by Zach | Jun 4, 2024 | Press Release
Jun 4, 2024 • 9:00 am EDT
The Company’s philanthropic brand BOBS® celebrates the milestone with a month-long series of events to save and support animals in need
LOS ANGELES–(BUSINESS WIRE)–
Thousands of tails are wagging this National Foster a Pet Month, thanks to Skechers. The Comfort Technology Company® has surpassed $11 million in donations from sales of its BOBS® from Skechers® collection—funds that have helped save and support over 2 million animals in need since its start in 2015.
BOBS from Skechers shoes, as seen on Bijou from City Dogs Cleveland (courtesy of Petco Love). The philanthropic brand is celebrating its $11 million donation milestone this month with a series of events supporting animals in need. Since 2015, the brand’s contributions have saved and helped over 2 million shelter pets. (Photo: Business Wire)
BOBS from Skechers shoes, as seen on Bijou from City Dogs Cleveland (courtesy of Petco Love). The philanthropic brand is celebrating its $11 million donation milestone this month with a series of events supporting animals in need. Since 2015, the brand’s contributions have saved and helped over 2 million shelter pets. (Photo: Business Wire)
To commemorate the milestone, the Company has launched a month-long celebration that includes pet adoptions nationwide; grant checks to shelters across the country through its partnership with national non-profit animal-lifesaving organization Petco Love; and the culmination of its Paws for a Cause Design Scholarship, debuting limited-edition styles that were designed by its winning college students.
“Our $11 million milestone reflects how deeply consumers are engaging with our brand, and how much our impact has grown to help animals in need. The BOBS movement has become an organic, consumer-supported experience shared by pet lovers across North America,” said Michael Greenberg, president of Skechers.
Mr. Greenberg continued: “We’ve seen so many stories—from the girl who adopted her bulldog and nursed him to health and happiness in Washington to an elementary class that came together to adopt a therapy dog for their school in Michigan—even pilots who have taken to the air to help animals escape natural disasters. Every story has been unique, moving and life-changing for the animal and adopter. Together with the wonderful Paws for a Cause prints that our scholarship winners made in honor of their beloved shelter pets, these experiences unite our pet-loving community in such a beautiful, positive way.”
Printed on one of Skechers’ most popular BOBS sneaker silhouettes, the new Paws for a Cause mosaics will debut in mid-June. The designs were created by Cal State Fullerton student Teeny Nadeau in honor of her rescue cat Firefly who recently passed away from cancer, and USC student Maki Shigetani in tribute to her family’s dogs, whose unconditional love has helped support her mental health and brought her joy during the pandemic.
The Company’s events, in conjunction with partner Petco Love, will include mega-adoptions in Delaware, Florida and Texas; its annual Petco Love register round-up campaign at Skechers stores; a block party and adoption event with Petco Love in New York’s Union Square; and regional pet adoption events and grant presentations in North Carolina, California, and Tennessee, as well as in Canada. BOBS from Skechers will also enter the world of professional sports at the premiere Stanley Pup, featuring NHL hockey teams, athletes and celebrities to generate attention for adoptable pups nationwide, as well as distribute Paws for a Cause scholarships to Nadeau and Shigetani and provide checks to Southern California shelters spcaLA and MeoowzResQ.
“Skechers’ contribution will have an enormous impact—helping to employ our staff, provide medical services for our animals and continue our pet adoption efforts,” said Madeline Bernstein, president of spcaLA. “We’re deeply grateful for the generosity of Maki and Teeny, who are using their creative talents and love for shelter pets to help animals—as well as companies like Skechers that enable us to connect our adorable adoptables with more pet parents and change their lives forever.”
“Congratulations to Skechers on reaching this incredible milestone. Through sales of their BOBS styles, Skechers has donated more than $7.5 million to Petco Love supporting their network of animal welfare organizations,” added Susanne Kogut, president of Petco Love. “They’ve been an active, engaged partner at events nationwide and are continually finding new ways to raise awareness and save animals’ lives. They’ve put their heart into this mission for over eight years now, and we’re so proud and appreciative of their support.”
Through Skechers’ partnerships with Petco Love and its 4,000+ animal welfare organization network in the United States and Canada, Woodgreen Pets Charity in the UK and ALMA in Japan, BOBS has grown into a cross-continental lifesaving movement—donating funds through purchases of specially marked BOBS from Skechers product, and producing adoption, vaccination and check presentation events for animal welfare organizations. The BOBS from Skechers philanthropic collection is available online, at Skechers stores, and at department and specialty locations.
About SKECHERS U.S.A., Inc.
Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,200 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
About BOBS® from Skechers®
BOBS from Skechers’ charitable collection of shoes, apparel and accessories have improved animals’ lives: over the past eight years, Skechers has contributed more than $11 million to help over 2 million shelter pets, including saving more than 1.6 million rescued animals in the United States, Canada, United Kingdom and Japan. It all started in 2011, when Skechers launched a movement to support children impacted by natural disasters and poverty—a cause that has helped the Company donate more than 16 million new pairs of shoes to kids in more than 60 countries worldwide. To learn more about BOBS from Skechers’ commitment to making a difference, visit BOBSfromSkechers.com and follow the brand on Facebook and Instagram.
About Petco Love
Petco Love is a life-changing nonprofit organization that makes communities and pet families closer, stronger, and healthier. Since our founding in 1999 as the Petco Foundation, we’ve empowered animal welfare organizations by investing nearly $400 million in adoption and other lifesaving efforts. We’ve helped find loving homes for more than 6.8 million pets in partnership with Petco and organizations nationwide. Our love for pets drives us to lead with innovation, creating tools animal lovers need to reunite lost pets, and lead with passion, inspiring and mobilizing communities and our more than 4,000 animal welfare partners to drive lifesaving change alongside us. Is love calling you? Join us. Visit PetcoLove.org or follow us on Facebook, Instagram, X, Threads, and LinkedIn to be part of the lifesaving work we lead every day.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; 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, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
Source: SKECHERS U.S.A., Inc.
by Zach | May 16, 2024 | Press Release
May 16, 2024 • 12:00 pm EDT
Global Performance and Lifestyle Brand to Air its 12th Big Game Campaign in 2025
LOS ANGELES–(BUSINESS WIRE)–
Following football fans learning the fates of their teams with the 2024 NFL schedule announcement last night, Skechers is the first brand to secure its place at Super Bowl LIX on February 9, 2025. The early commitment of what will be the 12th appearance by Skechers at the event lays down the gauntlet for the advertising world as the global performance and lifestyle brand begins preparation for its biggest and best Big Game commercial to date.
“From the Euros to Paris, this is a pivotal year for athletic competition, and Skechers will be seen through every moment, starting right now as the first brand to announce our commitment to Super Bowl LIX in 2025,” said Michael Greenberg, president of Skechers. “This is the best stage in all of sports to communicate Skechers’ comfort and innovation message.”
Greenberg continued: “As the number three footwear brand in the world, we see tremendous growth possibilities in team sports with our recent entrance into basketball and soccer featuring elite players like Julius Randle and Harry Kane competing in Skechers. We are laser-focused on innovation in all we do—from product to marketing—and it will all be exemplified with an impactful Super Bowl campaign that represents our mantra as The Comfort Technology Company.”
Skechers has been a perennial advertiser during the Big Game, having appeared 11 times previously. The brand’s first appearance starred Joe Montana in 2010, and this year it featured Mr. T and Tony Romo. Other notable past Skechers Big Game commercial highlights include Snoop Dogg and Martha Stewart, Mark Cuban with a French bulldog named Mr. Quiggly, as well as Willie Nelson singing “On the Road Again.”
About SKECHERS U.S.A., Inc.
Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,200 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; 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, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
by Zach | May 14, 2024 | Press Release
Launching in July, Skechers x John Deere footwear offers the brands’ signature trends and comfort technologies for agricultural professionals, outdoor enthusiasts and trendsetters. (Photo: Business Wire)
Designed for the field, trail and street, Skechers x John Deere footwear will include patented Skechers Hands Free Slip-ins® Technology, Skechers Arch Fit® Technology, and Skechers Relaxed Fit® Technology. (Photo: Business Wire)
May 14, 2024 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)–
Nothing Runs Like a Deere™…including the new Skechers x John Deere footwear collection. Skechers, The Comfort Technology Company®, and John Deere, the iconic American brand and signature leaping deer logo, are joining forces to expand the work, outdoor and fashion industries worldwide with a co-branded professional and lifestyle offering. The footwear collection hitting stores in July 2024 is designed for agricultural professionals, construction workers, outdoor enthusiasts and trendsetters—all seeking top-of-their-field brands that offer the latest innovations.
Launching in July, Skechers x John Deere footwear offers the brands’ signature trends and comfort technologies for agricultural professionals, outdoor enthusiasts and trendsetters. (Photo: Business Wire)
“Skechers x John Deere is the union of two trusted American brands—bringing their appeal, their technologies, their style—all to deliver comfort that performs to millions who need and want it,” said Michael Greenberg, president of Skechers. “As the country’s number one work footwear brand, this new offering is a natural for us, but Skechers x John Deere also epitomizes the outdoors and fashion for millions of followers and fans. From specialty boutiques and leading department stores to work retailers, we plan to hit the ground running with the pinnacle of distribution around the world—as John Deere is best in class: a highly recognized and valued name with tremendous untapped potential for the greater market.”
“The John Deere brand is exemplified by the active, hard-working farmers, construction workers, maintenance crews and weekend warriors who bring our brand to life,” said Mara Downing, vice president of Corporate Communications and Brand Management. “We’re thrilled this partnership will bring the innovative, rugged and high-quality footwear Skechers is known for to all those who live and work just as hard as our customers.”
Greenberg added: “We’ve worked in close collaboration with John Deere’s team to ensure that our offering meets consumers’ needs—from our advanced technologies to durable designs emblazoned with their iconic colors. This collection will serve many demographics looking to add the Deere brand to their shoe collection—and we’re confident that Skechers x John Deere will build a devoted following across work, fashion and the street.”
Designed with sturdy construction and upgraded with premium and waterproof materials as well as protective features like PORON® XRD metatarsal protection, the new men’s collection offers function and fashion—pairing Deere’s rugged durability with Skechers’ legendary comfort, style, innovation, quality and value. The initial line will include patented Skechers Hands Free Slip-ins® Technology, Skechers Arch Fit® Technology and Skechers Relaxed Fit® Technology; children’s styles will feature kid-friendly innovations such as Skechers Air-Cooled Memory Foam® and machine washable technology.
Skechers x John Deere sport adventure, work, utility sneaker and casual styles will be available at Skechers retail stores and www.skechers.com, as well as premium retail partners and specialty retailers worldwide in July 2024.
About SKECHERS U.S.A., Inc.
Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and approximately 5,200 Company- and third-party-owned physical retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
About John Deere
Deere & Company (www.JohnDeere.com) is a global leader in the delivery of agricultural, construction, and forestry equipment. We help our customers push the boundaries of what’s possible in ways that are more productive and sustainable to help life leap forward. Our technology-enabled products including John Deere Autonomous 8R Tractor, See & Spray™, and E-Power Backhoe are just some of the ways we help meet the world’s increasing need for food, shelter, and infrastructure. Deere & Company also provides financial services through John Deere Financial. For more information on Deere & Company, visit us at www.deere.com/en/news/.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; 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, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
(310) 937-1326
Deere & Company
Jen Hartmann
Director, Public Relations
[email protected]
by Zach | Apr 29, 2024 | Press Release
Skechers’ first Skechers concept store in Brussels opens on the premier shopping street, Rue Neuve. (Photo: Business Wire)
Illuminated by a vaulted entry, the new Skechers Brussels retail store showcases Skechers’ expansive lifestyle comfort range, and features dedicated Skechers Performance and Skechers Apparel areas. (Photo: Business Wire)
Apr 29, 2024 • 3:00 am EDT
The Company Will Follow its New Concept Store on Rue Neuve with its First Retail Location in Bruges in May, Expanding the Brand’s Belgium Presence
WAALWIJK, Netherlands–(BUSINESS WIRE)–
Skechers, The Comfort Technology Company®, has opened its first concept store in Brussels on its most famous shopping street, Rue Neuve. Together with its store on Antwerp’s Meir and planned Bruges concept store opening in mid-May, the Company is expanding its retail presence as part of its commitment to building the brand across the country.
Skechers’ first Skechers concept store in Brussels opens on the premier shopping street, Rue Neuve. (Photo: Business Wire)
“For more than two decades now, Skechers has grown our presence in Benelux—reaching consumers from all walks of life with award-winning comfort technology products. Due to the breadth of our product, Skechers is available at some of the best stores in Belgium, and we are expanding our Skechers retail presence with more high-profile locations,” said Maurice van Berkel, general manager of Skechers USA Benelux B.V. “Our arrival in Brussels places us at the heart of one of Europe’s most cosmopolitan, trafficked and traveled destinations. Together with the tourists and locals who will soon visit our new location in Bruges and our successful Antwerp store, shoppers can enjoy the entire Skechers experience—with multiple destinations to explore our offering, coordinate our shoes and apparel, and slip into our popular Skechers Hands Free Slip-ins technologies and new Skechers Football product.”
“Belgium has played a key role in Skechers’ business. Wallonia is home to our European Distribution Center—the region’s largest—from where we serve consumers throughout Europe, and beyond,” added David Weinberg, chief operating officer of Skechers. “As a proud investor in the Belgium community and multi-year sponsor for Belgium-based Team WRT, we see more great opportunities to build our consumer-facing presence with these two new concept stores. Opening our doors in these capitals of business, tourism and culture is another natural step towards reaching our goal of $10 billion in annual revenues worldwide by 2026.”
Located near INNO and City2 shopping, the new 5,270-square-foot location at Rue Neuve 64 is designed in Skechers’ trademark modern décor—featuring an impressive vaulted entry and a large mural of the brand’s Southern California hometown of Manhattan Beach, as well as a digital screen and illuminated displays. The store houses the brand’s many footwear, apparel and accessory collections that resonate with the brand’s diverse consumers; dedicated Skechers Performance and Skechers Apparel shop-in-shops; and an assortment of the Company’s technologies for every activity.
From fashion collections like the brand’s partnership with Brussels-based artist Vexx for the Skechers x Vexx capsule to lifestyle product and performance shoes for sport enthusiasts, Skechers’ offering is enhanced with its signature comfort innovations—including its patented Skechers Hands Free Slip-ins® Technology, Skechers Arch Fit® Technology, Skechers Max Cushioning® Technology and Skechers Air-Cooled Memory Foam® Technology.
Along with the already opened Brussels Skechers store and the location opening in Bruges in mid-May, an additional Skechers store is opening in Kortrijk later this week, bringing the total Skechers retail store count to seven in Belgium. Consumers can also shop at Skechers.be and Skechers.be/fr, and leading retailers across the country.
About Skechers U.S.A. Benelux B.V. and Skechers U.S.A., Inc.
Skechers USA Benelux B.V. is a subsidiary of Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology Company® based in Southern California. Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and approximately 5,200 Company- and third-party-owned physical retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; 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, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Amber van Weert
Skechers U.S.A. Benelux B.V.
[email protected]
Mailien Nguyen
Team Lewis
[email protected]
by Zach | Apr 25, 2024 | Press Release
Apr 25, 2024 • 4:05 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology Company™ and a global footwear leader, today announced financial results for the first quarter ended March 31, 2024.
First Quarter Highlights
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Record sales of $2.25 billion, a 12.5% increase
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Wholesale sales grew 9.8%
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Direct-to-Consumer sales grew 17.3%
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Diluted earnings per share of $1.33, a 30.4% increase
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Repurchased $60.0 million of Class A common stock
“For the first quarter, Skechers achieved a new sales record of $2.25 billion, EPS of $1.33, gross margins of 52.5% and an operating margin of 13.3%, all notable accomplishments as we mark our 100th earnings call as a public company,” said David Weinberg, Chief Operating Officer of Skechers. “We saw growth of 17% in our Direct-to-Consumer segment and 10% in Wholesale, as well as increases of 15% internationally and 8% domestically. For the quarter, international sales represented 65% of total sales, and we achieved growth in all regions: 17% in Europe, the Middle East and Africa; 16% in Asia Pacific; and 8% in the Americas. Importantly, our domestic wholesale business returned to growth, increasing 8% over last year. With the strong global demand for our brand and a healthy inventory position comprised of proven sellers, innovative technologies and new product categories, we believe that we have significant opportunities for growth across the globe, and we remain confident in our on-going success.”
“We began the new year by setting a new sales record, delivering results above expectations, and further expanding the Skechers brand globally,” said Robert Greenberg, Chief Executive Officer of Skechers. “The broad-based growth is the result of our team’s dedication to delivering exceptional product for consumers of all ages and interests and supporting our initiatives with targeted and effective demand creation. Once again, we created a memorable commercial for the Super Bowl – this year with Mr. T and Tony Romo. In the quarter, we also broadcast our first Skechers Basketball campaigns starring NBA players Julius Randle and Terence Mann, entered the world of cricket by sponsoring one of the leading men’s and women’s teams in India, and grew our roster of Premier League footballers with the addition of Oleksandr Zinchenko. Along with our signature capsules with Martha Stewart and Snoop Dogg, we designed high-performance cleats for three more MLB players – Aaron Nola, Chris Taylor, and Brendan Donovan – and developed an even more robust offering of Skechers Hands Free Slip-ins footwear, which has become the number one Skechers comfort technology product in most markets. With our focus on evolving and innovating our extensive product offering, best-in-class partnerships with our distribution network, and exceptional global demand, we are confident that Skechers will have another record-breaking year.”
First Quarter 2024 Financial Results
|
|
|
Three Months Ended March 31,
|
|
|
Change
|
|
|
(in millions, except per share data)
|
|
2024
|
|
|
2023
|
|
|
$
|
|
|
%
|
|
|
Sales
|
|
$
|
2,251.6
|
|
|
$
|
2,001.9
|
|
|
|
249.7
|
|
|
|
12.5
|
|
|
Gross profit
|
|
|
1,181.6
|
|
|
|
978.6
|
|
|
|
203.0
|
|
|
|
20.7
|
|
|
Gross margin
|
|
|
52.5
|
%
|
|
|
48.9
|
%
|
|
|
|
|
360 bps
|
|
|
Operating expenses
|
|
|
882.8
|
|
|
|
755.0
|
|
|
|
127.8
|
|
|
|
16.9
|
|
|
As a % of sales
|
|
|
39.2
|
%
|
|
|
37.7
|
%
|
|
|
|
|
150 bps
|
|
|
Earnings from operations
|
|
|
298.8
|
|
|
|
223.6
|
|
|
|
75.2
|
|
|
|
33.6
|
|
|
Operating margin
|
|
|
13.3
|
%
|
|
|
11.2
|
%
|
|
|
|
|
210 bps
|
|
|
Net earnings attributable to Skechers U.S.A., Inc.
|
|
|
206.6
|
|
|
|
160.4
|
|
|
|
46.2
|
|
|
|
28.8
|
|
|
Diluted earnings per share
|
|
$
|
1.33
|
|
|
$
|
1.02
|
|
|
|
0.31
|
|
|
|
30.4
|
|
First quarter sales increased 12.5% as a result of a 15.2% increase internationally and a 7.8% increase domestically. Wholesale increased 9.8% and Direct-to-Consumer increased 17.3%. On a constant currency basis, sales increased 13.4%.
Wholesale sales grew $127.1 million, or 9.8%, including increases in EMEA of 11.5%, APAC of 15.3%, and AMER of 5.9%. Wholesale volume increased 9.9% and average selling price was flat.
Direct-to-Consumer sales grew $122.6 million, or 17.3%, including increases in APAC of 16.5%, AMER of 10.5%, and EMEA of 62.4%. Direct-to-Consumer volume increased 15.5% and average selling price increased 1.6%.
Gross margin was 52.5%, an increase of 360 basis points, primarily due to lower costs per unit, driven by lower freight costs and higher average selling prices.
Operating expenses increased $127.8 million, or 16.9%, and as a percentage of sales increased 150 basis points to 39.2%. Selling expenses increased $27.9 million, or 21.7%, and as a percentage of sales increased 50 basis points to 7.0%. The increase was due to higher demand creation expenditures. General and administrative expenses increased $99.9 million, or 15.9%, and as a percentage of sales increased 100 basis points to 32.3%. Increased expenses were primarily driven by increased labor and facility costs, including rent and depreciation.
Earnings from operations increased $75.2 million, or 33.6%, to $298.8 million, resulting in an operating margin of 13.3%.
Net earnings were $206.6 million and diluted earnings per share were $1.33 compared with prior year net earnings of $160.4 million and diluted earnings per share of $1.02.
In the first quarter, the Company’s effective income tax rate was 19.0%.
“Skechers continues to reach new milestones in expanding our global footprint. Achieving another sales record and exceptional earnings is a testament to the strength of our brand and our ability to meet consumers’ needs,” stated John Vandemore, Chief Financial Officer. “We remain committed to our growth strategy, further expanding our global reach and helping shoppers around the world enjoy the comfort and value of our Skechers products, and we have continued confidence in our goal of achieving $10 billion in sales by 2026.”
Balance Sheet
Cash, cash equivalents and investments totaled $1.25 billion, a decrease of $134.0 million, or 9.7% from December 31, 2023, due to working capital changes as well as $60.0 million of share repurchases and capital expenditures of $57.1 million. Decreases were partially offset by increased earnings.
Inventory was $1.36 billion, a decrease of $164.8 million or 10.8% from December 31, 2023.
Share Repurchase
During the first quarter, the Company repurchased 1.0 million shares of its Class A common stock at a cost of $60.0 million. As of March 31, 2024, $205.7 million remained available under the Company’s share repurchase program.
Outlook
For the second quarter of 2024, the Company believes it will achieve sales between $2.175 and $2.225 billion and diluted earnings per share of between $0.85 and $0.90. Further, the Company believes that for the fiscal year 2024, it will achieve sales between $8.725 and $8.875 billion and diluted earnings per share of between $3.95 and $4.10.
Store Count
|
|
|
Number of Stores
|
|
|
|
|
December 31, 2023
|
|
|
Opened
|
|
|
Closed
|
|
|
March 31, 2024
|
|
|
Domestic stores
|
|
|
563
|
|
|
10
|
|
|
(8
|
)
|
|
|
565
|
|
|
International stores
|
|
|
1,085
|
|
|
42
|
|
|
(21
|
)
|
|
|
1,106
|
|
|
Distributor, licensee and franchise stores
|
|
|
3,520
|
|
|
95
|
|
|
(83
|
)
|
|
|
3,532
|
|
|
Total Skechers stores
|
|
|
5,168
|
|
|
147
|
|
|
(112
|
)
|
|
|
5,203
|
|
First Quarter 2024 Conference Call
The Company will host a conference call at 4:30 p.m. ET / 1:30 p.m. PT on April 25, 2024 to discuss its first quarter 2024 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning April 25, 2024, at 7:30 p.m. ET, through May 9, 2024, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13745028.
About Skechers U.S.A., Inc.
Skechers, The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and approximately 5,200 Company- and third-party-owned physical retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; 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, 2023. Taking these and other risk factors, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
|
|
Condensed Consolidated Balance Sheets
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
As of
|
|
|
(in thousands)
|
|
March 31, 2024
|
|
|
December 31, 2023
|
|
|
ASSETS
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,020,458
|
|
|
$
|
1,189,910
|
|
|
Short-term investments
|
|
|
88,564
|
|
|
|
72,595
|
|
|
Trade accounts receivable, net
|
|
|
1,158,384
|
|
|
|
860,300
|
|
|
Other receivables
|
|
|
76,632
|
|
|
|
82,253
|
|
|
Inventory
|
|
|
1,360,630
|
|
|
|
1,525,409
|
|
|
Prepaid expenses and other
|
|
|
225,726
|
|
|
|
222,137
|
|
|
Total current assets
|
|
|
3,930,394
|
|
|
|
3,952,604
|
|
|
Property, plant and equipment, net
|
|
|
1,519,463
|
|
|
|
1,506,690
|
|
|
Operating lease right-of-use assets
|
|
|
1,298,349
|
|
|
|
1,276,171
|
|
|
Deferred tax assets
|
|
|
447,085
|
|
|
|
450,574
|
|
|
Long-term investments
|
|
|
143,503
|
|
|
|
123,996
|
|
|
Goodwill
|
|
|
101,230
|
|
|
|
101,230
|
|
|
Other assets, net
|
|
|
127,416
|
|
|
|
136,086
|
|
|
Total non-current assets
|
|
|
3,637,046
|
|
|
|
3,594,747
|
|
|
TOTAL ASSETS
|
|
$
|
7,567,440
|
|
|
$
|
7,547,351
|
|
|
LIABILITIES AND EQUITY
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
828,824
|
|
|
$
|
1,008,001
|
|
|
Accrued expenses
|
|
|
302,213
|
|
|
|
320,105
|
|
|
Operating lease liabilities
|
|
|
277,733
|
|
|
|
274,296
|
|
|
Current installments of long-term borrowings
|
|
|
233,756
|
|
|
|
46,571
|
|
|
Short-term borrowings
|
|
|
—
|
|
|
|
11,894
|
|
|
Total current liabilities
|
|
|
1,642,526
|
|
|
|
1,660,867
|
|
|
Long-term operating lease liabilities
|
|
|
1,122,157
|
|
|
|
1,108,110
|
|
|
Long-term borrowings
|
|
|
112,536
|
|
|
|
242,944
|
|
|
Deferred tax liabilities
|
|
|
12,167
|
|
|
|
12,594
|
|
|
Other long-term liabilities
|
|
|
124,363
|
|
|
|
122,794
|
|
|
Total non-current liabilities
|
|
|
1,371,223
|
|
|
|
1,486,442
|
|
|
Total liabilities
|
|
|
3,013,749
|
|
|
|
3,147,309
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
Preferred Stock
|
|
|
—
|
|
|
|
—
|
|
|
Class A Common Stock
|
|
|
132
|
|
|
|
133
|
|
|
Class B Common Stock
|
|
|
20
|
|
|
|
20
|
|
|
Additional paid-in capital
|
|
|
228,594
|
|
|
|
295,847
|
|
|
Accumulated other comprehensive loss
|
|
|
(86,020
|
)
|
|
|
(73,388
|
)
|
|
Retained earnings
|
|
|
4,003,352
|
|
|
|
3,796,730
|
|
|
Skechers U.S.A., Inc. equity
|
|
|
4,146,078
|
|
|
|
4,019,342
|
|
|
Noncontrolling interests
|
|
|
407,613
|
|
|
|
380,700
|
|
|
Total stockholders’ equity
|
|
|
4,553,691
|
|
|
|
4,400,042
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
7,567,440
|
|
|
$
|
7,547,351
|
|
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
|
|
|
Condensed Consolidated Statements of Earnings
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
(in thousands, except per share data)
|
|
2024
|
|
|
2023
|
|
|
Sales
|
|
$
|
2,251,587
|
|
|
$
|
2,001,928
|
|
|
Cost of sales
|
|
|
1,069,953
|
|
|
|
1,023,349
|
|
|
Gross profit
|
|
|
1,181,634
|
|
|
|
978,579
|
|
|
Operating expenses
|
|
|
|
|
|
|
Selling
|
|
|
156,501
|
|
|
|
128,560
|
|
|
General and administrative
|
|
|
726,335
|
|
|
|
626,442
|
|
|
Total operating expenses
|
|
|
882,836
|
|
|
|
755,002
|
|
|
Earnings from operations
|
|
|
298,798
|
|
|
|
223,577
|
|
|
Other (expense) income
|
|
|
(2,050
|
)
|
|
|
9,923
|
|
|
Earnings before income taxes
|
|
|
296,748
|
|
|
|
233,500
|
|
|
Income tax expense
|
|
|
56,370
|
|
|
|
43,216
|
|
|
Net earnings
|
|
|
240,378
|
|
|
|
190,284
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
33,756
|
|
|
|
29,841
|
|
|
Net earnings attributable to Skechers U.S.A., Inc.
|
|
$
|
206,622
|
|
|
$
|
160,443
|
|
|
Net earnings per share attributable to Skechers U.S.A., Inc.
|
|
|
|
|
|
|
Basic
|
|
$
|
1.35
|
|
|
$
|
1.03
|
|
|
Diluted
|
|
$
|
1.33
|
|
|
$
|
1.02
|
|
|
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
|
|
|
|
|
|
|
Basic
|
|
|
152,918
|
|
|
|
155,140
|
|
|
Diluted
|
|
|
155,119
|
|
|
|
156,755
|
|
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
|
|
Supplemental Financial Information
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Segment Information
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
Change
|
|
|
(in millions)
|
|
2024
|
|
|
2023
|
|
|
$
|
|
|
%
|
|
|
Wholesale sales
|
|
$
|
1,421.7
|
|
|
$
|
1,294.6
|
|
|
|
127.1
|
|
|
|
9.8
|
|
|
Gross profit
|
|
|
636.0
|
|
|
|
512.0
|
|
|
|
124.0
|
|
|
|
24.2
|
|
|
Gross margin
|
|
|
44.7
|
%
|
|
|
39.6
|
%
|
|
|
|
|
520 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct-to-Consumer sales
|
|
$
|
829.9
|
|
|
$
|
707.3
|
|
|
|
122.6
|
|
|
|
17.3
|
|
|
Gross profit
|
|
|
545.6
|
|
|
|
466.6
|
|
|
|
79.0
|
|
|
|
16.9
|
|
|
Gross margin
|
|
|
65.7
|
%
|
|
|
66.0
|
%
|
|
|
|
|
(20) bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$
|
2,251.6
|
|
|
$
|
2,001.9
|
|
|
|
249.7
|
|
|
|
12.5
|
|
|
Gross profit
|
|
|
1,181.6
|
|
|
|
978.6
|
|
|
|
203.0
|
|
|
|
20.7
|
|
|
Gross margin
|
|
|
52.5
|
%
|
|
|
48.9
|
%
|
|
|
|
|
360 bps
|
|
|
Additional Sales Information
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
Change
|
|
|
(in millions)
|
|
2024
|
|
|
2023
|
|
|
$
|
|
|
%
|
|
|
Geographic sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale
|
|
$
|
476.0
|
|
|
$
|
441.9
|
|
|
|
34.1
|
|
|
|
7.7
|
|
|
Direct-to-Consumer
|
|
|
322.8
|
|
|
|
299.0
|
|
|
|
23.8
|
|
|
|
8.0
|
|
|
Total domestic sales
|
|
|
798.8
|
|
|
|
740.9
|
|
|
|
57.9
|
|
|
|
7.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale
|
|
|
945.7
|
|
|
|
852.6
|
|
|
|
93.1
|
|
|
|
10.9
|
|
|
Direct-to-Consumer
|
|
|
507.1
|
|
|
|
408.4
|
|
|
|
98.7
|
|
|
|
24.1
|
|
|
Total international sales
|
|
|
1,452.8
|
|
|
|
1,261.0
|
|
|
|
191.8
|
|
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$
|
2,251.6
|
|
|
$
|
2,001.9
|
|
|
|
249.7
|
|
|
|
12.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (AMER)
|
|
$
|
1,019.5
|
|
|
$
|
945.9
|
|
|
|
73.6
|
|
|
|
7.8
|
|
|
Europe, Middle East & Africa (EMEA)
|
|
|
627.6
|
|
|
|
534.5
|
|
|
|
93.1
|
|
|
|
17.4
|
|
|
Asia Pacific (APAC)
|
|
|
604.5
|
|
|
|
521.5
|
|
|
|
83.0
|
|
|
|
15.9
|
|
|
Total sales
|
|
$
|
2,251.6
|
|
|
$
|
2,001.9
|
|
|
|
249.7
|
|
|
|
12.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China sales
|
|
$
|
319.5
|
|
|
$
|
282.0
|
|
|
|
37.5
|
|
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributor sales
|
|
$
|
125.9
|
|
|
$
|
103.9
|
|
|
|
22.0
|
|
|
|
21.2
|
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures
(Unaudited)
Constant Currency Adjustment (Non-GAAP Financial Measure)
We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results.
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2024
|
|
|
|
|
2023
|
|
|
Change
|
|
|
(in millions, except per share data)
|
|
Reported GAAP Measure
|
|
Constant Currency Adjustment
|
|
|
Adjusted for Non-GAAP Measures
|
|
|
Reported GAAP Measure
|
|
|
$
|
|
%
|
|
|
Sales
|
|
$
|
2,251.6
|
|
|
$
|
18.2
|
|
|
$
|
2,269.8
|
|
|
$
|
2,001.9
|
|
|
|
267.9
|
|
|
|
13.4
|
|
|
|
Cost of sales
|
|
|
1,070.0
|
|
|
|
6.9
|
|
|
|
1,076.9
|
|
|
|
1,023.3
|
|
|
|
53.6
|
|
|
|
5.2
|
|
|
|
Gross profit
|
|
|
1,181.6
|
|
|
|
11.3
|
|
|
|
1,192.9
|
|
|
|
978.6
|
|
|
|
214.3
|
|
|
|
21.9
|
|
|
|
Operating expenses
|
|
|
882.8
|
|
|
|
8.7
|
|
|
|
891.5
|
|
|
|
755.0
|
|
|
|
136.5
|
|
|
|
18.1
|
|
|
|
Earnings from operations
|
|
|
298.8
|
|
|
|
2.6
|
|
|
|
301.4
|
|
|
|
223.6
|
|
|
|
77.8
|
|
|
|
34.8
|
|
|
|
Other income (expense)
|
|
|
(2.0
|
)
|
|
|
4.3
|
|
|
|
2.3
|
|
|
|
9.8
|
|
|
|
(7.5
|
)
|
|
|
(76.5
|
)
|
|
|
Income tax expense
|
|
|
56.4
|
|
|
|
0.6
|
|
|
|
57.0
|
|
|
|
43.2
|
|
|
|
13.8
|
|
|
|
31.9
|
|
|
|
Less: Noncontrolling interests
|
|
|
33.8
|
|
|
|
1.0
|
|
|
|
34.8
|
|
|
|
29.8
|
|
|
|
5.0
|
|
|
|
16.6
|
|
|
|
Net earnings attributable to Skechers U.S.A., Inc.
|
|
$
|
206.6
|
|
|
$
|
5.3
|
|
|
$
|
211.9
|
|
|
$
|
160.4
|
|
|
|
51.5
|
|
|
|
32.1
|
|
|
|
Diluted earnings per share
|
|
$
|
1.33
|
|
|
$
|
0.04
|
|
|
$
|
1.37
|
|
|
$
|
1.02
|
|
|
|
0.35
|
|
|
|
34.3
|
|
|
Investor Relations
Sonia Reback
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
by Zach | Apr 2, 2024 | Press Release
Apr 2, 2024 • 9:00 am EDT
Future Baseball Hall of Famer Appears in Skechers Hands Free Slip-ins® Campaign
LOS ANGELES–(BUSINESS WIRE)–
Global footwear brand Skechers introduces some legendary batting power to its lineup by signing former Cardinals and Angels star Albert Pujols as its latest brand ambassador. The two-time world champion and future Hall of Famer known as La Máquina will star in Spanish-language campaigns designed to educate fans about easy-to-wear and comfortable Skechers Hands Free Slip-ins®.
Baseball legend Albert Pujols stars in Skechers Hands Free Slip-ins® campaign. (Photo: Business Wire)
Baseball legend Albert Pujols stars in Skechers Hands Free Slip-ins® campaign. (Photo: Business Wire)
“After 22 years on the field, I’m ready to take it easy, so these amazing shoes from Skechers that I can put on without any effort are exactly what I need,” said Albert Pujols. “I’m excited to be part of the Skechers team. All it took was stepping into a pair of Skechers Hands Free Slip-ins and it was a home run for me.”
“We know that the appeal of Skechers Hands Free Slip-ins extends beyond age, location or demographic,” added Michael Greenberg, president of Skechers. “With his legendary performance at the plate over a storied decades-long career, Albert Pujols is beloved by fans from Los Angeles to St. Louis and throughout the Caribbean and Americas—making him the perfect ambassador to share our Skechers Hands Free Slip-ins campaign with Spanish-speaking markets. He’s part of our strategy to ensure that every consumer around the world understands how easy it is to just slip in and go with this signature Skechers innovation.”
From his earliest days in Santo Domingo, Dominican Republic, Albert Pujols always had a natural talent for baseball and grew to become one of the greatest players in Major League Baseball history. Through 22 seasons in the big leagues, Pujols has been most associated with the St. Louis Cardinals and Los Angeles Angels as a first baseman and designated hitter. In addition to winning two championships with the Cardinals, his career accolades include three-time National League MVP, 11-time All-Star, six-time Silver Slugger, and two-time Gold Glove winner. When Pujols retired in 2022, he was number two all-time for both RBIs and total bases, and only the fourth player ever to surpass 700 home runs. Pujols has also been recognized for his community service as the 2008 recipient of Major League Baseball’s Roberto Clemente Award, which is given annually to the player who best exemplifies sportsmanship and community involvement, as well as receiving the Muhammad Ali Sports Humanitarian Award at the 2022 ESPYS.
Skechers fields a team of global ambassadors like music icon Snoop Dogg, lifestyle legend Martha Stewart, stage and screen star Ashley Park, and a slate of former professional athletes including Tony Romo, Howie Long, and Sugar Ray Leonard. The roster of elite pros around the world currently competing in Skechers footwear includes NBA stars Julius Randle and Terance Mann, golfers Matt Fitzpatrick and Brooke Henderson, soccer players Harry Kane and Oleksandr Zinchenko, Dodgers pitcher Clayton Kershaw, as well as pickleball pros Tyson McGuffin and Catherine Parenteau.
An award-winning global brand, Skechers leads the industry with comfort technologies including Skechers Hands Free Slip-ins®, Skechers Arch Fit®, Skechers Hyper Burst®, and Skechers Air-Cooled Memory Foam®, among others.
About SKECHERS U.S.A., Inc.
Skechers U.S.A., Inc. (NYSE:SKX), a Fortune 500® company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. Collections from The Comfort Technology Company® are available in 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and approximately 5,170 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; 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, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
Source: Skechers U.S.A., Inc.