by | May 13, 2010 | Press Release
May 13, 2010 • 9:05 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the lifestyle footwear industry, today announced that it has signed a licensing agreement with French Craft Leather Goods Co., Inc. to design, produce and distribute a SKECHERS-branded line of leather goods and accessories for men, women and kids. The new line of belts, buckles and wallets will hit retailers in June 2010.
“Over the last 18 years, the SKECHERS brand has grown to become a global leader in lifestyle footwear,” said Michael Greenberg, president of SKECHERS. “And now SKECHERS’ brand recognition is bigger than our core product, making this the perfect time to expand our licensing program into new categories. We couldn’t ask for a better partner than French Craft to help SKECHERS meet the needs of our consumers from head-to-toe and beyond.”
“French Craft is excited to be joining the SKECHERS family as a leather goods licensee,” began Andy Fox, president of French Craft. “We’re confident that this line will provide SKECHERS consumers with the perfect way to complement and accessorize the footwear and brand they love so much.”
Embracing the SKECHERS style and image, belts and wallets in the new trend-right collection will be constructed using full grain leather, split leather, suede, cotton, or nylon with a focus on contemporary embellishments and accents. Buckles will be cast in zinc, steel or brass. Additionally, the wallet line will include an assortment of trifolds, bifolds, credit card cases, front pocket wallets, checkbook wallets, pass cases and children’s coin purses.
“French Craft represents a strong addition to our fast growing portfolio of best-in-class licensees,” explained Paul Flett, senior vice president of licensing at SKECHERS. “Through this partnership we will develop synergic accessory products that complement our brand proposition. This ultimately helps us meet increasing consumer demand for SKECHERS across exciting new product categories.”
SKECHERS belts, buckles and wallets will be available in fine independent department, specialty and sporting goods stores throughout the United States and Canada.
In addition to French Craft, SKECHERS has partnered with licensees to produce a wide range of products including children’s apparel, sunglasses, legwear, medical scrubs, backpacks and bags. The Company is currently negotiating with additional licensees both domestic and abroad and continues to seek out partnerships and opportunities that will bring the SKECHERS brand to new product segments around the globe.
About French Craft Leather Goods Co., Inc.
French Craft Accessories was founded in 1934. Originally located in New York, the company relocated to Los Angeles in 1950. With over seventy years of industry experience, French Craft today is at the forefront in the fashion accessories field. The Company’s customers order from an enormous inventory of products in Los Angeles that includes belts, buckles, wallets, hats, watches, and gift sets. Wholesalers benefit from French Craft’s extensive merchandising staff which handle the complete design process from development and sampling through production and worldwide shipping. For more information, visit www.frenchcraft.com.
ABOUT SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, as well as in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com.
This announcement may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and 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, national and local general economic, political and market conditions including the global economic slowdown and the ongoing financial crisis and market instability; entry into the highly competitive performance footwear market; 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; 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 Form 10-K for the year ended December 31, 2009 and the Company’s Form 10-Q for the quarter ended March 31, 2010. The risks included here are not exhaustive. The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time and the Company cannot predict all such risk factors, nor can the Company assess the impact of all such risk factors on the 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.
by | May 11, 2010 | Press Release
May 11, 2010 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) today announced that David Weinberg, the Company’s Chief Operating Officer and Chief Financial Officer, will be presenting at the Robert W. Baird 2010 Growth Stock Conference to be held on Tuesday, May 18 – Thursday, May 20, at the Four Seasons Hotel in Chicago, Illinois.
SKECHERS’ investor presentation is scheduled for Thursday, May 20, at 12:35 p.m. CDT.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, as well as in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com.
by | Apr 28, 2010 | Press Release
Apr 28, 2010 • 4:00 pm EDT
- Net Sales of $492.8 Million
- Operating Income of $81.0 Million
- Net Earnings of $56.3 Million
- Diluted Earnings Per Share of $1.15
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced financial results for the first quarter ended March 31, 2010.
First quarter 2010 net sales increased 43.5 percent to $492.8 million compared to $343.5 million in the first quarter of 2009. Operating income for the first quarter of 2010 was $81.0 million compared to $6.2 million in the first quarter of 2009. Net earnings for the first quarter of 2010 were $56.3 million versus net earnings of $8.2 million in the first quarter of 2009. Diluted earnings per share were $1.15 based on 48,742,000 weighted average shares outstanding as compared to net earnings per diluted share of $0.18 based on 46,467,000 weighted average shares outstanding, which is an increase of approximately 2.3 million shares from the first quarter of 2009. The first quarter 2010 earnings are based on a higher tax rate of 31.5 percent; we currently expect our annual effective tax rate to be approximately 32 percent for 2010.
“Our first quarter net sales of nearly $500 million and earnings per share of $1.15 mark the highest quarterly sales and EPS in our nearly 18-year history, and continue the strong momentum we experienced in the second half of 2009,” began David Weinberg, chief operating officer and chief financial officer. “The significant revenue growth in our domestic and international wholesale and retail channels, increased profitability and much improved margins are evidence that we continue to grow market share in the global footwear market. We believe our momentum is the result of our strong product offering, backed by targeted marketing efforts, strong execution, and increased brand awareness globally.”
Gross profit for the first quarter of 2010 was $237.4 million or 48.2 percent of net sales compared to $125.4 million or 36.5 percent of net sales in the first quarter of last year.
Robert Greenberg, SKECHERS chief executive officer, commented: “Achieving record quarterly revenues is an incredible way to start both a new year and a new decade. We are extremely pleased with our growth – and what it means for us, the SKECHERS brand and our position in the world market. We believe challenging times, such as the past couple of years, present opportunities. We believe that our decisive actions in 2009, including the continued development of new product and consistent marketing efforts, resulted in our accelerated growth, improved profitability, and a growing buzz about SKECHERS in the first quarter. We see this momentum continuing for us and many of our retail partners as we remain dedicated to delivering fresh men’s, women’s and kids’ product and developing new marketing campaigns to support these efforts, including our latest with Hall of Fame quarterback Joe Montana. The strong growth we are experiencing is primarily the result of the positive reaction of consumers in the United States to our product offering. We believe this enthusiasm and acceptance is beginning to spread around the world as these new styles are just reaching South America, Europe, Asia, and beyond. It is an exciting place to be, the Number 2 athletic brand in the United States, and we are eager for continued growth in 2010 and throughout this decade.”
“With strong April sales in our wholesale and international business, double digit retail store comps, accelerating backlog, and the addition of 20 to 25 more retail stores in the United States and in new markets in Europe this year, we believe our momentum will continue throughout the year. More new relevant men’s, women’s and kids’ product will also be delivering for back to school in June and July, which can result in a shift in revenue between the second and third quarters,” Mr. Weinberg added. “We are well-positioned for growth in 2010 and beyond with clean inventory, a cash position of $326 million at quarter end, and a new, more efficient, 1.8 million-square-foot distribution center in Rancho Belago, California in development.”
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, as well as in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com.
This announcement may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and 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, national and local general economic, political and market conditions including the global economic slowdown and the ongoing financial crisis and market instability; entry into the highly competitive performance footwear market; 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; 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 Form 10-K for the year ended December 31, 2009. The risks included here are not exhaustive. The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time and the Company cannot predict all such risk factors, nor can the Company assess the impact of all such risk factors on the 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, December 31,
2010 2009
ASSETS
Current Assets:
Cash and cash equivalents $ 325,879 $ 265,675
Short-term investments - 30,000
Trade accounts receivable, net 291,963 219,924
Other receivables 4,619 12,177
Total receivables 296,582 232,101
Inventories 189,002 224,050
Prepaid expenses and other current assets 31,170 28,233
Deferred tax assets 8,950 8,950
Total current assets 851,583 789,009
Property and equipment, at cost less accumulated 174,072 171,667
depreciation and amortization
Intangible assets, less applicable amortization 8,618 9,011
Deferred tax assets 13,665 13,660
Other assets, at cost 13,183 12,205
TOTAL ASSETS $ 1,061,121 $ 995,552
LIABILITIES AND EQUITY
Current Liabilities:
Current installments of long-term borrowings $ 16,024 $ 529
Short-term borrowings 1,323 2,006
Accounts payable 184,325 196,163
Accrued expenses 40,886 31,843
Total current liabilities 242,558 230,541
Long-term borrowings, excluding current installments - 15,641
Total liabilities 242,558 246,182
Equity:
Skechers U.S.A., Inc. equity 815,249 745,922
Noncontrolling interests 3,314 3,448
Total equity 818,563 749,370
TOTAL LIABILITIES AND EQUITY $ 1,061,121 $ 995,552
SKECHERS U.S.A., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
Three Months Ended March 31,
2010 2009
Net sales $ 492,764 $ 343,470
Cost of sales 255,346 218,041
Gross profit 237,418 125,429
Royalty income 385 272
237,803 125,701
Operating expenses:
Selling 34,309 21,510
General and administrative 122,487 98,038
156,796 119,548
Income from operations 81,007 6,153
Other income (expense):
Interest, net 713 664
Other, net 209 (218 )
922 446
Earnings before income taxes 81,929 6,599
Income tax expense (benefit from) 25,806 (753 )
Net income 56,123 7,352
Less: Net income attributable to noncontrolling (173 ) (868 )
interest
Net earnings attributable to Skechers U.S.A., Inc. $ 56,296 $ 8,220
Net earnings per share attributable to Skechers
U.S.A., Inc.:
Basic $ 1.20 $ 0.18
Diluted $ 1.15 $ 0.18
Weighted average shares used in calculating
earnings per share attributable to Skechers U.S.A,
Inc.:
Basic 46,781 46,221
Diluted 48,742 46,467
by | Apr 22, 2010 | Press Release
Apr 22, 2010 • 8:24 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle footwear, announced today that the Company’s conference call to review its fiscal 2010 first quarter financial results will be broadcast live over the Internet on Wednesday, April 28, 2010 at 1:30 pm Pacific Time/4:30 pm Eastern Time. Participating on the call will be David Weinberg, Chief Operating Officer and Chief Financial Officer.
The call will be broadcast live over the Internet and can be accessed on the Investor Relations section of the Company’s website at www.skx.com. The call will be archived for two weeks. For those unable to participate during the live broadcast, a replay will be available beginning April 28, 2010 at 7:30 p.m. ET, through May 12, 2010 at 12:00 a.m. ET. To access the replay, dial 800-406-7325 (U.S.), and use passcode: 4282620.
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website. It is also available in over 100 countries and territories throughout the Company’s global network of distributors and subsidiaries in Canada, Brazil, and Chile, and across Europe, as well as through joint ventures in Asia. Please visit www.skechers.com for more information.
by | Mar 16, 2010 | Press Release
Mar 16, 2010 • 9:00 am EDT
The 1.82 million square-foot SKECHERS facility in California’s Inland Empire will be the largest LEED-certified building in the United States
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear and the No. 2 footwear company in the United States, joined developer Highland Fairview and California Governor Arnold Schwarzenegger Friday, March 12 to mark the groundbreaking of SKECHERS’ new 1.82 million square-foot distribution center in Rancho Belago, California.
With Highland Fairview, SKECHERS is constructing the facility to handle the distribution of its product in the United States and Canada. The distribution center will be the largest LEED-certified building in the United States. In addition, SKECHERS will be transitioning from 1.6 million square feet of distribution space across five buildings in Ontario, California, to the more efficient, automated, single facility. This will further reduce the Company’s energy consumption and environmental impact. The facility is expected to be completed in 2011.
Governor Arnold Schwarzenegger began his remarks at the groundbreaking by noting the unemployment rate in the region, and added: “SKECHERS will be the first phase of development here and that’s something to be celebrated. Plus, the fact that this will be the most environmentally sound, progressive, sophisticated building in the United States proves that what’s good for the economy can be good for the environment too.”
Commenting on his first visit to SKECHERS headquarters in Manhattan Beach in 1999 just after SKECHERS went public on the New York Stock Exchange, the Governor continued: “The Company was skyrocketing, and then they started expanding all over and they were in Europe and in Africa and in Asia; now they do business all over the world. I was a big fan of your shoes then. I’m a big fan of the SKECHERS shoes now.”
“This new facility will provide SKECHERS with the logistics and distribution support required to match our growth,” stated Michael Greenberg, president of SKECHERS. “By using the latest efficient technologies, we’re able to streamline our expenses while reducing our environmental impact at the same time. For SKECHERS, that’s a win-win.”
“We’re excited to be bringing a major global company like SKECHERS to Moreno Valley,” said Iddo Benzeevi, president of Highland Fairview. “This project will provide jobs and revenue in our city at a time when it needs it most. We hope with SKECHERS as the anchor, more large employers will discover the opportunity that exists here.”
ABOUT SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, as well as in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com.
ABOUT Highland Fairview
Highland Fairview is part of a privately held real estate development company specializing in the development of large scale commercial and residential projects. Highland Fairview and its affiliate companies currently own approximately five square miles of properties within Riverside County in Southern California which are in various stages of development. We are continuously inspired to marry new construction technology with sustainability in exceptional design.
This announcement may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and 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, national and local general economic, political and market conditions including the global economic slowdown and the ongoing financial crisis and market instability; entry into the highly competitive performance footwear market; 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; 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 Form 10-K for the year ended December 31, 2009. The risks included here are not exhaustive. The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time and the Company cannot predict all such risk factors, nor can the Company assess the impact of all such risk factors on the 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.
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by | Feb 25, 2010 | Press Release
Feb 25, 2010 • 8:55 am EST
Famed Art, Cultural and Shopping Magnet Draws Nearly 45 Million Annual Visitors
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the lifestyle footwear industry, today announced that the Company has opened a flagship store in the heart of Covent Garden, London’s premier destination for culture and leisure. Exclusively located on the Royal Opera House property across from the famed Covent Garden Market, the new SKECHERS location is a central magnet for shoppers worldwide.
“SKECHERS Covent Garden is the ultimate sales and branding tool,” said Michael Greenberg, president of SKECHERS. “Consumers can’t get enough of this world-famous district because it’s known for having it all – shops, restaurants, architecture, entertainment. And now, it’s also got SKECHERS – which means that millions of new customers and fans of the brand can enter our world, try on our styles, buy our product, and take the SKECHERS experience home to their countries.”
Designed to infuse the Opera House’s architectural design with SKECHERS’ sensory retail philosophy, the flagship store showcases sculptured gypsum wall panels and premium solid black oak flooring, as well as signature SKECHERS looks such as blue florescent acrylic wall displays and table tops, LCD screens, color-changing LED lighting, and light box graphics.
A living catalogue, the store features a broad range of SKECHERS athletic, casual and dress styles for men and women, along with a dedicated children’s department illuminated with the brand’s animated characters. The Company’s popular Shape-ups fitness footwear collection also prominently features in its own shop-in-shop, promoted with graphic images and four LCD screens playing Shape-ups instructional videos.
The SKECHERS Covent Garden store at 2/3 James Street is the latest in a growing network of global destinations showcasing the brand. In addition to the SKECHERS retail store on London’s Oxford Street, the Company’s flagship stores include high-profile locations in New York’s Times Square, Los Angeles’ Hollywood & Highland and Universal CityWalk, and San Francisco’s Powell Street, as well as Toronto, Paris, and Shanghai. SKECHERS currently owns and operates more than 280 retail stores in the United States, Canada, Europe and Asia.
ABOUT SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website; in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, and across Europe; and through joint ventures in Asia. For more information, please visit www.skechers.com.
This announcement may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and 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, national and local general economic, political and market conditions including the global economic slowdown and the ongoing financial crisis and market instability; 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; 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 Form 10-K for the year ended December 31, 2008 and the Company’s Form 10-Q for the quarter ended September 30, 2009. The risks included here are not exhaustive. The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time and the Company cannot predict all such risk factors, nor can the Company assess the impact of all such risk factors on the 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.
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