by Zach | Apr 19, 2018 | Press Release
Apr 19, 2018 • 4:05 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the first quarter ended March 31, 2018.
First Quarter Highlights
- Record sales of $1.250 billion, an increase of 16.5 percent
- Earnings from operations of $148.8 million, a 19.6 percent increase
- Net earnings of $117.7 million, a 25.2 percent increase, and diluted earnings per share of $0.75
- International wholesale sales increased 17.9 percent; total international wholesale and retail sales combined represented 54.0 percent of total sales
- Domestic wholesale sales increased 8.5 percent
- Company-owned global retail sales increased 26.4 percent, with a comparable same store sales increase of 9.5 percent worldwide
“What a way to start 2018,” began Robert Greenberg, Skechers chief executive officer. “We truly felt 2017 was a banner year, but yet again we surpassed our expectations and hit a new quarterly sales record. With our men’s, women’s and kids’ product growing year-over-year and resonating with consumers globally, we believe our moment is now. We are experiencing the continued success of our men’s Skechers Sport, women’s sandals and men’s and women’s On the Go collections. In addition, with the global focus on the trend-right Skechers D’lites, we’re seeing this product turn into a must-have item by accounts and the press, resulting in new opportunities. From a marketing perspective, we have a new commercial with chart-topping singer Camila Cabello in our D’lites, legendary football great Tony Romo in our men’s Relaxed Fit slip on shoes, and more than a dozen other commercials, including many featuring our kids’ footwear. Our targeted marketing on air, in print, and digitally continues to raise awareness of our vast product offering and drive sales around the world. We’re looking forward to the remainder of our Spring deliveries, and sharing our results as we move through the rest of 2018.”
“We achieved yet another record sales quarter and continued to see significant growth across all our business segments including comp store sales increases of 9.5 percent worldwide,” stated David Weinberg, chief operating officer of Skechers. “During the first quarter, our North American Distribution Center experienced a record month for shipment volume, a testament to the strength in our wholesale and retail businesses in the United States and Canada. Further, our European Distribution Center experienced a record quarter for shipment volume, an indication of the strength of our operations in that region. Our international subsidiary and joint venture businesses are driving our growth with a combined quarterly increase of 25.7 percent, and there are now 2,197 Company-owned or third-party Skechers stores outside the United States. Now at 54.0 percent of our total business, we continue to see international as our greatest growth opportunity.”
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First Quarter 2018 Financial Results
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($ in millions, except per share data)
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For the three-months ended |
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March 31, |
Change |
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2018 |
|
|
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2017 |
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|
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$ |
|
% |
| Sales |
|
$ |
1,250.1 |
|
|
$ |
1,072.8 |
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|
$ |
177.3 |
|
16.5 |
% |
| Gross Profit |
|
|
583.1 |
|
|
|
476.5 |
|
|
|
106.6 |
|
22.4 |
% |
| Gross Margin |
|
|
46.7 |
% |
|
|
44.4 |
% |
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|
|
|
| SG&A Expenses |
|
|
439.8 |
|
|
|
356.3 |
|
|
|
83.5 |
|
23.4 |
% |
| As a % of Sales |
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|
35.2 |
% |
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|
33.2 |
% |
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|
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| Earnings from Operations |
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148.8 |
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|
|
124.4 |
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|
24.4 |
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19.6 |
% |
| Operating Margin |
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|
11.9 |
% |
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11.6 |
% |
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| Net Earnings |
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117.7 |
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|
94.0 |
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23.7 |
|
25.2 |
% |
| Diluted Earnings per Share |
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$ |
0.75 |
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$ |
0.60 |
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$ |
0.15 |
|
25.0 |
% |
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Sales grew 16.5 percent as a result of a 17.9 percent increase in the Company’s international wholesale business, an 8.5 percent increase in the Company’s domestic wholesale business, and a 26.4 percent increase in its Company-owned global retail business. Comparable same store sales in Company-owned stores worldwide increased 9.5 percent, including 7.0 percent in the United States and 17.6 percent internationally, as compared to the first quarter of 2017.
Gross margins increased due to strength in the Company’s international subsidiary and Company-owned international retail businesses.
SG&A expenses increased 23.4 percent. This increase was due to an additional $72.9 million in general and administrative expenses, including $37.4 million to support international growth in the Company’s joint venture and subsidiary businesses, and $18.3 million associated with operating 73 additional Company-owned Skechers stores, of which 15 opened in the first quarter. Selling expenses increased by $10.6 million primarily due to higher international advertising expenses.
Earnings from operations increased $24.4 million, or 19.6 percent.
Net earnings were $117.7 million and diluted earnings per share were $0.75. In the first quarter, the Company’s income tax rate was 9.6 percent, reflecting certain discrete tax benefits primarily associated with a refinement in understanding of the various provisions of the Tax Cuts & Jobs Act (“TCJA”). The benefit of these discrete tax items to the Company’s diluted earnings per share was approximately $0.07 cents per share.
Balance Sheet
At quarter-end, cash and cash equivalents were $700.1 million, a decrease of $36.4 million, or 4.9 percent, from December 31, 2017, and an increase of $92.3 million, or 15.2 percent, over March 31, 2017.
Total inventory, including inventory in transit, was $800.3 million, a $72.7 million decrease over December 31, 2017, and a $214.5 million increase over March 31, 2017.
Working capital was $1.6 billion at March 31, 2018, a $100 million increase over December 31, 2017, and a $300 million increase over March 31, 2017.
“Our global growth strategy continues to yield positive results,” said John Vandemore, chief financial officer of Skechers. “We continue to invest in our global capabilities and remain poised to capitalize on consumer trends. We also continue to execute our capital allocation philosophy as evidenced by our on-going investment in our direct-to-consumer offerings and our share repurchases in the quarter.”
Share Repurchase
During the three months ended March 31, 2018, the Company repurchased approximately 76,000 shares of its Class A common stock at a cost of $3.0 million under its existing share repurchase program. At March 31, 2018, approximately $147.0 million remained available under the Company’s share repurchase program.
Outlook
For the second quarter of 2018, the Company believes it will achieve sales in the range of $1.120 billion to $1.145 billion, and diluted earnings per share of $0.38 to $0.43. The estimated quarterly sales includes an expected shift in shipments from the second quarter to the back half of the year for several key international distributors and domestic accounts. Based on current expectations, the Company continues to anticipate that its 2018 annual tax rate will be in the range of 12 percent to 17 percent.
First Quarter 2018 Conference Call
The Company will host a conference call today at 1:30 p.m. PT / 4:30 p.m. Eastern Time to discuss its first quarter 2018 financial results. The call can be accessed on the Investor Relations section of the Company’s website at www.skx.com. For those unable to participate during the live broadcast, a replay will be available beginning April 19, 2018, at 7:30 p.m. ET, through May 3, 2018, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13655455.
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. SKECHERS footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, 2,651 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 be,” “will continue,” “will result,” “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 international economic, political and market conditions including the challenging consumer retail markets in the United States; 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 the Company’s annual report on Form 10-K for the year ended December 31, 2017. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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.
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| SKECHERS U.S.A., INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited) |
| (In thousands) |
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March 31,
2018
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December 31,
2017
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| ASSETS |
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| Current Assets: |
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| Cash and cash equivalents |
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$ |
700,071 |
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$ |
736,431 |
| Trade accounts receivable, net |
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692,569 |
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|
405,921 |
| Other receivables |
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|
31,271 |
|
|
27,083 |
| Total receivables |
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723,840 |
|
|
433,004 |
| Inventories |
|
|
800,323 |
|
|
873,016 |
| Prepaid expenses and other current assets |
|
|
68,920 |
|
|
62,573 |
| Total current assets |
|
|
2,293,154 |
|
|
2,105,024 |
| Property, plant and equipment, net |
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|
552,540 |
|
|
541,601 |
| Deferred tax assets |
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29,575 |
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29,922 |
| Other assets |
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60,715 |
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|
58,535 |
| Total non-current assets |
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642,830 |
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|
630,058 |
| TOTAL ASSETS |
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$ |
2,935,984 |
|
$ |
2,735,082 |
| LIABILITIES AND EQUITY |
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| Current Liabilities: |
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|
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| Current installments of long-term borrowings |
|
$ |
1,805 |
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$ |
1,801 |
| Accounts payable |
|
|
524,427 |
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|
505,334 |
| Short-term borrowings |
|
|
12,200 |
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|
8,011 |
| Accrued expenses |
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|
135,588 |
|
|
82,202 |
| Total current liabilities |
|
|
674,020 |
|
|
597,348 |
| Long-term borrowings, net of current installments |
|
|
70,646 |
|
|
71,103 |
| Deferred tax liabilities |
|
|
161 |
|
|
161 |
| Other long-term liabilities |
|
|
107,832 |
|
|
118,259 |
| Total non-current liabilities |
|
|
178,639 |
|
|
189,523 |
| Total liabilities |
|
|
852,659 |
|
|
786,871 |
| Stockholders’ equity: |
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
1,946,170 |
|
|
1,829,064 |
| Noncontrolling interests |
|
|
137,155 |
|
|
119,147 |
| Total equity |
|
|
2,083,325 |
|
|
1,948,211 |
| TOTAL LIABILITIES AND EQUITY |
|
$ |
2,935,984 |
|
$ |
2,735,082 |
|
|
|
|
|
|
|
|
|
|
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| SKECHERS U.S.A., INC. AND SUBSIDIARIES |
|
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
|
| (Unaudited) |
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| (In thousands, except per share data) |
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Three Months Ended March 31, |
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2018 |
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|
2017 |
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|
| Net sales |
|
$ |
1,250,078 |
|
|
$ |
1,072,808 |
|
|
| Cost of sales |
|
|
666,974 |
|
|
|
596,310 |
|
|
| Gross profit |
|
|
583,104 |
|
|
|
476,498 |
|
|
| Royalty income |
|
|
5,522 |
|
|
|
4,230 |
|
|
|
|
|
588,626 |
|
|
|
480,728 |
|
|
| Operating expenses: |
|
|
|
|
|
| Selling |
|
|
84,446 |
|
|
|
73,809 |
|
|
| General and administrative |
|
|
355,381 |
|
|
|
282,496 |
|
|
|
|
|
439,827 |
|
|
|
356,305 |
|
|
| Earnings from operations |
|
|
148,799 |
|
|
|
124,423 |
|
|
| Other income (expense): |
|
|
|
|
|
| Interest, net |
|
|
(323 |
) |
|
|
(1,077 |
) |
|
| Other, net |
|
|
3,403 |
|
|
|
696 |
|
|
|
|
|
3,080 |
|
|
|
(381 |
) |
|
| Earnings before income tax expense |
|
|
151,879 |
|
|
|
124,042 |
|
|
| Income tax expense |
|
|
14,621 |
|
|
|
17,407 |
|
|
| Net earnings |
|
|
137,258 |
|
|
|
106,635 |
|
|
| Less: Net earnings attributable to noncontrolling interests |
|
|
19,606 |
|
|
|
12,640 |
|
|
| Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
117,652 |
|
|
$ |
93,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
|
$ |
0.75 |
|
|
$ |
0.61 |
|
|
| Diluted |
|
$ |
0.75 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
|
|
156,433 |
|
|
|
155,097 |
|
|
| Diluted |
|
|
157,630 |
|
|
|
155,927 |
|
|
|
|
|
|
|
|
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Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer
John Vandemore
Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Addo Investor Relations
Andrew Greenebaum
(310) 829-5400
or
Press:
Jennifer Clay
Vice President of
Corporate Communications
(310) 318-3100
by Zach | Apr 12, 2018 | Press Release
Apr 12, 2018 • 4:05 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle and performance footwear, today announced that it will release its first quarter 2018 financial results after market close on Thursday, April 19, 2018. A conference call will be held the same day at 1:30 p.m. PT / 4:30 p.m. ET. Participating on the call will be David Weinberg, Chief Operating Officer, and John Vandemore, Chief Financial Officer.
The call can be accessed on the Investor Relations section of the Company’s website at www.skx.com. For those unable to participate during the live broadcast, a replay will be available beginning April 19, 2018, at 7:30 p.m. ET, through May 3, 2018, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13678112
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. SKECHERS footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, 2,570 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
Investor Relations:
Addo Investor Relations
Andrew Greenebaum
310-829-5400
[email protected]
by Zach | Apr 12, 2018 | Press Release
Manhattan Beach Officials Join Skechers Management for Store Opening. From left: Bruce Moe, City Manager of Manhattan Beach; Mark Lipps, President/CEO of Chamber Manhattan Beach; Richard Montgomery, Manhattan Beach Councilmember; Peter Mow, Skechers Senior Vice President, Retail and Construction; Rachel Rodi, Mural Artist; George Zelinsky, Skechers President of Retail; David Lesser, Manhattan Beach Councilmember; Michael Greenberg, Skechers President; David Weinberg, Skechers Chief Operating Officer; Steve Napolitano, Manhattan Beach Mayor Pro Tem; Amy Howorth, Manhattan Beach Mayor (Photo: Business Wire)
Rachel Rodi Mosaic Installed at Skechers Manhattan Beach Store (Photo: Business Wire)
Skechers Unveils Mosaics in Tribute to the Manhattan Beach Community (Photo: Business Wire)
Apr 12, 2018 • 1:32 pm EDT
Rachel Rodi Personalizes the Company’s Heritage Store in Honor of its Hometown
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Manhattan Beach-based brand Skechers USA, Inc. (NYSE:SKX) recently commissioned renowned mosaic artist Rachel Rodi to create two intricate stained glass mosaics in tribute to its hometown. The mosaics were installed along the newly renovated heritage Skechers store, and were unveiled to the community at its grand opening celebration this week.
Skechers Unveils Mosaics in Tribute to the Manhattan Beach Community (Photo: Business Wire)
“Manhattan Beach has been at the heart of the Skechers brand throughout our entire 26-year history – from our first days designing utility shoes in a beach house, to our current corporate offices,” said Michael Greenberg, president of Skechers. “This incredible community has fostered and supported our growth, every step of the way – and we wanted to thank its residents with vivid art pieces that reflect the remarkable beauty of this wonderful town.”
Located in the cultural center of Downtown Manhattan Beach, the large-scale mosaics total 230 square feet of outdoor art depicting the city: an abstract interpretation of Manhattan Pier’s sunsets on Manhattan Avenue, and an underwater gallery highlighting the region’s unique sea life on Manhattan Beach Boulevard, in honor of the Roundhouse Aquarium.
“This is the first dual-sided mosaic installation that I have had the pleasure of creating on a retail store, and once I met with Skechers, I instantly understood why they call Manhattan Beach home,” added Rachel Rodi, who attended the unveiling. “It was an opportunity to share two personal stories about Manhattan Beach: to foreshadow its iconic pier down the hill, and celebrate the local sea life that is celebrated in the town’s Roundhouse Aquarium.”
Mr. Greenberg established the Harrison Greenberg Foundation Roundhouse Aquarium Beautification Project (http://roundhouseaquarium.org/) and is working with the City of Manhattan Beach to revitalize the town’s landmark Roundhouse Aquarium at the end of the pier, restoring its renowned architecture as it transforms its facilities into a groundbreaking interactive aquarium for future generations.
Just a few feet from its original location in 1994, the Company’s original store has also been updated to reflect Manhattan Beach’s iconic look – with a newly expanded exterior designed to appear as three separate shops to maintain the town’s village atmosphere. Now approximately 4,800 square feet, the new flagship store will be state of the art – a mid-century modern audio/video showcase offering dedicated Skechers lifestyle and performance shops, a fitting room for the brand’s growing apparel division, and diverse collections for men, women and children.
The Skechers heritage store featuring Rachel Rodi’s mosaics is located at 1121 Manhattan Avenue, Manhattan Beach, CA 90266. Patrons can view Rodi’s famed art collections at www.rachelrodi.com and http://www.rachelrodi.com/blog/.
About Skechers USA, Inc.
Skechers USA, Inc. (NYSE:SKX), based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, 2,570 Skechers Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/Skechers) and Twitter (twitter.com/SkechersUSA).
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 be,” “will continue,” “will result,” “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 international economic, political and market conditions including the challenging consumer retail markets in the United States; 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, 2017. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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
Jennifer Clay
310-937-1326
[email protected]
by Zach | Mar 26, 2018 | Press Release
Mar 26, 2018 • 11:30 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Following strong demand after launching in Asia, SKECHERS USA, Inc. (NYSE:SKX) is extending its anime collaboration to the United States and Canada with the launch of Skechers X One Piece. The colorful collection unites Toei Animation Inc’s popular anime series with Skechers D’Lites, one of the footwear company’s original styles.
Skechers launches limited edition One Piece collection in the United States and Canada (Photo: Business Wire)
“Pairing the iconic long-running anime series One Piece with one of our top heritage styles resonated with our consumers in South Korea and China who have been driving trends for the past few years,” began Michael Greenberg, president of Skechers. “And now fashion moves at light speed, so as influencers around the world had already been embracing Skechers D’lites and the chunky sneaker trend, we started to see style purveyors—from Hypebae, Hypebeast, GQ, and High Snobiety—covering Skechers X One Piece collaboration as a must have fashion style. We knew it was time to introduce the collaboration to the United States and Canada—and fast, and we’re glad it is with Toei Animation, the pioneers of Japanese animation.”
“As one of the most respected footwear brands in the world, we’re excited to partner with Skechers in launching this exciting fashion initiative in the United States and Canada,” said Masayuki Endo, President of Toei Animation Inc. “Skechers D’Lites embrace the energy and enthusiasm of our fans, who like One Piece’s Straw Hat Pirates, are always on the move looking for life’s next adventure. We are confident that this collaboration will yield long-lasting success for both Toei Animation Inc.’s and Skechers’ merchandising efforts.”
Previously exclusive to the South Korean and China markets, the collection will be imported in six different colorways, each embracing a unique One Piece character: Luffy, Chopper, Sanji, Zoro, Law, and Doflamingo. The footwear will initially be available beginning July 2018 at Skechers retail stores, www.skechers.com and select specialty stores.
Eiichiro Oda’s One Piece is the best-selling manga in history with more than 430 million copies worldwide. In 1997, it spawned an acclaimed anime series that has produced 890+ episodes. Following the adventures of Monkey D. Luffy and his fearless Straw Hat Pirates, fans are taken on a fantastical journey across a world teeming with wonders and imagination. A multi-generational property, it continues to captivate viewers both young and old. The story and its characters have also expanded across other media into film, television, and video/mobile game as well as theme park in Japan.
Skechers pioneered the chunky sneaker look two decades ago with the Skechers Energy for men and women as well as the Skechers Stamina for men. The style evolved and the Company introduced Skechers D’Lites—a lighter version of its original style—in 2007. Though the collection has always had a dedicated consumer base, sales accelerated across Asia over the last two years after regional marketing included K-Pop groups. In 2017, the Company relaunched an even lighter update of Skechers D’Lites in celebration of its ten-year anniversary.
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. SKECHERS footwear is available in the United States and over 160 countries and territories worldwide via department and specialty stores, 2,570 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
About Toei Animation, Inc.
Based in Los Angeles, Toei Animation Inc. manages the film distribution of Toei’s top properties, including Dragon Ball all series, Sailor Moon, One Piece, Digimon series, Saint Seiya, and many others to North America, Latin America, South Africa, Australia and New Zealand. Toei Animation’s Los Angeles office further handles all categories of consumer product licensing based on its film and television brands within these territories. For more information, please visit http://www.toei-animation-usa.com/.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 be,” “will continue,” “will result,” “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 international economic, political and market conditions including the challenging consumer retail markets in the United States; 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, 2017. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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 USA
Jennifer Clay
(310) 937-1326
[email protected]
or
SSA Public Relations
David Syatt
(818) 222-4000
[email protected]
by Zach | Mar 20, 2018 | Press Release
Mar 20, 2018 • 3:40 pm EDT
Skechers Performance™ Elite Athlete Celebrates Second Victory at the Event in only Three Years
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Skechers Performance™, a division of SKECHERS USA, Inc. (NYSE:SKX), celebrates the victory of its own elite athlete, Weldon Kirui, who won the 2018 Skechers Performance™ Los Angeles Marathon® on Sunday, March 18th. Weldon Kirui, of Kenya, won the men’s elite field in a time of 2:11:47. Weldon’s first place win is his fourth career marathon title and marks the second time in three years that he has won the Skechers Performance Los Angeles Marathon, beating his previous time of 2:13:06.
Skechers Performance elite athlete, Weldon Kirui, wins the 2018 Skechers Performance Los Angeles Marathon. (Photo: Business Wire)
“SKECHERS could not be more proud of Weldon and what he has accomplished as a Skechers Performance™ elite athlete – achieving two Los Angeles Marathon® victories in the past three years,” said David Weinberg, Chief Operating Officer of Skechers and presenter of the championship trophy during Sunday’s race. “Wrapping up our third year as title sponsor of the Skechers Performance™ Los Angeles Marathon® on a high note with Weldon’s victory is truly memorable.”
“Winning in Los Angeles for the second time was an amazing experience from start to end,” said Weldon Kirui. “I felt really good the entire course and then after that left turn onto Ocean Avenue, I was finally filled with confidence that it was going to happen. And it was extra special to have the support of the entire Skechers Performance team on my side.”
Weldon Kirui joined the Skechers Performance roster of elite athletes in 2016 and competed in Sunday’s race wearing the Skechers GOmeb Speed 5. Skechers Performance elite athletes Jane Kibii and Heather Lieberg also ran the iconic ‘stadium to the sea’ course as part of the elite women’s field.
Olympic medalist and Skechers Performance elite athlete Meb Keflezighi and Mr. Weinberg held the finish tape as Weldon Kirui won the men’s division. Meb Keflezighi retired from competitive marathon racing at the end of 2017, after an illustrious career highlighted by four Olympic appearances including a silver medal in 2004, as well as wins at both the New York City and Boston Marathons.
Since the launch of the Skechers Performance™ division in 2011, Skechers Performance™footwear and apparel has earned respect throughout the running world and won numerous awards within the footwear industry for its GOrun® collection. For updates on the collection, visit GOSkechers.com and follow @SkechersPerformance on Facebook, Instagram and Twitter. The Skechers GOrun® collection is available at Skechers retail stores and skechers.com as well as select retail partners including run specialty stores.
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. SKECHERS footwear is available in the United States and over 160 countries and territories worldwide via department and specialty stores, more than 2,570 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 be,” “will continue,” “will result,” “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 international economic, political and market conditions including the challenging consumer retail markets in the United States; 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, 2017. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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 USA, Inc.
Kelly O’Rourke, 310-424-8366
[email protected]
