by | Jan 29, 2009 | Press Release
Jan 29, 2009 • 9:08 am EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced that it has been named 2008 Company of the Year by Footwear Plus magazine. This award marks the third time in four years that SKECHERS has claimed the top prize in the Plus Awards for Design Excellence.
The Plus Awards are nominated and voted on annually by footwear retailers nationwide, and recognize design excellence for the year.
“We are humbled and honored to be named Company of the Year by our industry retailers,” began Michael Greenberg, president of SKECHERS. “To be nominated along with a group of exceptionally strong brands in such a challenging year for our industry, this award serves as an acknowledgement for the achievement of our company and the hard work of our talented team.”
“Congratulations to SKECHERS for receiving the Plus Award in the ‘Company of the Year’ category,” stated Greg Dutter, Editorial Director of Footwear Plus magazine. “As everyone knows, the past year has presented unprecedented challenges yet SKECHERS posted record sales growth. The company forged ahead with aggressive marketing campaigns, new launches and brand extensions–proving time and again that growth opportunities remain despite a difficult retail climate.”
Greenberg added: “Retailers are on the forefront of determining the trends and brands that are relevant today, so we believe that this award is a reflection of consumers’ growing demand and enthusiasm in SKECHERS and our entire house of fashion brands. We look forward to building on this success by delivering fresh product that consumers desire domestically and around the world.”
SKECHERS has twice before been recognized by Footwear Plus as Company of the Year in 2005 and 2006. Additionally, SKECHERS received Plus Awards for Design Excellence in 2000 for Young Women’s Fashion, in 2001 for Women’s Streetwear, and in 2002 for Kids’ Fashion. SKECHERS’ fashion brand, Marc Ecko, won Plus Awards for Design Excellence in Men’s Streetwear for 2005 and again in 2006.
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, and across Europe, as well as through joint ventures in China and Hong Kong. Please visit www.skechers.com or call the Company’s information line at 877-INFO-SKX.
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; intense competition among sellers of footwear for consumers; changes in fashion trends and consumer demands; popularity of particular designs and categories of products; the level of sales during the spring, back-to-school and holiday selling seasons; the ability to anticipate, identify, interpret or forecast changes in fashion trends, consumer demand for the products and the various market factors described above; the ability to maintain brand image; the ability to sustain, manage and forecast growth and inventories; the ability to secure and protect trademarks, patents and other intellectual property; the loss of any significant customers, decreased demand by industry retailers and cancellation of order commitments; potential disruptions in manufacturing related to overseas sourcing and concentration of production in China, including, without limitation, difficulties associated with political instability in China, the occurrence of a natural disaster or outbreak of a pandemic disease in China, or electrical shortages, labor shortages or work stoppages that may lead to higher production costs and/or production delays; changes in monetary controls and valuations of the Yuan by the Chinese government; increased costs of freight and transportation to meet delivery deadlines; violation of labor or other laws by independent contract manufacturers, suppliers or licensees; potential imposition of additional duties, tariffs or other trade restrictions; business disruptions resulting from natural disasters such as an earthquake due to the location of domestic warehouses, headquarters and a substantial number of retail stores in California; changes in business strategy or development plans; changes in economic conditions that could affect the ability to open retail stores in new markets and/or the sales performance of existing stores; the ability to attract and retain qualified personnel; the disruption, expense and potential liability associated with existing or unanticipated future litigation; and other factors referenced or incorporated by reference in Skechers’ Form 10-K for the year ended December 31, 2007 and Skechers’ Form 10-Q for the quarter ended September 30, 2008. The risks included here are not exhaustive. We operate 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 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 | Jan 7, 2009 | Press Release
Jan 7, 2009 • 9:00 am EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced that David Weinberg, the Company’s Chief Operating Officer, and Fred Schneider, the Company’s Chief Financial Officer, will be presenting at the 11th Annual ICR XChange Conference, to be held on January 14-15, 2009, at The St. Regis Monarch Beach Resort & Spa, Dana Point, Calif.
SKECHERS’ investor presentation is scheduled for Wednesday, January 14, 2009, at 2:40 p.m. (PST).
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, and across Europe, as well as through a joint venture in China and Hong Kong. Please visit www.skechers.com or call the Company’s information line at 877-INFO-SKX.
by | Jan 6, 2009 | Press Release
Jan 6, 2009 • 8:59 am EST
LOS ANGELES–(BUSINESS WIRE)– SKECHERS USA (NYSE:SKX), a global leader in the lifestyle footwear industry, today announced that Adjmi Apparel Group has been named the licensee for a new SKECHERS-branded children’s clothing line set to launch in Fall 2009 at department, specialty and online retailers that carry SKECHERS Kids footwear.
Through this agreement, Adjmi will design, distribute and market a line of fashionable and comfortable SKECHERS apparel for boys 12 months through size 7, and girls in 12 months through size 16.
“SKECHERS Kids has become the number one children’s footwear resource for many key accounts and independents,” stated Michael Greenberg, president of SKECHERS. “Our colorful and comfortable range has met the needs of the smaller set for fifteen years, and has continued to grow – thanks in part to the birth of our characters – Elastika(R), Kewl Breeze(R), Super Z Strap(R) and HyDee Hi-Top(R). On most weekends and through many weeknights, we are entertaining children on leading network and cable stations with creative, memorable and appealing spots. We hear the positive reaction from accounts as children and their parents request the latest styles they saw on TV. The demand for SKECHERS Kids footwear is ever growing, and developing cool apparel will create a head-to-toe SKECHERS experience. We’re excited to have Adjmi on board and look forward to the first collection.”
“SKECHERS Kids is considered to be one of America’s top children’s footwear brands,” said Eric Adjmi, founder of the Adjmi Apparel Group. “The diversity of SKECHERS’ distribution and account base is in synch with the range of our family of apparel brands. We’re looking forward to our first delivery and to a long partnership with SKECHERS.”
The agreement with Adjmi follows a domestic licensee deal with The Betesh Group to produce SKECHERS bags.
ABOUT ADJMI APPAREL GROUP
Adjmi Apparel Group based in New York City was founded in 1976 as a children’s apparel importer. It has since developed into four prominent companies in the apparel industry – covering boys’ newborn through menswear and girls’ newborn through ladies ready-to-wear. Each of these four companies is focused to a specific market in the industry.
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, and across Europe, as well as through joint ventures in China and Hong Kong. Please visit www.skechers.com or call the Company’s information line at 877-INFO-SKX.
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; intense competition among sellers of footwear for consumers; changes in fashion trends and consumer demands; popularity of particular designs and categories of products; the level of sales during the spring, back-to-school and holiday selling seasons; the ability to anticipate, identify, interpret or forecast changes in fashion trends, consumer demand for the products and the various market factors described above; the ability to maintain brand image; the ability to sustain, manage and forecast growth and inventories; the ability to secure and protect trademarks, patents and other intellectual property; the loss of any significant customers, decreased demand by industry retailers and cancellation of order commitments; potential disruptions in manufacturing related to overseas sourcing and concentration of production in China, including, without limitation, difficulties associated with political instability in China, the occurrence of a natural disaster or outbreak of a pandemic disease in China, or electrical shortages, labor shortages or work stoppages that may lead to higher production costs and/or production delays; changes in monetary controls and valuations of the Yuan by the Chinese government; increased costs of freight and transportation to meet delivery deadlines; violation of labor or other laws by independent contract manufacturers, suppliers or licensees; potential imposition of additional duties, tariffs or other trade restrictions; business disruptions resulting from natural disasters such as an earthquake due to the location of domestic warehouse, headquarters and a substantial number of retail stores in California; changes in business strategy or development plans; changes in economic conditions that could affect the ability to open retail stores in new markets and/or the sales performance of existing stores; the ability to attract and retain qualified personnel; the disruption, expense and potential liability associated with existing or unanticipated future litigation; and other factors referenced or incorporated by reference in the Company’s Form 10-K for the year ended December 31, 2007 and the Company’s Form 10-Q for the quarter ended September 30, 2008. The risks included here are not exhaustive. We operate 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 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 | Nov 26, 2008 | Press Release
Nov 26, 2008 • 9:00 am EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced that David Weinberg, the Company’s Chief Operating Officer, and Fred Schneider, the Company’s Chief Financial Officer, will be presenting at the 9th Annual Wedbush Morgan Securities California Dreamin’ Conference, to be held December 9th though December 10th, 2008, at The Fairmont Miramar Hotel in Santa Monica, California.
The Skechers investor presentation is scheduled for Wednesday, December 10, 2008, at 10:30 a.m. PT.
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, and across Europe, as well as through a joint venture in China and Hong Kong. Please visit www.skechers.com or call the Company’s information line at 877-INFO-SKX.
by | Nov 4, 2008 | Press Release
Nov 4, 2008 • 11:01 am EST
High-Profile Location Debuts Innovative New Store Design at Company’s Largest Concept Store
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)–
SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced the opening of a high-profile flagship store in the heart of San Francisco’s premier shopping area – just off the Powell and Market streets’ cable car stop and bordering Union Square. The three-floor SKECHERS location is also the Company’s largest concept store at 7,500 square feet. The store features 800 unique styles and is capable of housing 20,000 units of footwear and apparel.
Located in a historic building on the corner of Powell and O’Farrell streets, SKECHERS’ new store design both reflects the Company’s image as well as the Art Deco architecture of the building, which was constructed in 1933. The store features modern curved fixtures, two 12-foot by 4-foot LED screens, seven plasma screens, thermo clear panels on the 16-foot ceiling, and a three-dimensional “super block wall” constructed from Styrofoam and plaster. SKECHERS also restored the original green terra cotta tiles and copper pipes on the upper exterior walls surrounding 18-foot bay windows and the original black granite at the street level.
“Our new Powell Street flagship store has everything we require in a retail location and more,” began Michael Greenberg, SKECHERS president. “It is in one of the premier tourist and shopping locations in San Francisco with tens of millions of visitors annually. It is in an unbelievably beautiful building that both reflects the brand’s image and furthers its reputation. The consumers that shop for our footwear and apparel in this store will be in for an incredible experience.”
In a highly trafficked area within a block of H&M and Macy’s, the SKECHERS store at 200 Powell Street includes one level of men’s and women’s footwear, and a second level of children’s footwear and SKECHERS men’s and women’s apparel.
Designed as brand-building tools and living catalogs, SKECHERS retail stores are in prime tourist locations worldwide, including flagship stores in New York’s Times Square, Los Angeles’ Hollywood & Highland and Universal City Walk, Toronto, London, Paris, and Shanghai. SKECHERS currently owns and operates more than 215 retail stores in the United States, Canada, Europe and Asia.
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, and across Europe, as well as through joint ventures in China and Hong Kong. Please visit www.skechers.com or call the Company’s information line at 877-INFO-SKX.
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; intense competition among sellers of footwear for consumers; changes in fashion trends and consumer demands; popularity of particular designs and categories of products; the level of sales during the spring, back-to-school and holiday selling seasons; the ability to anticipate, identify, interpret or forecast changes in fashion trends, consumer demand for the products and the various market factors described above; the ability to maintain brand image; the ability to sustain, manage and forecast growth and inventories; the ability to secure and protect trademarks, patents and other intellectual property; the loss of any significant customers, decreased demand by industry retailers and cancellation of order commitments; potential disruptions in manufacturing related to overseas sourcing and concentration of production in China, including, without limitation, difficulties associated with political instability in China, the occurrence of a natural disaster or outbreak of a pandemic disease in China, or electrical shortages, labor shortages or work stoppages that may lead to higher production costs and/or production delays; changes in monetary controls and valuations of the Yuan by the Chinese government; increased costs of freight and transportation to meet delivery deadlines; violation of labor or other laws by independent contract manufacturers, suppliers or licensees; potential imposition of additional duties, tariffs or other trade restrictions; business disruptions resulting from natural disasters such as an earthquake due to the location of domestic warehouse, headquarters and a substantial number of retail stores in California; changes in business strategy or development plans; changes in economic conditions that could affect the ability to open retail stores in new markets and/or the sales performance of existing stores; the ability to attract and retain qualified personnel; the disruption, expense and potential liability associated with existing or unanticipated future litigation; and other factors referenced or incorporated by reference in the Company’s Form 10-K for the year ended December 31, 2007 and the Company’s Form 10-Q for the quarter ended June 30, 2008. The risks included here are not exhaustive. We operate 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 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 | Oct 22, 2008 | Press Release
Oct 22, 2008 • 4:00 pm EDT
— Record Third Quarter 2008 Net Sales of $403.2 Million; — Record Nine Month 2008 Net Sales of $1.143 Billion; — Third Quarter 2008 Net Earnings of $28.3 Million
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)–
SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced financial results for the quarter ended September 30, 2008.
Net sales for the third quarter of 2008 were $403.2 million compared to $395.0 million in the third quarter of 2007. Net earnings for the quarter were $28.3 million versus net earnings of $24.7 million in the third quarter of 2007. Net earnings per diluted share were $0.60 on 46.8 million diluted shares outstanding, versus diluted earnings per share of $0.53 on 46.7 million diluted shares outstanding for the third quarter of 2007. Earnings for the third quarter of 2008 reflects a tax benefit resulting from an advance pricing agreement reached with the Internal Revenue Service during the quarter, which will lower the Company’s ongoing effective annual tax rate from 34 percent to 27 percent.
“SKECHERS broke its quarterly sales record with its first $400 million-plus quarter, an achievement made during a soft retail environment,” stated Fred Schneider, chief financial officer of SKECHERS. “Although we achieved record revenues, we did not grow quite to the degree that we had expected in our domestic, international and retail businesses due to the economic climate. However, based on our high single-digit backlog increase and reports from our key retailers, we believe that our product is well-positioned in the marketplace and will withstand the current economic challenges.”
For the nine months ended September 30, 2008 net sales were $1.143 billion compared to net sales of $1.092 billion in the first nine months of 2007. Net earnings for the first nine months were $75.8 million compared to net earnings of $63.6 million in the first nine months of 2007. Net earnings per diluted share in the first nine months of 2008 were $1.62 per share on 46.8 million diluted shares outstanding, versus $1.37 per share on 46.8 million diluted shares outstanding for the same period last year.
Gross profit for the third quarter of 2008 was $171.5 million compared to $171.7 million in the third quarter of 2007. Gross margin was 42.5 percent for the third quarter of 2008 compared to 43.5 percent in the third quarter of 2007. Gross profit for the first nine months of 2008 reached $500.9 million or 43.8 percent of net sales versus $472.7 million or 43.3 percent of net sales in the first nine months of 2007.
Robert Greenberg, chief executive officer of SKECHERS, said: “Our first $400 million-plus sales quarter is a reflection of the strength of our back-to-school and fall collections supported by our advertising efforts. The incredible diversity of our product offerings and our affordable price points has allowed us to maintain our position in the market during this very difficult environment. Our core SKECHERS product lines remain solid, and our fashion lines have shown double-digit growth. The addition of Punkrose and Public Royalty has broadened our offering with a junior sneaker business for women and men. Our product is in place and we’re supporting it with a multi-level marketing campaign that also utilizes the power of American Idol winner David Cook for SKECHERS and High School Musical star Vanessa Hudgens for Red by Marc Ecko. We believe our image and product resonates with consumers globally, and we are continuing to experience growth in international markets around the world. We are particularly pleased with our position in Europe, as well as in Brazil where we launched last year, and in China and Hong Kong, both of which we are now joint ventures. We will continue to build great product that is relevant for the global footwear market, and believe that our current focused product offering and marketing will drive sales through this year and the coming year.”
David Weinberg, SKECHERS’ chief operating officer, stated: “Despite the challenging economic environment, SKECHERS has been able to maintain a strong position in the market and further improve its balance sheet. We remain financially solid with cash, cash equivalents and long-term investments of over $239 million, representing in excess of $5 per share, and are continuing plans for measured growth in the United States and abroad. We are cautious about the remainder of the year given the soft global economic environment, but we remain confident that the Company is well positioned for sustainable long-term profitability and to continue to increase its share of the global footwear market.”
The Company now expects net sales for the fourth quarter of 2008 to be in the range of $305 million to $320 million and net earnings per diluted share of $0.15 to $0.23.
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, and across Europe, as well as through a joint venture in China and Hong Kong. Please visit www.skechers.com or call the Company’s information line at 877-INFO-SKX.
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; intense competition among sellers of footwear for consumers; changes in fashion trends and consumer demands; popularity of particular designs and categories of products; the level of sales during the spring, back-to-school and holiday selling seasons; the ability to anticipate, identify, interpret or forecast changes in fashion trends, consumer demand for the products and the various market factors described above; the ability to maintain brand image; the ability to sustain, manage and forecast growth and inventories; the ability to secure and protect trademarks, patents and other intellectual property; the loss of any significant customers, decreased demand by industry retailers and cancellation of order commitments; potential disruptions in manufacturing related to overseas sourcing and concentration of production in China, including, without limitation, difficulties associated with political instability in China, the occurrence of a natural disaster or outbreak of a pandemic disease in China, or electrical shortages, labor shortages or work stoppages that may lead to higher production costs and/or production delays; changes in monetary controls and valuations of the Yuan by the Chinese government; increased costs of freight and transportation to meet delivery deadlines; violation of labor or other laws by independent contract manufacturers, suppliers or licensees; potential imposition of additional duties, tariffs or other trade restrictions; business disruptions resulting from natural disasters such as an earthquake due to the location of domestic warehouse, headquarters and a substantial number of retail stores in California; changes in business strategy or development plans; changes in economic conditions that could affect the ability to open retail stores in new markets and/or the sales performance of existing stores; the ability to attract and retain qualified personnel; the disruption, expense and potential liability associated with existing or unanticipated future litigation; and other factors referenced or incorporated by reference in the Company’s Form 10-K for the year ended December 31, 2007 and the Company’s Form 10-Q for the quarter ended June 30, 2008. The risks included here are not exhaustive. We operate 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 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)
September December
30, 31,
2008 2007
--------- --------
ASSETS
Current Assets:
Cash and cash equivalents $150,980 $199,516
Short-term investments - 104,500
Trade accounts receivable, net 212,533 167,406
Other receivables 7,849 10,520
--------- --------
Total receivables 220,382 177,926
--------- --------
Inventories 250,070 204,211
Prepaid expenses and other current assets 26,728 13,993
Deferred tax assets 8,594 8,594
--------- --------
Total current assets 656,754 708,740
--------- --------
Property and equipment, at cost less accumulated
depreciation and amortization 133,800 98,400
Intangible assets, less applicable amortization - 78
Deferred tax assets 15,981 13,983
Long-term investments 88,450 -
Other assets, at cost 19,265 6,776
--------- --------
TOTAL ASSETS $914,250 $827,977
========= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current installments of long-term borrowings $ 404 $ 437
Accounts payable 177,479 164,466
Accrued expenses 22,293 19,949
--------- --------
Total current liabilities 200,176 184,852
--------- --------
Long-term borrowings, excluding current
installments 16,180 16,462
Minority interest 2,865 -
Stockholders' equity 695,029 626,663
--------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $914,250 $827,977
========= ========
SKECHERS U.S.A., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
--------- -------- ----------- ----------
Net sales $403,159 $395,033 $1,142,656 $1,092,140
Cost of sales 231,628 223,363 641,760 619,403
--------- -------- ----------- ----------
Gross profit 171,531 171,670 500,896 472,737
Royalty income 591 998 1,660 3,392
--------- -------- ----------- ----------
172,122 172,668 502,556 476,129
--------- -------- ----------- ----------
Operating expenses:
Selling 40,911 37,657 105,037 105,448
General and
administrative 106,462 98,431 304,540 274,888
--------- -------- ----------- ----------
147,373 136,088 409,577 380,336
--------- -------- ----------- ----------
Other income (expense):
Interest, net 354 1,710 2,295 3,843
Other, net (828) 298 (81) 129
--------- -------- ----------- ----------
(474) 2,008 2,214 3,972
--------- -------- ----------- ----------
Earnings before income taxes
and minority interest 24,275 38,588 95,193 99,765
Income tax expense (3,639) 13,844 20,175 36,173
Minority interest in loss
of consolidated
subsidiary (375) - (756) -
--------- -------- ----------- ----------
Net earnings $ 28,289 $ 24,744 $ 75,774 $ 63,592
========= ======== =========== ==========
Net earnings per share:
Basic $ 0.61 $ 0.54 $ 1.65 $ 1.41
========= ======== =========== ==========
Diluted $ 0.60 $ 0.53 $ 1.62 $ 1.37
========= ======== =========== ==========
Weighted average shares:
Basic 46,115 45,721 46,000 45,095
========= ======== =========== ==========
Diluted 46,835 46,654 46,770 46,769
========= ======== =========== ==========
