by Zach | Feb 15, 2024 | Press Release
Feb 15, 2024 • 9:00 am EST
Global Footwear Brand Opens 5,000th Skechers Location
LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology Company® and third-largest athletic footwear brand in the world, announces that it has surpassed 5,000 Skechers-branded retail store locations throughout more than 120 countries. Expanding the reach of Skechers shopping destinations currently operating globally, key openings leading up to the milestone have been in Chile, Greece, India, Mexico, South Korea, the United States, and the 5,000th store in Bogotá, Colombia.
5,000th Skechers-branded retail store in Bogotá, Colombia. (Photo: Business Wire)
5,000th Skechers-branded retail store in Bogotá, Colombia. (Photo: Business Wire)
“Every Skechers store brings valuable engagement with consumers to build an increased awareness for our brand,” said Michael Greenberg, president of Skechers. “Skechers stores are the best place for fans to experience the signature comfort, style and innovation of our products—and when they do, they’re loyal for life. It started in 1995 with the original Skechers store opening in Manhattan Beach near our corporate offices. From there, we opened our first international store in Japan, the 100th in Times Square, the 3,000th in China and now our 5,000th store in Colombia. Every location offers the same look and feel to carry the Skechers brand with consistency across six continents. With an additional 140 to 160 more Company-owned stores planned this year and hundreds of stores opening annually with our partners, we are on the road to 10,000 Skechers stores.”
From fashion styles to lifestyle product and performance shoes for sport enthusiasts, Skechers’ offering is enhanced with the Company’s signature comfort innovations—including its patented Skechers Hands Free Slip-ins® Technology, Skechers Arch Fit® Technology, Skechers Max Cushioning® Technology, Skechers Hyper Burst Pro™ Technology, Skechers Air-Cooled Memory Foam®, Skechers Relaxed Fit® Technology, and Skechers Performance FitKnit® Technology.
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, 2022 and its quarterly reports on Form 10-Q in 2023. 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 | Feb 7, 2024 | Press Release
Feb 7, 2024 • 9:00 am EST
Delaware Chancery Court Dismisses with Prejudice the Complaint Against All Named Former and Current Directors
LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. announced today that the Delaware Chancery Court dismissed with prejudice the July 21, 2022 shareholder derivative lawsuit against all current and former members of the Skechers Board of Directors named as defendants in that action. The Court dismissed the action with prejudice.
Skechers President Michael Greenberg commented, “We are sincerely pleased with the Court’s ruling, but it certainly comes as no surprise. We have always believed that this lawsuit should not have been permitted to proceed. We feel vindicated that the Court agreed.”
A link to the Court’s opinion can be found here: https://courts.delaware.gov/Opinions/Download.aspx?id=359600
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 over 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, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time, and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Media Contact:
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Feb 5, 2024 | Press Release
Feb 5, 2024 • 9:00 am EST
Big Game Viewers to Also See That There’s Only One ‘T’ in Skechers
LOS ANGELES–(BUSINESS WIRE)–
A spelling lesson may be unexpected during the Big Game, yet Skechers is returning for the 11th time with a commercial that does exactly that. This year, the Company is reminding the event’s massive television audience that while the brand has never had a ‘t’ in its name, there is one very memorable ‘t’ in Skechers…Mr. T.
Mr. T puts the ‘t’ in Skechers Hands Free Slip-ins® for Skechers Big Game campaign. (Graphic: Business Wire)
Mr. T puts the ‘t’ in Skechers Hands Free Slip-ins® for Skechers Big Game campaign. (Graphic: Business Wire)
In a follow up to his first Skechers commercial that premiered in 2023, the A-Team icon is back—this time in Skechers Hands Free Slip-ins® to illustrate how the convenient signature Skechers innovation makes it easier than ever to put the ‘t’ in pairs across the Company’s diverse product offering. A surprise cameo serves as the voice of reason to challenge the misperception on how the brand spells its name. The spot will air nationally during the third quarter.
“With this Hands Free Slip-ins technology, they make it so easy to put the ‘t’ in Skechers!” said Mr. T. “Just slip in and now ‘t’ is in the Big Game with Skechers too! I pity the fool who’s bending down and dealing with laces nonsense!”
“Skechers has been around for more than thirty years and while there’s never been a ‘t’ in our name, some people keep making the same mistake,” added Michael Greenberg, president of Skechers. “While we’re not going to change the spelling of our name, there is something that we can do for fans of the brand just in time for the Big Game: we’re not putting any old ‘t’ in Skechers…we’re putting THE ‘T’…Mr. T! And with the convenience and comfort of Skechers Hands Free Slip-ins, we’re able to effortlessly put the ‘t’ in pairs for every need or activity.”
This year’s spot marks the 11th time Skechers has advertised during the Big Game. The brand’s first appearance starred Joe Montana in 2010, and last year Skechers introduced Snoop Dogg as the brand’s latest ambassador and collaborator in a spot that also featured Martha Stewart, Howie Long and Tony Romo. Other notable past Skechers Big Game commercials include Mark Cuban with a French bulldog named Mr. Quiggly, as well as Willie Nelson singing “On the Road Again.”
Mr. T is an actor, former wrestler and television personality known for his signature gold chains, mohawk and distinctive nickname. He began his career as a celebrity bodyguard and bouncer before breaking into film in the role of rival Clubber Lang in Rocky III. Since then, he’s appeared in multiple films and television series including the animated Mister T and his most memorable role as Sgt. Bosco “B.A.” Baracus in the hit series, The A-Team.
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, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Jennifer Clay
SKECHERS USA, Inc.
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Feb 1, 2024 | Press Release
Feb 1, 2024 • 4:05 pm EST
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 fourth quarter and full year ended December 31, 2023.
2023 Highlights
Fourth Quarter Highlights
“Skechers achieved a new fourth quarter sales record of $1.96 billion, and a record gross margin of 53.1%. This success reflects the strong worldwide demand for our comfort technology products, especially in our Direct-to-Consumer business which grew 20%. Our Wholesale business experienced a decrease in sales of 8%, as several retailers continued to conservatively manage their inventory levels. However, we are optimistic that this behavior is changing based upon early reads from January shipments and positive order trends for the first half of the year,” stated David Weinberg, Chief Operating Officer of Skechers. “Regionally in the quarter, Asia Pacific grew 15%, led by double-digit growth in China, the Americas grew 3%, and Europe, Middle East and Africa decreased 7%. For the full-year, we achieved a new annual sales record of $8.00 billion, reduced inventory levels by 16%, and continued to invest in our distribution facilities, including new locations in India, Canada and Latin America. We begin 2024 confident in the strength of our brand and continued growth in both our Direct-to-Consumer and Wholesale segments globally.”
“Skechers’ new annual sales record of $8.00 billion was the result of the broad acceptance for our products worldwide, our loyal and growing consumer base, the cultivated relationships with our partner network, and our determined and dedicated team,” began Robert Greenberg, Chief Executive Officer of Skechers. “As always, product and marketing are paramount to our success, with comfort, quality, style and innovation inspiring every collection. Throughout the year, we delivered fresh styles of our proven Skechers Hands Free Slip-ins, understanding that consumers of all ages appreciate the comfort and convenience of this technology. We also introduced partnerships and a capsule collection with Martha Stewart and Snoop Dogg, who appeared in a joint Super Bowl campaign. Skechers Performance signed Europe’s top goal scorer for 2023, Harry Kane, as well as other premier players for the launch of Skechers Football. We further expanded our product offering and elite-level roster with NBA players Julius Randle and Terance Mann, both competing in Skechers Basketball. With over 5,000 Skechers retail stores and becoming a Fortune 500 company, our brand’s global reach continues to expand. Our product initiatives and diverse line-up of athletes and ambassadors offers numerous opportunities to tell the Skechers story, and further grow our business globally. Given our momentum, we are confident that 2024 will be another successful year for the Company.”
Fourth Quarter 2023 Financial Results
Three Months Ended December 31,
Change
(in millions, except per share data)
2023
2022
$
%
Sales
$
1,960.9
$
1,878.8
82.1
4.4
Gross profit
1,041.4
909.7
131.7
14.5
Gross margin
53.1
%
48.4
%
470 bps
Operating expenses
911.1
823.0
88.1
10.7
As a % of sales
46.5
%
43.8
%
270 bps
Earnings from operations
130.3
86.6
43.7
50.4
Operating margin
6.6
%
4.6
%
200 bps
Net earnings attributable to Skechers U.S.A., Inc.
87.2
75.5
11.7
15.4
Diluted earnings per share
$
0.56
$
0.48
0.08
16.7
Fourth quarter sales increased 4.4% as a result of a 6.9% increase internationally and a 0.3% increase domestically. Direct-to-Consumer increased 20.3% and Wholesale decreased 8.3%. On a constant currency basis, sales increased 2.8%.
Wholesale sales declined $86.6 million, or 8.3%, including decreases in EMEA of 19.5% and AMER of 7.4%, partially offset by an increase in APAC of 7.1%. Wholesale volume decreased 9.5% and average selling price increased 1.2%.
Direct-to-Consumer sales grew $168.7 million, or 20.3%, including increases in APAC of 21.2%, AMER of 14.6%, and EMEA of 53.1%. Direct-to-Consumer volume increased 11.8% and average selling price increased 7.7%.
Gross margin was 53.1%, an increase of 470 basis points, primarily due to higher average selling prices, a higher proportion of Direct-to-Consumer sales, and lower costs per unit, driven by lower freight costs.
Operating expenses increased $88.1 million, or 10.7%, and as a percentage of sales increased 270 basis points to 46.5%. Selling expenses increased $25.0 million, or 15.8%, and as a percentage of sales increased 90 basis points to 9.3%. The increase was due to higher brand demand creation expenditures. General and administrative expenses increased $63.1 million, or 9.5%, and as a percentage of sales increased 170 basis points to 37.1%. Increased expenses were primarily driven by increased facility costs, including rent and depreciation, and labor. These were partially offset by decreases in volume-driven labor and warehouse and distribution expenses from the supply chain and logistical challenges in the prior year.
Earnings from operations increased $43.7 million, or 50.4%, to $130.3 million, resulting in an operating margin of 6.6%.
Net earnings were $87.2 million and diluted earnings per share were $0.56 compared with prior year net earnings of $75.5 million and diluted earnings per share of $0.48.
In the fourth quarter, the Company’s effective income tax rate was 20.3%.
“Skechers’ record sales and earnings demonstrate the strong global position of our brand, compelling product assortment, and worldwide execution capabilities,” said John Vandemore, Chief Financial Officer of Skechers. “2023 was a dynamic year full of challenges, which the Skechers team faced with outstanding determination and agility. We are optimistic about 2024, where we will continue to execute against our long-term growth strategy of expanding internationally and deepening our Direct-to-Consumer relationships, and we remain confident in our sales goal of $10 billion by 2026.”
Full Year 2023 Financial Results
Year Ended December 31,
Change
(in millions, except per share data)
2023
2022
$
%
Sales
$
8,000.3
$
7,444.5
555.8
7.5
Gross profit
4,152.4
3,515.4
637.0
18.1
Gross margin
51.9
%
47.2
%
470 bps
Operating expenses
3,367.6
2,968.7
398.9
13.4
As a % of sales
42.1
%
39.9
%
220 bps
Earnings from operations
784.8
546.7
238.1
43.6
Operating margin
9.8
%
7.3
%
250 bps
Net earnings attributable to Skechers U.S.A., Inc.
545.8
373.0
172.8
46.3
Diluted earnings per share
$
3.49
$
2.38
1.11
46.6
Full year sales increased 7.5%, reflecting a 13.3% increase internationally and a 0.8% decrease domestically. Direct-to-Consumer increased 24.3% and Wholesale decreased 2.8%. On a constant currency basis, sales increased 7.9%.
Wholesale sales decreased $127.6 million, or 2.8%, due to a decrease in AMER of 10.6%, partially offset by increases in APAC of 12.6% and EMEA of 0.1%. Wholesale volume decreased 8.7% and average selling price increased 6.3%.
Direct-to-Consumer sales grew $683.4 million, or 24.3%, due to increases in AMER of 21.5%, APAC of 22.0%, and EMEA of 49.2%. Direct-to-Consumer volume increased 19.6% and average selling price increased 4.0%.
Gross margin was 51.9%, an increase of 470 basis points, primarily driven by higher average selling prices and a higher proportion of Direct-to-Consumer sales.
Operating expenses increased $398.9 million or 13.4%. As a percentage of sales, operating expenses increased 220 basis points to 42.1%. Selling expenses increased $93.3 million or 16.0%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $305.7 million or 12.8%, primarily driven by labor, and facility costs, including rent and depreciation. These were partially offset by decreases in volume-driven labor and warehouse and distribution expenses from the supply chain and logistical challenges in the prior year.
Earnings from operations increased $238.1 million to $784.8 million, resulting in an operating margin of 9.8%.
Net earnings were $545.8 million and diluted earnings per share were $3.49, an increase of 46.6% over the prior year.
The Company’s effective income tax rate was 18.8%.
Balance Sheet
Cash, cash equivalents and investments totaled $1.39 billion, an increase of $598.1 million, or 75.9% from December 31, 2022, due to increased earnings and favorable changes in working capital, primarily inventory. Increases were partially offset by capital expenditures of $323.7 million, $160.1 million of share repurchases, and payments of $70.4 million, net of cash acquired, related to the acquisition of our Scandinavian distributor.
Inventory was $1.53 billion, a decrease of $292.6 million or 16.1% from December 31, 2022.
Share Repurchase
During the fourth quarter, the Company repurchased 1.1 million shares of its Class A common stock at a cost of $60.0 million. In 2023, the Company repurchased 3.2 million shares of its Class A common stock at a cost of $160.1 million. As of December 31, 2023, approximately $265.7 million remained available under the Company’s share repurchase program.
Outlook
For the fiscal year 2024, the Company believes it will achieve sales between $8.60 and $8.80 billion and diluted earnings per share of between $3.65 and $3.85. The Company believes that for the first quarter of 2024, it will achieve sales between $2.175 and $2.225 billion and diluted earnings per share of between $1.05 and $1.10. Further, the Company believes that total capital expenditures will be between $350 and $400 million in 2024, inclusive of construction of the Company’s second distribution center in China.
Store Count
Number of Stores
December 31, 2022
Opened(1)
Closed(1)
December 31, 2023
Domestic stores
539
35
(11
)
563
International stores
905
268
(88
)
1,085
Distributor, licensee and franchise stores
3,093
841
(414
)
3,520
Total Skechers stores
4,537
1,144
(513
)
5,168
(1)
Includes the conversion of 58 third-party stores to International stores previously included in Distributor stores as a result of the acquisition of our Scandinavian distributor.
Fourth Quarter 2023 Conference Call
The Company will host a conference call today, February 1, at 4:30 p.m. ET / 1:30 p.m. PT to discuss its fourth quarter 2023 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 February 1, 2024, at 7:30 p.m. ET, through February 15, 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: 13743148.
About Skechers U.S.A., Inc.
Skechers U.S.A., Inc., 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 approximately 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.
Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation 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, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
As of
As of
(in thousands)
December 31, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
$
1,189,910
$
615,733
Short-term investments
72,595
102,166
Trade accounts receivable, net
860,300
848,287
Other receivables
82,253
86,036
Inventory
1,525,409
1,818,016
Prepaid expenses and other
222,137
176,035
Total current assets
3,952,604
3,646,273
Property, plant and equipment, net
1,506,690
1,345,370
Operating lease right-of-use assets
1,276,171
1,200,565
Deferred tax assets
450,574
454,190
Long-term investments
123,996
70,498
Goodwill
101,230
93,497
Other assets, net
136,086
83,094
Total non-current assets
3,594,747
3,247,214
TOTAL ASSETS
$
7,547,351
$
6,893,487
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
1,008,001
$
957,384
Accrued expenses
320,105
294,143
Operating lease liabilities
274,296
238,694
Current installments of long-term borrowings
46,571
103,184
Short-term borrowings
11,894
19,635
Total current liabilities
1,660,867
1,613,040
Long-term operating lease liabilities
1,108,110
1,063,672
Long-term borrowings
242,944
216,488
Deferred tax liabilities
12,594
8,656
Other long-term liabilities
122,794
120,045
Total non-current liabilities
1,486,442
1,408,861
Total liabilities
3,147,309
3,021,901
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
133
134
Class B Common Stock
20
21
Additional paid-in capital
295,847
403,799
Accumulated other comprehensive loss
(73,388
)
(84,897
)
Retained earnings
3,796,730
3,250,931
Skechers U.S.A., Inc. equity
4,019,342
3,569,988
Noncontrolling interests
380,700
301,598
Total stockholders’ equity
4,400,042
3,871,586
TOTAL LIABILITIES AND EQUITY
$
7,547,351
$
6,893,487
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(in thousands, except per share data)
2023
2022
2023
2022
Sales
$
1,960,940
$
1,878,785
$
8,000,342
$
7,444,550
Cost of sales
919,557
969,105
3,847,938
3,929,193
Gross profit
1,041,383
909,680
4,152,404
3,515,357
Operating expenses
Selling
182,926
157,951
676,890
583,626
General and administrative
728,164
665,092
2,690,728
2,385,061
Total operating expenses
911,090
823,043
3,367,618
2,968,687
Earnings from operations
130,293
86,637
784,786
546,670
Other income (expense)
10,426
15,731
16,086
(24,413
)
Earnings before income taxes
140,719
102,368
800,872
522,257
Income tax expense
28,589
9,866
150,949
93,095
Net earnings
112,130
92,502
649,923
429,162
Less: Net earnings attributable to noncontrolling interests
24,948
16,987
104,124
56,134
Net earnings attributable to Skechers U.S.A., Inc.
$
87,182
$
75,515
$
545,799
$
373,028
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.57
$
0.49
$
3.53
$
2.40
Diluted
$
0.56
$
0.48
$
3.49
$
2.38
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
153,516
155,162
154,533
155,627
Diluted
155,571
156,278
156,256
156,608
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
Segment Information
Three Months Ended December 31,
Change
(in millions)
2023
2022
$
%
Wholesale sales
$
962.6
$
1,049.2
(86.6
)
(8.3
)
Gross profit
393.2
375.2
18.0
4.8
Gross margin
40.9
%
35.8
%
510 bps
Direct-to-Consumer sales
$
998.3
$
829.6
168.7
20.3
Gross profit
648.2
534.4
113.8
21.3
Gross margin
64.9
%
64.4
%
50 bps
Total sales
$
1,960.9
$
1,878.8
82.1
4.4
Gross profit
1,041.4
909.7
131.7
14.5
Gross margin
53.1
%
48.4
%
470 bps
Year Ended December 31,
Change
(in millions)
2023
2022
$
%
Wholesale sales
$
4,504.8
$
4,632.4
(127.6
)
(2.8
)
Gross profit
1,846.8
1,669.3
177.5
10.6
Gross margin
41.0
%
36.0
%
500 bps
Direct-to-Consumer sales
$
3,495.5
$
2,812.1
683.4
24.3
Gross profit
2,305.6
1,846.1
459.5
24.9
Gross margin
66.0
%
65.6
%
30 bps
Total sales
$
8,000.3
$
7,444.5
555.8
7.5
Gross profit
4,152.4
3,515.4
637.0
18.1
Gross margin
51.9
%
47.2
%
470 bps
Additional Sales Information
Three Months Ended December 31,
Change
(in millions)
2023
2022
$
%
Geographic sales
Domestic
Wholesale
$
327.5
$
365.4
(37.9
)
(10.4
)
Direct-to-Consumer
385.4
345.4
40.0
11.6
Total domestic sales
712.9
710.8
2.1
0.3
International
Wholesale
635.1
683.8
(48.7
)
(7.1
)
Direct-to-Consumer
612.9
484.2
128.7
26.6
Total international sales
1,248.0
1,168.0
80.0
6.9
Total sales
$
1,960.9
$
1,878.8
82.1
4.4
Regional sales
Americas (AMER)
$
955.4
$
925.6
29.8
3.2
Europe, Middle East & Africa (EMEA)
383.5
413.7
(30.2
)
(7.3
)
Asia Pacific (APAC)
622.0
539.5
82.5
15.3
Total sales
$
1,960.9
$
1,878.8
82.1
4.4
China sales
$
376.7
$
308.0
68.7
22.3
Distributor sales
$
139.6
$
160.7
(21.1
)
(13.1
)
Year Ended December 31,
Change
(in millions)
2023
2022
$
%
Geographic sales
Domestic
Wholesale
$
1,567.8
$
1,831.6
(263.8
)
(14.4
)
Direct-to-Consumer
1,482.4
1,243.5
238.9
19.2
Total domestic sales
3,050.2
3,075.1
(24.9
)
(0.8
)
International
Wholesale
2,937.0
2,800.8
136.2
4.9
Direct-to-Consumer
2,013.1
1,568.6
444.5
28.3
Total international sales
4,950.1
4,369.4
580.7
13.3
Total sales
$
8,000.3
$
7,444.5
555.8
7.5
Regional sales
Americas (AMER)
$
3,945.7
$
3,854.4
91.3
2.4
Europe, Middle East & Africa (EMEA)
1,831.8
1,699.2
132.6
7.8
Asia Pacific (APAC)
2,222.8
1,890.9
331.9
17.5
Total sales
$
8,000.3
$
7,444.5
555.8
7.5
China sales
$
1,228.6
$
1,062.7
165.9
15.6
Distributor sales
$
463.9
$
557.1
(93.2
)
(16.7
)
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 December 31,
2023
2022
Change
(in millions, except per share data)
Reported
GAAP Measure
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
1,960.9
$
(29.6
)
$
1,931.3
$
1,878.8
52.5
2.8
Cost of sales
919.5
(12.1
)
907.4
969.1
(61.7
)
(6.4
)
Gross profit
1,041.4
(17.5
)
1,023.9
909.7
114.2
12.6
Operating expenses
911.1
(10.1
)
901.0
823.0
78.0
9.5
Earnings from operations
130.3
(7.4
)
122.9
86.6
36.3
41.8
Other income (expense)
10.4
(6.9
)
3.5
15.8
(12.3
)
(77.8
)
Income tax expense (benefit)
28.6
(1.9
)
26.7
9.9
16.8
171.0
Less: Noncontrolling interests
24.9
(0.2
)
24.7
17.0
7.7
45.7
Net earnings attributable to Skechers U.S.A., Inc.
$
87.2
$
(12.2
)
$
75.0
$
75.5
(0.5
)
(0.6
)
Diluted earnings per share
$
0.56
$
(0.08
)
$
0.48
$
0.48
–
–
Year Ended December 31,
2023
2022
Change
(in millions, except per share data)
Reported
GAAP Measure
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
8,000.3
$
32.6
$
8,032.9
$
7,444.5
588.4
7.9
Cost of sales
3,847.9
16.1
3,864.0
3,929.1
(65.1
)
(1.7
)
Gross profit
4,152.4
16.5
4,168.9
3,515.4
653.5
18.6
Operating expenses
3,367.6
13.5
3,381.1
2,968.7
412.4
13.9
Earnings from operations
784.8
3.0
787.8
546.7
241.1
44.1
Other income (expense)
16.0
(15.6
)
0.4
(24.5
)
24.9
n/m
Income tax expense
150.9
0.6
151.5
93.1
58.4
62.7
Less: Noncontrolling interests
104.1
2.3
106.4
56.1
50.3
89.5
Net earnings attributable to Skechers U.S.A., Inc.
$
545.8
$
(15.5
)
$
530.3
$
373.0
157.3
42.2
Diluted earnings per share
$
3.49
$
(0.10
)
$
3.39
$
2.38
1.01
42.4
Investor Relations
Sonia Reback
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Jan 25, 2024 | Press Release
Jan 25, 2024 • 9:00 am EST
The Company has selected two talented Southern California college students whose adopted animals inspired their personal graphic prints
LOS ANGELES–(BUSINESS WIRE)–
Pet lovers, give a round of paws for the two talented winners of Skechers’ Paws for a Cause Design Scholarship! The brand is awarding Southern California juniors Teeny Nadeau of Cal State Fullerton and Maki Shigetani of USC with tuition funds and corporate mentorships, and will produce their creative animal prints on a key BOBS from Skechers® style as part of a limited-edition collection in June 2024.
The winners of the Skechers Paws for a Cause Scholarship in the dog and cat categories, USC student Maki Shigetani and Teeny Nadeau of Cal State Fullerton created their cruising canine and regal cat mosaics in honor of their beloved rescue animals. (Graphic: Business Wire)
The winners of the Skechers Paws for a Cause Scholarship in the dog and cat categories, USC student Maki Shigetani and Teeny Nadeau of Cal State Fullerton created their cruising canine and regal cat mosaics in honor of their beloved rescue animals. (Graphic: Business Wire)
Both winners’ patterns were inspired by personal experiences with their adopted animals; Nadeau’s cat mosaic is in honor of her regal rescue cat Firefly, who recently passed away from cancer. Shigetani designed her “Bark ‘n’ Drive” dog mosaic in tribute to her family’s dogs, whose unconditional love has helped support her mental health and brought her family joy during the pandemic.
“The BOBS movement has been embraced by millions looking for new ways to improve animal welfare. Thanks to their purchases and enthusiasm, we’ve already helped save and care for approximately two million animals,” said Kathy Kartalis, senior vice president of global product for Skechers. “Many college students use BOBS as their go-to campus styles, and we saw this as a great opportunity for them to participate on a deeper level—to share their talents and help save shelter pets through their own graphic prints and stories. To see so many emotional submissions from across the country was inspiring. Narrowing the decision down to the finalists was a real challenge, but we are thrilled with our two winning entries, who happen to be attending colleges in Southern California. We look forward to seeing people across the United States wearing their patterns later this year.”
In addition to having their prints featured in the 2024 BOBS collection, Nadeau and Shigetani will each receive a $10,000 college scholarship from the Skechers Foundation and one-on-one corporate mentorship sessions with key Skechers design personnel—along with a donation to a nearby animal welfare organization in their pets’ honor.
Open to enrolled students at United States colleges and universities, the BOBS from Skechers Paws for a Cause Design Scholarship program invited applicants nationwide to create a dog- or cat-themed print for a BOBS from Skechers shoe, write about the design and share a personal story about a shelter/adopted pet or what the BOBS from Skechers collection means to them. The finalists included students from 20 schools nationwide, including colleges in Florida, Georgia, Maryland, Missouri, New York, Ohio, Pennsylvania, Rhode Island, Texas, Utah, Virginia and Wisconsin.
BOBS from Skechers product is available online, at Skechers stores, and at department and specialty locations. For every specially marked item purchased, a donation is made to support shelter pets and animal welfare organizations in the United States, Canada and select international markets. To learn more, follow BOBS from Skechers on Facebook and Instagram, or visit BOBSfromSkechers.com.
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 5,000 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.
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 $10 million to help 1.9 million shelter pets, including saving more than 1.4 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.
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, 2022 and its quarterly reports on Form 10-Q in 2023. 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 | Jan 23, 2024 | Press Release
The Skechers Razor football boot from the Diamond Ice Pack worn by defender Oleksandr Zinchenko. (Photo: Skechers)
Oleksandr Zinchenko laces up in Skechers Razor football boots (Photo: Skechers)
Jan 23, 2024 • 4:00 am EST
Arsenal and Ukrainian National Team Defender to Compete in Skechers Football Boots with Debut of Diamond Ice Pack
LONDON–(BUSINESS WIRE)– Skechers expands its reach in football by signing Premier League Arsenal and Ukrainian National Team defender Oleksandr Zinchenko to its all-star roster of elite pros that includes Europe’s top scorer Harry Kane. Zinchenko will be competing in the Skechers Razor—an innovative lightweight speed boot designed for players who desire agility, comfort and touch. As part of a long-term deal with the global footwear brand, Zinchenko will appear in multiplatform marketing campaigns as brand ambassador supporting Skechers Football. He’s also one of the first players on the pitch wearing the Razor boot from the Diamond Ice Pack—the new all-white colorway just launched this weekend.
Oleksandr Zinchenko laces up in Skechers Razor football boots (Photo: Skechers)
“Skechers may be relatively new to football, but they’re doing everything right, and I really appreciate how much their team focuses on working with athletes to create the perfect boot,” said Oleksandr Zinchenko. “The ‘Razor’ feels wonderful on the pitch and gives me the performance I need to excel—it really is the best boot I’ve ever worn. Proud to be working with Skechers and look forward to helping grow this brand in our sport.”
“Since launching Skechers Football in August, the reception has been incredible as the world has watched Harry Kane have amazing success, scoring more goals this season than any top league player in Europe—in Skechers boots,” added Greg Smith, VP of Product Development and Merchandising for Skechers Performance. “As an elite defender in the Premier League, Zinchenko will be the perfect addition to our roster—a complement to the best striker in the game. Our team illustrates how Skechers Football offers a range of boots that deliver innovation, performance and our signature comfort for every type of player, in every position, across the pitch.”
Skechers Football arrived at the start of the 2023/24 season when the brand signed Bayern Munich striker Harry Kane. The range of Skechers Footwear boots includes three styles available in multiple colorways for men and women with the new white Diamond Ice Pack recently hitting the pitch and stores. The Skechers Razor (worn by Oleksandr Zinchenko) is a lightweight speed boot with an explosive track-inspired design to maximize acceleration and energy return. It features a carbon-infused soleplate for responsive power and agility during play. The SKX_01 (worn by Harry Kane) is ideal for striking the ball with a custom last meticulously crafted to optimize comfort and deliver a perfect fit for enhancing touch on the field. Both boots are available in standard low-profile with the SKX_01 also available in a high-top version.
Oleksandr Zinchenko began his professional career as an attacking midfielder with Russian football club Ufa before joining Premier League club Manchester City in 2016 where he transitioned to left-back and won four Premier League titles, four EFL Cups and an FA Cup with the team. In 2022, Zinchenko signed with Premier League club Arsenal where he’s in his second season. He’s also played for the Ukrainian National Team since 2015 with nearly 60 caps to date.
Beyond football, the Skechers team of elite athletes competing in the brand’s performance footwear includes NBA stars Julius Randle and Terance Mann, golfers Matt Fitzpatrick and Brooke Henderson, and pickleball pros Tyson McGuffin and Catherine Parenteau.
The Skechers Football collection is available now at Skechers websites and select Skechers retail stores in the UK and Europe, as well as select specialty football retailers in the UK, Europe and the United States. Football fans can get behind-the-scenes access to Skechers Football product launches and more by following @skechersfootball on Instagram and TikTok.
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 over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and approximately 5,000 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, 2022 and its quarterly reports on Form 10-Q in 2023. 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]
Petra Kereem
Skechers USA Ltd.
[email protected]
+44 (0) 1707 655 955