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
by Zach | Jan 4, 2024 | Press Release
Jan 4, 2024 • 4:05 pm EST
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE: SKX), The Comfort Technology Company™, today announced that the Company will release its fourth quarter and full year 2023 financial results after market close on Thursday, February 1, 2024. Following the press release, David Weinberg, Chief Operating Officer, and John Vandemore, Chief Financial Officer, will review the results during a conference call at approximately 4:30 p.m. ET / 1:30 p.m. PT.
The conference call will be broadcast live over the Internet and accessible on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to listen to the live broadcast, a replay will be available at the same location and archived on the site for one year.
About Skechers USA, 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.
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers USA, Inc.
by Zach | Nov 16, 2023 | Press Release
Nov 16, 2023 • 9:05 am EST
Skechers Believes Lawsuit Is Nothing More Than an Attempt by Nike to Force Out Legitimate Competition Using the Courts Rather Than the Marketplace
LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc., The Comfort Technology Company™, announced today that it will vigorously defend the patent suit filed against Skechers by Nike in California federal court on November 6, 2023.
Nike sued Skechers for allegedly violating its Flyknit patents. Flyknit is a lightweight yarn woven into a one-piece shoe upper. A Skechers spokesperson stated: “We believe that this lawsuit is baseless. Many brands have been making shoes using knit uppers for years. Skechers has been designing shoes using various forms of knit uppers for close to a decade. Skechers respects the intellectual property rights of other companies and invests tremendous resources into developing its own unique styles and footwear technology rather than preying on the rights of others. Skechers believes that this lawsuit is an example of how Nike uses its vast financial resources to stifle competition rather than compete in the marketplace. Skechers also believes that Nike uses its market power in an attempt to monopolize the footwear and sports apparel industries through exclusive arrangements, which, as a practical matter, forecloses viable and meaningful competition for high-profile athletic sponsorships. Skechers expects to completely vindicate itself and is looking forward to its day in court.”
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]
(310) 937-1326
Source: Skechers U.S.A., Inc.
by Zach | Nov 2, 2023 | Press Release
Nov 2, 2023 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)–
Michael Greenberg, president of Skechers, The Comfort Technology Company™, has been named 2023 Person of the Year by leading trade publication Footwear News in its annual FN Achievement Awards (FNAA)—23 years after he first earned the honor in 2000. This award follows Footwear News previously naming Skechers as Company of the Year last year, as well as in 1998 and 2014.
Skechers president Michael Greenberg named Person of the Year at the 2023 FN Achievement Awards. (Photo: Business Wire)
Skechers president Michael Greenberg named Person of the Year at the 2023 FN Achievement Awards. (Photo: Business Wire)
“This award should be called Persons of the Year as it recognizes the hard work of the entire Skechers family around the world who guide and inspire me every single day,” began Michael Greenberg, president of Skechers. “Much has changed at Skechers since 2000 when I was previously awarded this honor, so I have to reflect on what we’ve accomplished over the last 23 years: at that point we had only been a public company for about a year and now Skechers is on the Fortune 500 list and the third largest footwear company in the world; we had just introduced the Skechers Energy as the pinnacle of our sport collection and now we have innovative technical performance footwear—including recently announced global football and basketball—outfitting top athletes around the world; we had less than 100 Skechers retail stores and now have approximately 5,000 locations worldwide; plus China and India were emerging distributor regions and are now our largest markets outside the United States. What has remained the same through the years is the enthusiasm, dedication and drive of our organization. This success and growth is a story of so many faces as nothing great is achieved alone on an island. I thank the entire Skechers organization, our loyal partners, and of course Footwear News.”
“Michael Greenberg has led Skechers to phenomenal new heights this year while maintaining a personal touch and important relationships across the industry,” said Michael Atmore, chief brand officer of Fairchild Media and editorial director for Footwear News. “His intuitive business sense is only matched by his philanthropic nature in what has turned out to be an incredible 2023 for the company.”
The award will be presented at the 2023 FNAA ceremony on November 29 in New York. Skechers has also been recognized by Footwear News with 2009 Launch of the Year and 2013 Brand of the Year awards for its products, and Skechers CEO Robert Greenberg received a Lifetime Achievement Award from the publication in 2015.
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 Resagrip® Technology, Skechers Max Cushioning® Technology, Skechers Hyper Burst Pro™ Technology, Skechers Air-Cooled Memory Foam®, Skechers Relaxed Fit® Technology, and Skechers Performance FitKnit® Technology.
Skechers features a roster of global ambassadors in its campaigns including music icon Snoop Dogg; television personalities Martha Stewart, Amanda Kloots, Ashley Park and Brooke Burke; and a slate of retired sports stars such as football players and broadcasters Tony Romo and Howie Long, and iconic boxer Sugar Ray Leonard, as well as other regional endorsees. Among the professional athletes currently competing in Skechers are Bayern Munich striker Harry Kane; New York Knicks power forward Julius Randle and Los Angeles Clippers shooting guard Terance Mann; golfers Brooke Henderson and Matt Fitzpatrick; pickleball pros Catherine Parenteau and Tyson McGuffin; and Dodgers pitcher Clayton Kershaw.
The Company’s footwear and apparel collections are available in Skechers retail stores as well as at skechers.com, plus department stores and footwear retailers around the globe.
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 over 4,900 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]
(310) 937-1326
Source: Skechers U.S.A., Inc.
by Zach | Nov 1, 2023 | Press Release
The 15th Skechers Pier to Pier Friendship Walk raised more than $3 million for children with varying abilities and education. On stage (L to R): Friendship Foundation member Yousef Hassan; Mr. T; Brooke Burke; Skechers Walk Founder Michael Greenberg; Amanda Kloots; CEO of Kinecta Keith Sultemeier; Robin Curren, Executive Director of the Skechers Foundation; and Yossi Mintz, Founder of the Friendship Foundation. (Photo: Ian Logan Photography)
Skechers Walk Founder Michael Greenberg joins longtime Friendship Foundation member Jacob Dominguez at the 2023 Skechers Pier to Pier Friendship Walk in Manhattan Beach, CA. (Photo: Ian Logan Photography)
Nov 1, 2023 • 12:00 pm EDT
Presented by Kinecta Federal Credit Union, the Annual Event Broke Records and Will Help Thousands of Children with Diverse Needs, Public Education and Scholarships
LOS ANGELES–(BUSINESS WIRE)– The Skechers Pier to Pier Friendship Walk celebrated its 15th anniversary event with more than $3 million raised for children with special needs, public education, and national scholarships—totaling over $24 million in donations since its inception in 2009. Thousands of registrants contributed to these causes at the milestone event, which was supported by Presenting Sponsor Kinecta Federal Credit Union and over 100 generous businesses and donors, and featured Brooke Burke, Mr. T and Amanda Kloots along with performances from Young Selena singer and America’s Got Talent golden buzzer winner Madison Taylor Baez, Team Siwa’s pop group XOMG POP! and teen group FuturePop.
The 15th Skechers Pier to Pier Friendship Walk raised more than $3 million for children with varying abilities and education. On stage (L to R): Friendship Foundation member Yousef Hassan; Mr. T; Brooke Burke; Skechers Walk Founder Michael Greenberg; Amanda Kloots; CEO of Kinecta Keith Sultemeier; Robin Curren, Executive Director of the Skechers Foundation; and Yossi Mintz, Founder of the Friendship Foundation. (Photo: Ian Logan Photography)
“I am very fortunate to have a platform to do good, and to be part of an organization at Skechers and the community of the South Bay that believes in giving back. It’s been my greatest joy to make a difference through philanthropy, especially the Skechers Pier to Pier Friendship Walk,” said Michael Greenberg, founder of the Walk. “For over 15 years, I’ve seen thousands of our children form friendships, mature into young adults, realize their purpose, set out into the world—all the way knowing that we are here for them, behind them. The Walk has been such a beautiful and moving day to be part of, year after year—from seeing all the walkers to our generous celebrities and volunteers to incredible organizations like Kinecta and companies with so much heart—all here to uplift our kids. I’m deeply grateful for this experience—I know we’re helping future generations, and I encourage every community to do the same. I always say, ‘give until it hurts.’ But really, seeing the smiles on the kids’ faces, it just feels good.”
“This walk is about the power of friendship, which is actually quite profound when you think about it,” added fitness encourager and television host Brooke Burke. “Friendship is the thread that connects every human. It inspires us to make the impossible possible. And it’s the constant I’ve seen over the 12 years I’ve supported this walk. From the parents, neighbors and kids to the engaged sponsors and performers, athletes and icons who have graced this stage, everyone is here to celebrate friendship year after year.”
“This is my first time here, and what a thrill it’s been,” added actor and icon Mr. T. “Every kid has room to grow—there are no ceilings to what any person can learn and achieve. And what an amazing, special day this community has made to help them on their way. The energy and enthusiasm at this event is incredible. This Walk’s going to keep celebrating for 15 more years and beyond—and I’m so happy to be part of this beautiful legacy of love for our kids.”
Historically California’s largest event for children with special needs and education, the 3.5-mile Skechers Pier to Pier Friendship Walk supports the future Friendship Campus (The Greenberg Family / Skechers Center)—a $55 million, 3.25-acre campus that will offer a life-changing community for friendship and learning. Planned for completion by year-end 2025, the facility will include numerous vocational programs including a Creative Arts Center, Culinary Institute, Recreation Center, Life Skills programming, and early education and mentoring opportunities, giving young adults the tools to transition to the workforce and find lifelong passion and purpose.
The Campus will also be home to the new headquarters for the Friendship Foundation, which offers companionship, celebrates uniqueness and encourages acceptance for all with diverse abilities. The organization offers over 60 in-person programs such as art, music, fitness, sign language, science, social emotional wellness and yoga, as well as pop-up programs like virtual scavenger hunts and talent shows that are free for anyone to attend locally and across the United States.
Academically, the Walk supports public school education foundations—reducing class sizes, updating labs, libraries and facilities and protecting teachers’ jobs. The Skechers Foundation’s national scholarship program also gives a portion of Walk proceeds to students with financial need and proven excellence in academics, athletics and leadership, donating more than $1.1 million in scholarships to date.
The Skechers Pier to Pier Friendship Walk thanks Presenting Sponsor Kinecta Federal Credit Union and all of its sponsors, including Nickelodeon, Rare Beauty, Schwartz Family Foundation, Steel Sports, United Legwear & Apparel Co., Big 5 Sporting Goods, Petco Love, TJX Companies, Chevron, Bank of America, Ross Stores, Barco, Dakine, Vertra, LA Kings, LA Dodgers, McCarthy, LA Angels, Continental Development, WSS, Turkish Airlines, Cushman & Wakefield and many more companies that are committed to supporting our children.
To watch this year’s Skechers Pier to Pier Friendship Walk and learn more about the event, please visit skechersfriendshipwalk.com or YouTube, and follow the Walk on Facebook, X and Instagram.
About Skechers Foundation
Established in 2010 to help children in need, the Skechers Foundation is dedicated to strengthening communities to ensure the health, success and well-being of youth worldwide. We invest in a global network of charitable organizations dedicated to embracing individuals with diverse abilities, improving education, empowering disadvantaged families and providing humanitarian, disaster and economic relief. By supporting millions through our products and services, we aspire to make a valiant effort in creating stronger, self-sufficient individuals for future generations.
About Skechers USA, 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 over 4,900 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 Kinecta Federal Credit Union
Headquartered in Manhattan Beach, California, Kinecta Federal Credit Union is one of the country’s largest credit unions, with assets of $6.7 billion and more than 270,000 members from coast to coast. Banking the Southern California area for more than 80 years, with additional branches in New York, New Jersey, Northern California and Florida, Kinecta offers its members a full range of financial products from banking, lending and insurance to wealth management services. Kinecta has been recognized by the Mortgage Bankers Association as a recipient of its Diversity, Equity and Inclusion (DEI) Residential Leadership Award, and received the Best of Show award granted by the Credit Union National Association (CUNA) Technology Council. Residents of Rochester, NY, voted Kinecta as a finalist for Best Credit Union in the Democrat & Chronicle’s annual Rochester Choice Awards in 2022. Forbes awarded Kinecta as a top-ranked credit union in California on its America’s Best Credit Unions in Each State 2022 List. Kinecta has 29 branches, and its members can use a network of more than 5,800 shared branches and access over 85,000 fee-free ATMs nationwide. For more information on Kinecta, visit the website and LinkedIn.
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
[email protected]
(310) 937-1326
by Zach | Oct 26, 2023 | Press Release
Oct 26, 2023 • 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 third quarter ended September 30, 2023.
Third Quarter Highlights
“Skechers’ achieved a new quarterly sales record of $2.02 billion, reflecting robust demand for our brand,” said David Weinberg, Chief Operating Officer of Skechers. “All regions grew, including the Americas, with growth of 7% in the United States due to continued strength in our Direct-to-Consumer channel, and Asia Pacific with growth of 18% in China. In addition, our inventory levels are down significantly, and our gross margin was strong at 52.9% reflecting favorable pricing, a higher mix of Direct-to-Consumer sales and lower unit costs. As we continue to focus on growing our international business, enhancing our Direct-to-Consumer presence and expanding our product offering, we remain confident in the strength of our brand and executing Skechers’ long-term growth strategy.”
“Our record third quarter sales were the result of our continued innovation and determination to deliver comfort, style and quality in every pair,” began Robert Greenberg, Chief Executive Officer of Skechers. “We introduced a collaboration with entertainment legend Snoop Dogg, and we launched Skechers Football boots with Harry Kane, one of the leading strikers in the world and captain of England’s national team. Both ambassadors and their products generated significant media and consumer attention for the brand. And, this week, we announced the signing of two-time NBA All-Star Julius Randle and rising star Terance Mann – both of whom are competing in our Skechers Basketball footwear this week. Leading professional athletes both on the pitch and on the court in Skechers Performance footwear are a testament to our ability to deliver comfort that performs at the highest levels of competition. Designing desirable footwear for fans of Snoop Dogg as well as our ambassador Martha Stewart demonstrates the diversity of style, offering and demographic of the Skechers brand and our customers. We believe our constant innovation to meet the needs of consumers from all walks of life—including professional athletes, and our impactful marketing will drive our success for years to come.”
Third Quarter 2023 Financial Results
Three Months Ended September 30,
Change
(in millions, except per share data)
2023
2022
$
%
Sales
$
2,025.0
$
1,878.4
146.6
7.8
Gross profit
1,071.9
883.9
188.0
21.3
Gross margin
52.9
%
47.1
%
590 bps
Operating expenses
858.7
754.0
104.7
13.9
As a % of sales
42.4
%
40.1
%
230 bps
Earnings from operations
213.2
130.0
83.2
64.0
Operating margin
10.5
%
6.9
%
360 bps
Net earnings attributable to Skechers U.S.A., Inc.
145.4
85.9
59.5
69.3
Diluted earnings per share
$
0.93
$
0.55
0.38
69.1
Third quarter sales increased 7.8% as a result of an 8.6% increase internationally and a 6.5% increase domestically. Direct-to-Consumer increased 23.8% and Wholesale decreased 1.4%. On a constant currency basis, sales increased 6.7%.
Wholesale sales declined $17.0 million, or 1.4%, which includes decreases in EMEA of 8.3% and AMER of 0.5%, partially offset by an increase in APAC of 7.1%. Wholesale volume decreased 10.8% and average selling price increased 10.3%.
Direct-to-Consumer sales grew $163.6 million, or 23.8%, which includes increases in AMER of 17.3%, APAC of 24.2% and EMEA of 60.8%. Direct-to-Consumer volume increased 18.8% and average selling price increased 4.3%.
Gross margin was 52.9%, an increase of 590 basis points, primarily due to higher average selling prices, a higher proportion of Direct-to-Consumer sales, and lower freight costs.
Operating expenses increased $104.7 million, or 13.9%, and as a percentage of sales increased 230 basis points to 42.4%. Selling expenses increased $27.4 million, or 18.2%, and as a percentage of sales increased 80 basis points to 8.8%. The increase was due to higher brand demand creation expenditures. General and administrative expenses increased $77.3 million, or 12.8%, and as a percentage of sales increased 150 basis points to 33.6%. Increased expenses were primarily driven by increased facility costs, including rent and depreciation, and labor.
Earnings from operations increased $83.2 million, or 64.0%, to $213.2 million, resulting in an operating margin of 10.5%.
Net earnings were $145.4 million and diluted earnings per share were $0.93 compared with prior year net earnings of $85.9 million and diluted earnings per share of $0.55.
In the third quarter, the Company’s effective income tax rate was 19.5%.
“Skechers’ record quarterly sales and robust earnings growth demonstrate the sustained momentum of our brand. Coupled with a significant improvement in working capital, especially in our overall inventory levels, we remain confident in the strength of our brand and demand for our comfort technology products,” stated John Vandemore, Chief Financial Officer of Skechers. “As we continue to execute against our long-term growth strategy, we believe we remain well positioned to accomplish our objective of generating $10 billion in sales by 2026.”
Nine Months 2023 Financial Results
Nine Months Ended September 30,
Change
(in millions, except per share data)
2023
2022
$
%
Sales
$
6,039.4
$
5,565.8
473.6
8.5
Gross profit
3,111.0
2,605.7
505.3
19.4
Gross margin
51.5
%
46.8
%
470 bps
Operating expenses
2,456.5
2,145.6
310.9
14.5
As a % of sales
40.7
%
38.6
%
210 bps
Earnings from operations
654.5
460.0
194.5
42.3
Operating margin
10.8
%
8.3
%
260 bps
Net earnings attributable to Skechers U.S.A., Inc.
458.6
297.5
161.1
54.2
Diluted earnings per share
$
2.93
$
1.90
1.03
54.2
Year-to-date sales increased 8.5%, reflecting a 15.6% increase in international sales and a 1.1% decrease domestically. Direct-to-Consumer increased 26.0% and Wholesale decreased 1.1%. On a constant currency basis, sales increased 9.6%.
Wholesale sales decreased $41.0 million, or 1.1%, due to a decrease in AMER of 11.4%, partially offset by increases in APAC of 14.5% and EMEA of 6.2%. Wholesale volume decreased 8.5% and average selling price increased 7.8%.
Direct-to-Consumer sales grew $514.6 million, or 26.0%, due to increases in AMER of 24.2%, APAC of 22.4%, and EMEA of 47.8%. Direct-to-Consumer volume increased 22.9% and average selling price increased 2.5%.
Gross margin was 51.5%, 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 $310.9 million or 14.5%. As a percentage of sales, operating expenses increased 210 basis points to 40.7%. Selling expenses increased $68.3 million or 16.0%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $242.6 million or 14.1%, primarily driven by labor, increased facility costs, including rent and depreciation, and warehouse and distribution expenses.
Earnings from operations increased $194.5 million to $654.5 million, resulting in an operating margin of 10.8%.
Net earnings were $458.6 million and diluted earnings per share were $2.93, an increase of 54.2% over the prior year.
The Company’s effective income tax rate was 18.5%.
Balance Sheet
Cash, cash equivalents and investments totaled $1.27 billion, an increase of $484.6 million, or 61.5% from December 31, 2022, primarily due to increased earnings and favorable changes in working capital, primarily inventory improvements as we worked through capacity challenges and processing constraints at our distribution centers. Increases were partially offset by capital expenditures of $238.7 million, $100.0 million of share repurchases year-to-date and payments of $70.4 million, net of cash acquired, related to the acquisition of our Scandinavian distributor.
Inventory was $1.38 billion, a decrease of $436.0 million or 24.0% from December 31, 2022.
Share Repurchase
During the third quarter, the Company repurchased approximately 805,486 shares of its Class A common stock at a cost of $40.0 million. Year-to-date 2023, the Company has repurchased nearly 2.1 million shares of its Class A common stock at a cost of $100.0 million. At September 30, 2023, approximately $325.7 million remained available under the Company’s share repurchase program.
Outlook
For the fourth quarter of 2023, the Company believes it will achieve sales between $1.91 billion and $2.01 billion and diluted earnings per share of between $0.40 and $0.50. Further, the Company believes that for the full year 2023, it will achieve sales between $7.95 billion and $8.05 billion and diluted earnings per share of between $3.33 and $3.43.
Store Count
Number of Stores
December 31, 2022
Opened (1)
Closed (1)
September 30, 2023
Domestic stores
539
26
(11
)
554
International stores
905
210
(76
)
1,039
Distributor, licensee and franchise stores
3,093
637
(331
)
3,399
Total Skechers stores
4,537
873
(418
)
4,992
(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.
Third Quarter 2023 Conference Call
The Company will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its third 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 October 26, 2023, at 7:30 p.m. ET, through November 9, 2023, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13741251.
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 5,000 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, Twitter 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)
September 30, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
$
1,100,401
$
615,733
Short-term investments
64,065
102,166
Trade accounts receivable, net
929,368
848,287
Other receivables
65,323
86,036
Inventory
1,382,027
1,818,016
Prepaid expenses and other
226,565
176,035
Total current assets
3,767,749
3,646,273
Property, plant and equipment, net
1,466,145
1,345,370
Operating lease right-of-use assets
1,212,113
1,200,565
Deferred tax assets
442,875
454,190
Long-term investments
108,517
70,498
Goodwill
101,230
93,497
Other assets, net
140,635
83,094
Total non-current assets
3,471,515
3,247,214
TOTAL ASSETS
$
7,239,264
$
6,893,487
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
820,789
$
957,384
Accrued expenses
296,313
294,143
Operating lease liabilities
264,556
238,694
Current installments of long-term borrowings
76,695
103,184
Short-term borrowings
35,178
19,635
Total current liabilities
1,493,531
1,613,040
Long-term operating lease liabilities
1,047,896
1,063,672
Long-term borrowings
239,590
216,488
Deferred tax liabilities
20,203
8,656
Other long-term liabilities
133,781
120,045
Total non-current liabilities
1,441,470
1,408,861
Total liabilities
2,935,001
3,021,901
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
134
134
Class B Common Stock
20
21
Additional paid-in capital
340,476
403,799
Accumulated other comprehensive loss
(98,044
)
(84,897
)
Retained earnings
3,709,548
3,250,931
Skechers U.S.A., Inc. equity
3,952,134
3,569,988
Noncontrolling interests
352,129
301,598
Total stockholders’ equity
4,304,263
3,871,586
TOTAL LIABILITIES AND EQUITY
$
7,239,264
$
6,893,487
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands, except per share data)
2023
2022
2023
2022
Sales
$
2,024,958
$
1,878,367
$
6,039,402
$
5,565,765
Cost of sales
953,040
994,432
2,928,381
2,960,088
Gross profit
1,071,918
883,935
3,111,021
2,605,677
Operating expenses
Selling
178,286
150,857
493,964
425,675
General and administrative
680,449
603,107
1,962,564
1,719,969
Total operating expenses
858,735
753,964
2,456,528
2,145,644
Earnings from operations
213,183
129,971
654,493
460,033
Other income (expense)
(7,055
)
(15,139
)
5,660
(40,144
)
Earnings before income taxes
206,128
114,832
660,153
419,889
Income tax expense
40,202
20,498
122,360
83,229
Net earnings
165,926
94,334
537,793
336,660
Less: Net earnings attributable to noncontrolling interests
20,511
8,448
79,176
39,147
Net earnings attributable to Skechers U.S.A., Inc.
$
145,415
$
85,886
$
458,617
$
297,513
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.94
$
0.55
$
2.96
$
1.91
Diluted
$
0.93
$
0.55
$
2.93
$
1.90
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
154,525
155,420
154,876
155,783
Diluted
156,200
156,233
156,496
156,714
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
Segment Information
Three Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Wholesale sales
$
1,174.6
$
1,191.6
(17.0
)
(1.4
)
Gross profit
510.0
424.6
85.4
20.1
Gross margin
43.4
%
35.6
%
780 bps
Direct-to-Consumer sales
$
850.4
$
686.8
163.6
23.8
Gross profit
561.9
459.3
102.6
22.3
Gross margin
66.1
%
66.9
%
(80) bps
Total sales
$
2,025.0
$
1,878.4
146.6
7.8
Gross profit
1,071.9
883.9
188.0
21.3
Gross margin
52.9
%
47.1
%
590 bps
Nine Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Wholesale sales
$
3,542.2
$
3,583.2
(41.0
)
(1.1
)
Gross profit
1,453.6
1,294.0
159.6
12.3
Gross margin
41.0
%
36.1
%
490 bps
Direct-to-Consumer sales
$
2,497.2
$
1,982.6
514.6
26.0
Gross profit
1,657.4
1,311.7
345.7
26.4
Gross margin
66.4
%
66.2
%
20 bps
Total sales
$
6,039.4
$
5,565.8
473.6
8.5
Gross profit
3,111.0
2,605.7
505.3
19.4
Gross margin
51.5
%
46.8
%
470 bps
Additional Sales Information
Three Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Geographic sales
Domestic
Wholesale
$
407.7
$
406.6
1.1
0.3
Direct-to-Consumer
386.9
339.2
47.7
14.1
Total domestic sales
794.6
745.8
48.8
6.5
International
Wholesale
766.9
785.0
(18.1
)
(2.3
)
Direct-to-Consumer
463.5
347.6
115.9
33.3
Total international sales
1,230.4
1,132.6
97.8
8.6
Total sales
$
2,025.0
$
1,878.4
146.6
7.8
Regional sales
Americas (AMER)
$
1,017.5
$
948.0
69.5
7.3
Europe, Middle East & Africa (EMEA)
480.4
469.8
10.6
2.3
Asia Pacific (APAC)
527.1
460.6
66.5
14.4
Total sales
$
2,025.0
$
1,878.4
146.6
7.8
China sales
$
267.6
$
226.7
40.9
18.0
Distributor sales
$
120.5
$
171.1
(50.6
)
(29.6
)
Nine Months Ended September 30,
Change
(in millions)
2023
2022
$
%
Geographic sales
Domestic
Wholesale
$
1,240.4
$
1,466.2
(225.8
)
(15.4
)
Direct-to-Consumer
1,096.9
898.2
198.7
22.1
Total domestic sales
2,337.3
2,364.4
(27.1
)
(1.1
)
International
Wholesale
2,301.8
2,117.0
184.8
8.7
Direct-to-Consumer
1,400.3
1,084.4
315.9
29.1
Total international sales
3,702.1
3,201.4
500.7
15.6
Total sales
$
6,039.4
$
5,565.8
473.6
8.5
Regional sales
Americas (AMER)
$
2,990.4
$
2,928.8
61.6
2.1
Europe, Middle East & Africa (EMEA)
1,448.2
1,285.5
162.7
12.7
Asia Pacific (APAC)
1,600.8
1,351.5
249.3
18.4
Total sales
$
6,039.4
$
5,565.8
473.6
8.5
China sales
$
852.0
$
754.7
97.3
12.9
Distributor sales
$
324.2
$
396.5
(72.3
)
(18.2
)
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 September 30,
2023
2022
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
2,025.0
$
(21.7
)
$
2,003.3
$
1,878.4
124.9
6.7
Cost of sales
953.1
(15.9
)
937.2
994.5
(57.3
)
(5.8
)
Gross profit
1,071.9
(5.8
)
1,066.1
883.9
182.2
20.6
Operating expenses
858.7
(3.8
)
854.9
754.0
100.9
13.4
Earnings from operations
213.2
(2.0
)
211.2
130.0
81.2
62.5
Other income (expense)
(7.1
)
8.3
1.2
(15.2
)
16.4
n/m
Income tax expense (benefit)
40.2
(0.1
)
40.1
20.5
19.6
95.7
Less: Noncontrolling interests
20.5
(0.7
)
19.8
8.4
11.4
134.3
Net earnings
$
145.4
$
7.1
$
152.5
$
85.9
66.6
77.6
Diluted earnings per share
$
0.93
$
0.05
$
0.98
$
0.55
0.43
78.2
Nine Months Ended September 30,
2023
2022
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
6,039.4
$
62.2
$
6,101.6
$
5,565.8
535.8
9.6
Cost of sales
2,928.4
28.2
2,956.6
2,960.1
(3.5
)
(0.1
)
Gross profit
3,111.0
34.0
3,145.0
2,605.7
539.3
20.7
Operating expenses
2,456.5
23.6
2,480.1
2,145.6
334.5
15.6
Earnings from operations
654.5
10.4
664.9
460.0
204.9
44.5
Other income (expense)
5.7
(8.9
)
(3.2
)
(40.2
)
37.0
(92.0
)
Income tax expense
122.4
2.3
124.7
83.2
41.5
49.9
Less: Noncontrolling interests
79.2
2.5
81.7
39.1
42.6
108.6
Net earnings
$
458.6
$
(3.3
)
$
455.3
$
297.5
157.8
53.0
Diluted earnings per share
$
2.93
$
(0.02
)
$
2.91
$
1.90
1.01
53.2
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers U.S.A., Inc.