will participate in a fireside chat at the Goldman Sachs 29th Annual Global Retailing Conference in New York on Wednesday, September 7, 2022 at 1:45 p.m. ET.
The audio portion of the fireside chat will be available live and on replay for 90 days on the Company’s website at investors.skechers.com.
About Skechers USA, Inc.
Skechers USA, 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 over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,355 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220831005009/en/
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers USA, Inc.
by Zach | Aug 23, 2022 | Press Release
Aug 23, 2022 • 4:00 am EDT
British Musician, Presenter and Businesswoman is the Brand’s New Ambassador for Skechers Women’s Footwear and Apparel
LONDON–(BUSINESS WIRE)–
Musician, presenter and entrepreneur Myleene Klass is one of the millions who adore Skechers’ stylish, comfortable collections—so much so, that she’s signed on as ambassador for the brand’s footwear and apparel offering across the UK and Ireland. Kicking off this month, Klass’ inaugural Skechers campaign will launch the star’s long-term partnership with the global lifestyle brand, which has evolved into a comfort technology company demanded for its unique innovations for every age and activity.
British musician, presenter and businesswoman Myleene Klass joins team Skechers this summer. (Photo: Business Wire)
British musician, presenter and businesswoman Myleene Klass joins team Skechers this summer. (Photo: Business Wire)
“Skechers has been part of my family’s wardrobe for years. As a busy working mum, I’m always on the go, so comfort is extremely important along with having an effortless look day to day. I love how it caters to everyone’s style—including my own,” said Myleene Klass. “I had an absolute blast shooting my first campaign for Skechers near their corporate headquarters in California, and I couldn’t be more excited to join the Skechers team. I know this will be a great partnership that will align perfectly with my lifestyle—let’s go!”
“Myleene has captivated fans across the UK and Ireland with her many talents. As a musician, TV and radio presenter, and entrepreneur, she shines in everything she does—and she’s sure to inspire consumers as the face of our latest offering,” said Peter Youell, managing director for Skechers in the UK and Ireland. “We have established stores across Great Britain and Ireland, where we see many opportunities for growth—and now with Jamie Redknapp for men and Myleene for women, we’re fully bringing this US-based brand to life in the UK and Ireland and tailoring our global vision to connect with locals everywhere.”
Starting off as a jobbing musician and finding fame with pop group Hear’Say in 2001, Myleene released her debut solo album Moving On a couple of years later which has since gone double platinum. In 2006, pushing herself out of her comfort zone as always, she appeared in the show I’m A Celebrity… Get Me Out Of Here!, in which she came in at second place and became one of the most searched-for celebrities ever on the internet at the time.
Myleene has hosted a variety of major TV programme including CD:UK, The One Show, Popstar to Operastar and BBQ Champ. Now a mum of three, with a blended family of seven, Myleene covers so many areas, from radio presenter at Smooth FM and Classic FM, to author of Top 10 bestseller They Don’t Teach This at School, to creating her own fashion line with British retailer NEXT. She has also been the face of many charity organisations and campaigns and continues her philanthropic work to this day.
Myleene joins a team of Skechers ambassadors that includes music icons Ava Max, Chesca and Willie Nelson; television personalities Joanna Krupa, Brooke Burke and Amanda Kloots; Dodgers pitcher Clayton Kershaw; and a slate of retired sports stars such as football players Jamie Redknapp and Michael Ballack, American football player and broadcaster Tony Romo and iconic boxer Sugar Ray Leonard, among others.
An industry leader in comfort known for developing innovative technologies and materials, Skechers offers a wide range of signature features including its patented Skechers Arch Fit Technology™, Skechers Max Cushioning Technology™, Skechers Hyper Burst Technology™, Skechers Air-Cooled Memory Foam®, Skechers Relaxed Fit Technology™, Skechers Stretch Fit Technology™, Skechers Hands Free Slip-ins Technology™ and Massage Fit Technology™. The Company’s footwear and apparel collections are available in Skechers retail stores as well as at skechers.co.uk, plus department stores and footwear retailers around the globe.
About Skechers USA Ltd. and Skechers USA, Inc.
Skechers USA Ltd. is an English subsidiary of Skechers USA, 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 4,355 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. 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 Twitter.
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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s recent 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, 2021 and its quarterly reports on Form 10-Q in 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 Contact:
Petra Kereem
Skechers UK
T: +44 (0) 1707 655 955
Source: Skechers USA Ltd.
by Zach | Aug 9, 2022 | Press Release
Aug 9, 2022 • 11:00 am EDT
Event Set to be First Nationally Televised Professional Pickleball Tournament
LOS ANGELES–(BUSINESS WIRE)–
Skechers, The Comfort Technology CompanyTM, is teaming up with the Professional Pickleball Association (PPA) to bring elite pickleball players to Los Angeles for The Skechers Invitational Summer Championship, the first nationally televised pickleball tournament in the United States. The event, which is the first for Skechers as title sponsor, will be held August 12-14 at the Riviera Country Club in Pacific Palisades. Ten percent of the Skechers Invitational ticket sales will be donated to the South Bay Friendship Foundation to help fund its programs for children with special needs and education.
Skechers pros Tyson McGuffin and Catherine Parenteau will be competing in Skechers Viper Court footwear at the Skechers Invitational Summer Championship. (Photo: Business Wire)
Skechers pros Tyson McGuffin and Catherine Parenteau will be competing in Skechers Viper Court footwear at the Skechers Invitational Summer Championship. (Photo: Business Wire)
“After the incredible reception we received this year launching Skechers Viper Court pickleball footwear, we wanted to showcase the fastest growing sport in America to the nation with a tournament in Los Angeles, our home of 30 years,” said Michael Greenberg, president of Skechers. “Presented with the help of our partners at the PPA, the Skechers Invitational will be an opportunity to watch elite players, including our own pros Catherine Parenteau and Tyson McGuffin, and a chance for those new to the sport to learn about the game. With proceeds benefiting the Friendship Foundation, this will be an important event for Skechers, Los Angeles and pickleball.”
Beyond the professional competition, the weekend will offer unique opportunities for fans to engage with players including special clinics and more. Skechers will also be at the tournament with a retail booth so spectators and athletes can experience and purchase Skechers Viper Court pickleball footwear as well as off-court styles and apparel.
“Skechers has shown a real investment in pickleball that we’re certain will help grow and expand the game,” said Connor Pardoe, Commissioner of the Professional Pickleball Association. “We know the Skechers Invitational in Los Angeles will be an event that will lead those living in Southern California and watching from across the country to fall in love with pickleball while also benefiting a good cause.”
Skechers introduced its pickleball collection at the 2022 US Open Pickleball Championships in Naples, Florida in April, and has had a presence at pickleball tournaments around the country. Earlier this year, the brand also signed its first two elite pickleball athletes, Catherine Parenteau and Tyson McGuffin, who compete wearing Skechers Pickleball footwear and Skechers-branded apparel.
Catherine Parenteau is ranked number two in women’s singles and mixed doubles, as well as number five in women’s doubles. Recent titles include a Triple Crown at the 2022 Invisalign NC Open, 2021 and 2022 US Open Champion, 2021 The Masters Champion, and 2022 Atlanta Open Champion. Catherine holds 13 PPA Titles and is a 46-time PPA Medalist.
Tyson McGuffin is a two-time US Open Champion and five-time National Champion, who holds five PPA Titles and a Triple Crown. Tyson currently holds the number one ranking in men’s singles, number five ranking in men’s pro doubles, and number five ranking in mixed doubles.
Skechers Pickleball footwear brings signature Skechers comfort and innovation to the court. The Skechers Viper Court provides responsive performance in a breathable, lightweight design. The enhanced grip and stability of the Goodyear® rubber outsole paired with a shock-absorbing Arch Fit® insole deliver comfort and support, match after match. Beyond the event booth, the style is available at Skechers retail stores, skechers.com, as well as key retail partners and specialty shops.
Where to watch the Skechers Invitational Summer Championship:
Friday, August 12 – Coverage on Tennis Channel
Saturday, August 13 – Coverage on CBS and streaming on Paramount+
Sunday, August 14 – Coverage on CBS Sports
Follow updates throughout the weekend via PPA Tour social channels on Facebook, Instagram and Twitter.
About SKECHERS USA, Inc.
Skechers USA, 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 4,355 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.
About the PPA Tour:
The Professional Pickleball Association is the professional tour for the sport of pickleball, organizing events and rankings for the top male and female pickleball players in the world and awarding over $3 million in annual prize money. With more than 20 events in 2022 at world-class facilities like the Lindner Family Tennis Center in Cincinnati and the Darling Tennis Center in Las Vegas, the PPA Tour is the premier provider of professional and amateur events. The PPA Tour’s broadcast partners include FOX Sports, Tennis Channel, CBS, CBS Sports, and ESPN. Founded in 2018 and based in Salt Lake City, Utah, the PPA Tour provides an unparalleled experience for all, inviting players to compete and “play where the pros play,” as well as offering unrivaled venues, food/beverages, live DJ entertainment, VIP experiences, giveaways and games, pro player meet-and-greets, shopping, vendors, and more. For more information, go to www.ppatour.com.
About Friendship Foundation
The Friendship Foundation is dedicated to building an integrated, accepting and unified community for our children and young adults. It was founded 15 years ago by Yossi Mintz, Michael Greenberg, and Adam Carroll with the goal of providing neurodiverse children with those with varying abilities the same advantages as their peers to enjoy and experience life. The organization has developed programs that allow all children to play, grow, develop and thrive together. The success and growing demand from the Foundation’s existing programs have expanded the vision to include an innovative new campus centered around turning special needs into special contributions to society. Follow Friendship Foundation at https://www.instagram.com/thefriendshipfoundation/ and https://www.facebook.com/FFsouthbay.
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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s recent 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, 2021 and its quarterly reports on Form 10-Q in 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.
Jennifer Clay
SKECHERS USA, Inc.
[email protected]
Source: SKECHERS USA, Inc.
by Zach | Jul 26, 2022 | Press Release
Jul 26, 2022 • 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 second quarter ended June 30, 2022.
Second Quarter Highlights
“Skechers achieved a new quarterly sales record of $1.87 billion, a significant accomplishment especially given the macroeconomic headwinds, supply chain issues and COVID-related restrictions in China during the period,” said David Weinberg, Chief Operating Officer of Skechers. “The growth was the result of increases in sales of 15% in our domestic and 10% in our international businesses. Growth was driven by sales increases of 21% in the Americas and 8% in EMEA. In APAC, where sales were flat due to COVID-related restrictions in China, we saw strong growth in most other markets, particularly in India, South Korea and Malaysia. During the quarter, we focused on delivering our in-demand footwear direct to consumers and through our wholesale partners globally. While we remain cautious given the challenges across the globe, we believe our comfort technology footwear, impactful marketing and the strength of our brand will drive continued sales growth in the back half of the year.”
“2022 is shaping up to be another remarkable year for Skechers with two consecutive record sales quarters, the result of our talented team’s passion, determination and execution to evolve our product offering, inform the world of our exceptional comfort technologies, and effectively navigate the supply chain constraints,” began Robert Greenberg, Chief Executive Officer of Skechers. “In the second quarter, we delivered hands-free comfort footwear to a world now desiring more ease in their lives, expanded our Skechers Arch Fit offering, and designed more fashion-focused styles as comfort at work and play is the new norm. Further, we elevated our performance game with the launch of Skechers Viper Court, a collection designed specifically for the fastest growing sport in America, pickleball, and saw major championship wins on the golf course with Brooke Henderson at this past weekend’s Amundi Evian Championship in France and Matt Fitzpatrick at the U.S. Open at Brookline last month. We also signed several new ambassadors—specific to Europe and Asia, as well as a rising Latin music artist and a global pop sensation, all to further strengthen brand awareness in key markets. This, our 30th year in business, is our strongest year yet from a sales, marketing and product perspective. We are in a unique position as a brand that delivers on comfort technology, style, innovation and quality with a global reach that includes 4,355 Skechers stores. As a company, we are determined to outdo ourselves and reach further heights as we strive to meet our customers’ needs.”
Second Quarter 2022 Financial Results
Three Months Ended June 30,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
1,867.8
$
1,661.9
205.9
12.4
Gross profit
897.6
853.6
44.0
5.2
Gross margin
48.1
%
51.4
%
(330
) bps
Operating expenses
743.4
652.4
91.0
14.0
As a % of sales
39.8
%
39.3
%
50
bps
Earnings from operations
154.2
201.2
(47.0
)
(23.4
)
Operating margin
8.3
%
12.1
%
(390
) bps
Net earnings
$
90.4
$
137.4
(47.0
)
(34.2
)
Diluted earnings per share
$
0.58
$
0.88
(0.30
)
(34.1
)
Second quarter sales increased 12.4% as a result of a 15.4% increase in domestic sales and a 10.0% increase in international sales, primarily driven by strength in wholesale sales. All segments experienced growth, with Wholesale increasing 18.3% and Direct-to-Consumer increasing 4.3%. On a constant currency basis, sales increased 16.4%.
Wholesale sales growth of $176.1 million, or 18.3%, was led by increases in AMER of 34.9%. Wholesale volume increased 14.8% and average selling price increased 3.1%.
Direct-to-Consumer sales growth of $29.8 million, or 4.3%, was led by increases in AMER of 3.7%, EMEA of 13.5%, and APAC of 2.7%. Direct-to-Consumer average selling price increased 5.3% and volume was essentially flat.
Gross margin was 48.1%, a decrease of 330 basis points, primarily driven by higher per unit freight costs partially offset by average selling price increases.
Operating expenses increased $91.0 million, or 14.0%, and as a percentage of sales, increased 50 basis points to 39.8% from 39.3% in the prior year. Selling expenses increased $25.1 million, or 17.8%, due to higher global demand creation expenditures. General and administrative expenses increased $65.9 million, or 12.9%, primarily due to volume-driven increases in labor and warehouse and distribution expenses, as well as higher rent.
Earnings from operations decreased $47.0 million, or 23.4%, to $154.2 million.
Net earnings were $90.4 million and diluted earnings per share were $0.58, a decrease of 34.1% over the prior year. Diluted earnings per share include an unfavorable impact of $0.11 due to declines in foreign exchange rates, primarily in EMEA.
In the second quarter, the Company’s effective income tax rate was 21.3%.
“Skechers continued the diligent execution of our long-term global growth strategy, achieving record quarterly sales primarily from continued strength in our Wholesale segment,” stated John Vandemore, Chief Financial Officer of Skechers. “Despite pandemic-related lockdowns, disruptions in our global supply chain and macroeconomic volatility, we remain focused on our direct-to-consumer capabilities, distribution infrastructure and deepening connections with our consumers in order to drive long-term growth and shareholder value.”
Six Months 2022 Financial Results
Six Months Ended June 30,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
3,687.4
$
3,096.3
591.1
19.1
Gross profit
1,721.7
1,539.3
182.4
11.9
Gross margin
46.7
%
49.7
%
(300
) bps
Operating expenses
1,391.7
1,180.4
211.3
17.9
As a % of sales
37.7
%
38.1
%
(40
) bps
Earnings from operations
330.1
358.9
(28.8
)
(8.0
)
Operating margin
9.0
%
11.6
%
(260
) bps
Net earnings
$
211.6
$
235.9
(24.3
)
(10.3
)
Diluted earnings per share
$
1.35
$
1.51
(0.16
)
(10.6
)
Year-to-date sales increased 19.1% reflecting a 21.4% increase in domestic sales and a 17.3% increase in international sales with the largest contribution derived from wholesale sales. Both segments experienced increases, with Wholesale increasing 25.4% and Direct-to-Consumer increasing 9.0%. On a constant currency basis, the Company’s total sales increased 22.1%.
Wholesale sales growth of $484.3 million, or 25.4%, was led by increases in AMER of 38.2% and EMEA of 24.0%. Wholesale volume increased 18.8% and average selling price increased 5.9%.
Direct-to-Consumer sales growth of $106.8 million, or 9.0%, was led by increases in AMER of 6.8%, EMEA of 44.2%, which experienced COVID restrictions in the prior year, and APAC of 5.3%. Direct-to-Consumer average selling price increased 9.4% resulting from reduced promotions and higher prices.
Gross margin was 46.7%, a decrease of 300 basis points, primarily driven by higher per unit freight costs partially offset by average selling price increases.
Operating expenses increased $211.3 million or 17.9%. As a percentage of sales, operating expenses improved 40 basis points to 37.7%. Selling expenses increased $42.0 million or 18.1%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $169.3 million or 17.9%, primarily due to higher compensation costs, rent, and volume-driven global warehouse and distribution expenses.
Earnings from operations decreased $28.8 million to $330.1 million.
Net earnings were $211.6 million and diluted earnings per share were $1.35, a decrease of 10.6% over the prior year. Diluted earnings per share include an unfavorable impact of $0.14 due to declines in foreign exchange rates, primarily in EMEA.
The Company’s effective income tax rate was essentially flat year-over-year at 20.6%.
Balance Sheet
Cash, cash equivalents and investments totaled $946.4 million, a decrease of $94.0 million, or 9.0% from December 31, 2021, primarily as a result of changes in working capital and completing $49.2 million of share repurchases year-to-date.
Inventory was $1.56 billion, an increase of $92.9 million or 6.3% from December 31, 2021. Increased inventory levels primarily reflect growth in AMER.
Share Repurchase
During the second quarter, the Company repurchased nearly 636,000 shares of its Class A common stock for $24.2 million. Year-to-date 2022, the Company has repurchased almost 1.3 million shares of its Class A common stock at a cost of $49.2 million. At June 30, 2022, approximately $450.8 million remained available under the Company’s share repurchase program.
Outlook
For the third quarter of 2022, the Company believes it will achieve sales between $1.80 billion and $1.85 billion and diluted earnings per share of between $0.70 and $0.75. Further, the Company believes that for the fiscal year 2022, it will achieve sales between $7.2 billion and $7.4 billion and diluted earnings per share of between $2.60 and $2.70.
Store Count
Number of Stores
December 31, 2021
Opened
Closed(1)
June 30, 2022
Domestic stores
515
28
(17
)
526
International stores
845
49
(58
)
836
Distributor, licensee and franchise stores
2,946
202
(155
)
2,993
Total Skechers stores
4,306
279
(230
)
4,355
(1)
Does not reflect temporary closures due to the COVID-19 pandemic.
Second Quarter 2022 Conference Call
The Company will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its second quarter 2022 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 July 26, 2022 at 7:30 p.m. ET, through August 9, 2022, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13731127.
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 over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,355 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 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, 2021 and its quarterly reports on Form 10-Q in 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)
June 30, 2022
December 31, 2021
ASSETS
Current assets
Cash and cash equivalents
$
751,904
$
796,283
Short-term investments
105,099
98,580
Trade accounts receivable, net
916,784
732,793
Other receivables
55,039
80,043
Inventory
1,563,907
1,470,994
Prepaid expenses and other
177,236
193,547
Total current assets
3,569,969
3,372,240
Property, plant and equipment, net
1,225,529
1,128,909
Operating lease right-of-use assets
1,168,385
1,224,580
Deferred tax assets
452,747
451,355
Long-term investments
89,423
145,590
Goodwill
93,497
93,497
Other assets, net
77,046
75,109
Total non-current assets
3,106,627
3,119,040
TOTAL ASSETS
$
6,676,596
$
6,491,280
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
972,399
$
876,342
Accrued expenses
258,640
265,420
Operating lease liabilities
223,230
225,658
Current installments of long-term borrowings
73,414
76,967
Short-term borrowings
—
1,195
Total current liabilities
1,527,683
1,445,582
Long-term operating lease liabilities
1,049,330
1,094,748
Long-term borrowings
253,260
263,445
Deferred tax liabilities
9,712
11,820
Other long-term liabilities
118,507
133,613
Total non-current liabilities
1,430,809
1,503,626
Total liabilities
2,958,492
2,949,208
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
135
135
Class B Common Stock
21
21
Additional paid-in capital
402,360
429,608
Accumulated other comprehensive loss
(75,784
)
(48,323
)
Retained earnings
3,089,530
2,877,903
Skechers U.S.A., Inc. equity
3,416,262
3,259,344
Noncontrolling interests
301,842
282,728
Total stockholders’ equity
3,718,104
3,542,072
TOTAL LIABILITIES AND EQUITY
$
6,676,596
$
6,491,280
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share data)
2022
2021
2022
2021
Sales
$
1,867,804
$
1,661,871
$
3,687,398
$
3,096,326
Cost of sales
970,225
808,279
1,965,656
1,557,075
Gross profit
897,579
853,592
1,721,742
1,539,251
Operating expenses
Selling
166,609
141,470
274,818
232,795
General and administrative
576,812
510,912
1,116,862
947,578
Total operating expenses
743,421
652,382
1,391,680
1,180,373
Earnings from operations
154,158
201,210
330,062
358,878
Other income (expense)
(19,259
)
2,158
(25,005
)
(12,016
)
Earnings before income taxes
134,899
203,368
305,057
346,862
Income tax expense
28,739
41,545
62,731
70,530
Net earnings
106,160
161,823
242,326
276,332
Less: Net earnings attributable to noncontrolling interests
15,756
24,454
30,699
40,390
Net earnings attributable to Skechers U.S.A., Inc.
$
90,404
$
137,369
$
211,627
$
235,942
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.58
$
0.88
$
1.36
$
1.52
Diluted
$
0.58
$
0.88
$
1.35
$
1.51
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
155,941
155,561
155,969
155,196
Diluted
156,748
156,674
157,074
156,321
SKECHERS U.S.A., INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
As previously announced, during the first quarter of 2022 Skechers refined the way it views its business operations and decision-making and now presents its reportable segment results as Wholesale and Direct-to-Consumer. Prior period results have been recast to reflect current reportable segments. There was no impact to the consolidated financial results of the Company as a result of this change.
Segment Information
Three Months Ended June 30,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
1,140.3
$
964.2
176.1
18.3
Gross profit
414.5
379.4
35.1
9.2
Gross margin
36.3
%
39.4
%
(300
) bps
Direct-to-Consumer sales
$
727.5
$
697.7
29.8
4.3
Gross profit
483.1
474.2
8.9
1.9
Gross margin
66.4
%
68.0
%
(160
) bps
Total sales
$
1,867.8
$
1,661.9
205.9
12.4
Gross profit
897.6
853.6
44.0
5.2
Gross margin
48.1
%
51.4
%
(330
) bps
Six Months Ended June 30,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
2,391.6
$
1,907.3
484.3
25.4
Gross profit
869.4
749.0
120.4
16.1
Gross margin
36.4
%
39.3
%
(290
) bps
Direct-to-Consumer sales
$
1,295.8
$
1,189.0
106.8
9.0
Gross profit
852.3
790.3
62.0
7.9
Gross margin
65.8
%
66.5
%
(70
) bps
Total sales
$
3,687.4
$
3,096.3
591.1
19.1
Gross profit
1,721.7
1,539.3
182.4
11.9
Gross margin
46.7
%
49.7
%
(300
) bps
Additional Sales Information
Three Months Ended June 30,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
521.0
$
401.3
119.7
29.8
Direct-to-Consumer
319.5
327.0
(7.5
)
(2.3
)
Total domestic sales
840.5
728.3
112.2
15.4
International
Wholesale
619.3
562.9
56.4
10.0
Direct-to-Consumer
408.0
370.7
37.3
10.1
Total international sales
1,027.3
933.6
93.7
10.0
Total sales
$
1,867.8
$
1,661.9
205.9
12.4
Regional sales
Americas (AMER)
$
1,033.9
$
855.2
178.7
20.9
Europe, Middle East & Africa (EMEA)
374.5
348.1
26.4
7.6
Asia Pacific (APAC)
459.4
458.6
0.8
0.2
Total sales
$
1,867.8
$
1,661.9
205.9
12.4
China sales
$
254.9
$
316.9
(62.0
)
(19.6
)
Distributor sales
$
128.4
$
96.7
31.7
32.8
Six Months Ended June 30,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
1,059.6
$
778.5
281.1
36.1
Direct-to-Consumer
559.0
554.4
4.6
0.8
Total domestic sales
1,618.6
1,332.9
285.7
21.4
International
Wholesale
1,332.0
1,128.8
203.2
18.0
Direct-to-Consumer
736.8
634.6
102.2
16.1
Total international sales
2,068.8
1,763.4
305.4
17.3
Total sales
$
3,687.4
$
3,096.3
591.1
19.1
Regional sales
Americas (AMER)
$
1,980.8
$
1,580.9
399.9
25.3
Europe, Middle East & Africa (EMEA)
815.7
643.5
172.2
26.8
Asia Pacific (APAC)
890.9
871.9
19.0
2.2
Total sales
$
3,687.4
$
3,096.3
591.1
19.1
China sales
$
527.9
$
567.5
(39.6
)
(7.0
)
Distributor sales
$
225.4
$
176.9
48.5
27.4
SKECHERS U.S.A., INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES (Unaudited)
Three Months Ended June 30,
2022
2021
Change
(in millions, except per share data)
Reported GAAP
Measure
Constant Currency
Adjustment
Adjusted for Non-
GAAP Measures
Reported GAAP
Measure
$
%
Sales
$
1,867.8
$
65.9
$
1,933.7
$
1,661.9
271.8
16.4
Cost of sales
970.2
38.5
1,008.7
808.3
200.4
24.8
Gross profit
897.6
27.4
925.0
853.6
71.4
8.4
Operating expenses
743.4
23.3
766.7
652.4
114.3
17.5
Earnings from operations
154.2
4.1
158.3
201.2
(42.9
)
(21.3
)
Other income (expense)
(19.3
)
16.2
(3.1
)
2.2
(5.3
)
n/m
Income tax expense
28.7
1.3
30.0
41.5
(11.5
)
(27.7
)
Less: Noncontrolling interests
15.8
0.5
16.3
24.5
(8.2
)
(33.5
)
Net earnings
$
90.4
$
18.5
$
108.9
$
137.4
(28.5
)
(20.7
)
Diluted earnings per share
$
0.58
$
0.11
$
0.69
$
0.88
(0.19
)
(21.6
)
Six Months Ended June 30,
2022
2021
Change
(in millions, except per share data)
Reported GAAP
Measure
Constant Currency
Adjustment
Adjusted for Non-
GAAP Measures
Reported GAAP
Measure
$
%
Sales
$
3,687.4
$
93.0
$
3,780.4
$
3,096.3
684.1
22.1
Cost of sales
1,965.7
57.0
2,022.7
1,557.0
465.7
29.9
Gross profit
1,721.7
36.0
1,757.7
1,539.3
218.4
14.2
Operating expenses
1,391.7
30.0
1,421.7
1,180.4
241.3
20.4
Earnings from operations
330.1
6.0
336.0
358.9
(22.9
)
(6.4
)
Other income (expense)
(25.1
)
18.7
(6.4
)
(12.1
)
5.7
(47.1
)
Income tax expense
62.7
1.3
64.0
70.5
(6.5
)
(9.2
)
Less: Noncontrolling interests
30.7
0.2
30.9
40.4
(9.5
)
(23.5
)
Net earnings
$
211.6
$
23.2
$
234.7
$
235.9
(1.2
)
(0.5
)
Diluted earnings per share
$
1.35
$
0.14
$
1.49
$
1.51
(0.02
)
(1.3
)
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: SKECHERS U.S.A., Inc.