by Zach | Feb 2, 2023 | Press Release
Feb 2, 2023 • 4:05 pm EST
LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology CompanyTM and a global footwear leader, today announced financial results for the fourth quarter and year ended December 31, 2022.
Fourth Quarter Highlights
“2022 was another milestone year for Skechers as we achieved record annual sales of $7.4 billion. This increase of $1.1 billion, or 18%, from the prior year was the result of four quarterly sales records, including fourth quarter sales of $1.88 billion,” began David Weinberg, Chief Operating Officer of Skechers. “Fourth quarter growth was driven by increases of 16% in Wholesale combined with 11% in Direct-to-Consumer. Wholesale results were driven by double-digit growth in the U.S., international distributors, Germany, India, Mexico, and Spain. The strength in our Direct-to-Consumer business was primarily driven by domestic sales. The growth within the quarter was partially offset by a 23% decrease in our China sales, which were impacted by COVID-related restrictions, including the temporary closure of more than 1,000 Skechers stores in November. With the recent elimination of the zero-COVID policy, we believe that our business in China will improve throughout 2023. In addition, while the inventory challenges at our domestic distribution center have been difficult to navigate, we are seeing improvements and remain confident in the strength of our brand and the demand for our products. We ended the year strong and expect to see continued growth in 2023.”
“Starting our fourth decade of business as a $7.4 billion company that grew over $1 billion this past year is a phenomenal achievement and one that leaves me with overwhelming pride for the dedication, creativity and insight of the global Skechers team. With their flexibility and drive, along with the support of both our loyal partners and consumers, we expect to achieve continued success across all areas of the business,” added Robert Greenberg, Chief Executive Officer of Skechers. “With the goal of $10 billion in sales by 2026, our aim is high, but we believe attainable due to several factors. Our range of comfort technology products is broader and more appealing than ever, and many new attention-grabbing collaborations are planned throughout this year. We are committed to our marketing strategy and will be revealing even more surprising star power in 2023, which we expect will enable us to reach a more diverse audience. And we have the global infrastructure and talented teams in place to deliver what consumers want – comfort, style, innovation, and quality at a reasonable price from a brand they trust. 2022 was an incredible year for us, and I’m looking forward to what 2023 will bring.”
Fourth Quarter 2022 Financial Results
Three Months Ended December 31,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
1,878.8
$
1,655.4
223.4
13.5
Gross profit
909.7
808.2
101.5
12.6
Gross margin
48.4
%
48.8
%
(40
)bps
Operating expenses
823.0
715.1
107.9
15.1
As a % of sales
43.8
%
43.2
%
60
bps
Earnings from operations
86.6
93.1
(6.5
)
(6.9
)
Operating margin
4.6
%
5.6
%
(100
)bps
Net earnings
75.5
402.4
(326.9
)
(81.2
)
Diluted earnings per share
$
0.48
$
2.56
(2.08
)
(81.3
)
Adjusted diluted earnings per share
$
0.48
$
0.43
0.05
11.6
Fourth quarter sales increased 13.5% as a result of a 22.3% increase domestically and an 8.7% increase internationally, led by strength in wholesale sales. All segments experienced growth, with Wholesale increasing 15.7% and Direct-to-Consumer increasing 10.8%. On a constant currency basis, sales increased 19.1%.
Wholesale sales growth of $142.4 million, or 15.7%, was led by increases in EMEA of 31.1% and AMER of 18.6%. Wholesale volume increased 9.4% and average selling price increased 6.3%.
Direct-to-Consumer sales growth of $81.0 million, or 10.8%, was led by increases in AMER of 27.0% and EMEA of 19.1%. Direct-to-Consumer volume increased 14.8% and average selling price decreased 3.5%.
Gross margin was 48.4%, a decrease of 40 basis points, primarily the result of higher cost per unit and increased promotions, partially offset by average selling price increases.
Operating expenses increased $107.9 million, or 15.1%, and as a percentage of sales increased 60 basis points to 43.8%. Selling expenses increased $19.0 million, or 13.7%, due to higher global digital and brand demand creation expenditures. General and administrative expenses increased $88.9 million, or 15.4%, and as a percentage of sales increased 60 basis points to 35.4%. Increased expenses were primarily driven by volume-driven labor and distribution expenses in addition to higher costs at the domestic distribution center due to supply chain and logistics challenges.
Earnings from operations decreased $6.5 million, or 6.9%, to $86.6 million.
Net earnings were $75.5 million and diluted earnings per share were $0.48 compared with prior year net earnings of $402.4 million and earnings per share of $2.56. Adjusted diluted earnings per share were $0.48 compared with prior year adjusted diluted earnings per share of $0.43, excluding certain items related to tax benefit and legal settlements.
In the fourth quarter, the Company’s effective income tax rate was 9.6%.
“Skechers’ record fourth quarter and full year sales, demonstrate the strength of our brand as the comfort technology leader and the robust demand for our innovative product portfolio, which drove global growth across channels despite volatile economic conditions,” stated John Vandemore, Chief Financial Officer of Skechers. “We are making considerable progress on addressing the short-term challenges from elevated inventory levels and congestion in the supply chain, while staying keenly focused on executing against and investing in our long-term growth strategy.”
Full Year 2022 Financial Results
Year Ended December 31,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
7,444.5
$
6,310.2
1,134.3
18.0
Gross profit
3,515.4
3,124.4
391.0
12.5
Gross margin
47.2
%
49.5
%
(230
)bps
Operating expenses
2,968.7
2,526.2
442.5
17.5
As a % of sales
39.9
%
40.0
%
(20
)bps
Earnings from operations
546.7
598.2
(51.5
)
(8.6
)
Operating margin
7.3
%
9.5
%
(210
)bps
Net earnings
373.0
741.5
(368.5
)
(49.7
)
Diluted earnings per share
$
2.38
$
4.73
(2.35
)
(49.7
)
Adjusted diluted earnings per share
$
2.38
$
2.59
(0.21
)
(8.1
)
Full year sales increased 18.0% reflecting a 20.0% increase domestically and a 16.6% increase internationally with the largest contribution derived from wholesale sales. Both segments experienced increases, with Wholesale increasing 23.2% and Direct-to-Consumer increasing 10.2%. On a constant currency basis, the Company’s sales increased 22.6%.
Wholesale sales growth of $873.8 million, or 23.2%, was led by increases in AMER of 28.7% and EMEA of 33.9%. Wholesale volume increased 18.2% and average selling price increased 4.8%.
Direct-to-Consumer sales growth of $260.5 million, or 10.2%, was led by increases in AMER of 13.8% and EMEA of 25.3%. Direct-to-Consumer volume increased 6.6% and average selling price increased 3.4%.
Gross margin was 47.2%, a decrease of 230 basis points, primarily the result of higher freight and logistics costs, partially offset by average selling price increases.
Operating expenses increased $442.5 million or 17.5%. As a percentage of sales, operating expenses improved 20 basis points to 39.9%. Selling expenses increased $84.1 million or 16.8%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $358.4 million or 17.7%, primarily due to supply chain and logistics challenges at the domestic distribution center in addition to increased labor and warehouse and distribution expenses, driven by higher unit volume.
Earnings from operations decreased $51.5 million to $546.7 million.
Net earnings were $373.0 million and diluted earnings per share were $2.38 compared with prior year net earnings of $741.5 million and earnings per share of $4.73. Adjusted diluted earnings per share were $2.38 compared with prior year adjusted diluted earnings per share of $2.59, excluding certain items related to tax benefit and legal settlements.
The Company’s effective income tax rate was 17.8%.
Balance Sheet
Cash, cash equivalents and investments totaled $788.4 million, a decrease of $252.1 million, or 24.2% from December 31, 2021, primarily as a result of working capital investments, particularly inventory, capital expenditures, and completing $74.2 million of share repurchases during 2022.
Inventory was $1.82 billion, an increase of $347.0 million or 23.6% from December 31, 2021. Increased inventory levels primarily reflect growth in AMER and EMEA.
Share Repurchase
In 2022, the Company repurchased 1.9 million shares of its Class A common stock at a cost of $74.2 million. At December 31, 2022, approximately $425.8 million remained available under the Company’s share repurchase program.
Outlook
For the fiscal year 2023, the Company believes it will achieve sales between $7.75 billion and $8.0 billion and diluted earnings per share of between $2.80 and $3.00. The Company believes that for the first quarter of 2023, it will achieve sales between $1.80 billion and $1.85 billion and diluted earnings per share of between $0.55 and $0.60. Further, the Company believes that total capital expenditures will be between $300 million and $350 million in 2023.
This guidance considers but may not fully represent the significant uncertainty surrounding 2023.
Store Count
Number of Stores
December 31, 2021
Opened
Closed(1)
December 31, 2022
Domestic stores
515
43
(19
)
539
International stores
845
172
(112
)
905
Distributor, licensee and franchise stores
2,946
529
(382
)
3,093
Total Skechers stores
4,306
744
(513
)
4,537
(1) Does not reflect temporary closures due to the COVID-19 pandemic.
Fourth Quarter 2022 Conference Call
The Company will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its fourth quarter 2022 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 2, 2023 at 7:30 p.m. ET, through February 16, 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: 13735418.
About Skechers U.S.A., Inc.
Skechers U.S.A., Inc., The Comfort Technology Company™ based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,537 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 Russia’s invasion of Ukraine; 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, 2021 and its quarterly reports on Form 10-Q in 2022. 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, 2022
December 31, 2021
ASSETS
Current assets
Cash and cash equivalents
$
615,733
$
796,283
Short-term investments
102,166
98,580
Trade accounts receivable, net
848,287
732,793
Other receivables
86,036
80,043
Inventory
1,818,016
1,470,994
Prepaid expenses and other
176,035
193,547
Total current assets
3,646,273
3,372,240
Property, plant and equipment, net
1,345,370
1,128,909
Operating lease right-of-use assets
1,200,565
1,224,580
Deferred tax assets
454,190
451,355
Long-term investments
70,498
145,590
Goodwill
93,497
93,497
Other assets, net
83,094
75,109
Total non-current assets
3,247,214
3,119,040
TOTAL ASSETS
$
6,893,487
$
6,491,280
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
957,384
$
876,342
Accrued expenses
294,143
265,420
Operating lease liabilities
238,694
225,658
Current installments of long-term borrowings
103,184
76,967
Short-term borrowings
19,635
1,195
Total current liabilities
1,613,040
1,445,582
Long-term operating lease liabilities
1,063,672
1,094,748
Long-term borrowings
216,488
263,445
Deferred tax liabilities
8,656
11,820
Other long-term liabilities
120,045
133,613
Total non-current liabilities
1,408,861
1,503,626
Total liabilities
3,021,901
2,949,208
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
134
135
Class B Common Stock
21
21
Additional paid-in capital
403,799
429,608
Accumulated other comprehensive loss
(84,897
)
(48,323
)
Retained earnings
3,250,931
2,877,903
Skechers U.S.A., Inc. equity
3,569,988
3,259,344
Noncontrolling interests
301,598
282,728
Total stockholders’ equity
3,871,586
3,542,072
TOTAL LIABILITIES AND EQUITY
$
6,893,487
$
6,491,280
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)
2022
2021
2022
2021
Sales
$
1,878,785
$
1,655,385
$
7,444,550
$
6,310,187
Cost of sales
969,105
847,228
3,929,193
3,185,816
Gross profit
909,680
808,157
3,515,357
3,124,371
Operating expenses
Selling
157,951
138,892
583,626
499,532
General and administrative
665,092
576,203
2,385,061
2,026,652
Total operating expenses
823,043
715,095
2,968,687
2,526,184
Earnings from operations
86,637
93,062
546,670
598,187
Other income (expense)
15,731
(8,365
)
(24,413
)
(28,430
)
Earnings before income taxes
102,368
84,697
522,257
569,757
Income tax expense (benefit)
9,866
(337,902
)
93,095
(245,875
)
Net earnings
92,502
422,599
429,162
815,632
Less: Net earnings attributable to noncontrolling interests
16,987
20,177
56,134
74,129
Net earnings attributable to Skechers U.S.A., Inc.
$
75,515
$
402,422
$
373,028
$
741,503
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.49
$
2.58
$
2.40
$
4.77
Diluted
$
0.48
$
2.56
$
2.38
$
4.73
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
155,162
155,909
155,627
155,539
Diluted
156,278
157,340
156,608
156,794
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
Segment Information
Three Months Ended December 31,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
1,049.2
$
906.8
142.4
15.7
Gross profit
375.2
326.7
48.5
14.9
Gross margin
35.8
%
36.0
%
(30
)bps
Direct-to-Consumer sales
$
829.6
$
748.6
81.0
10.8
Gross profit
534.4
481.5
52.9
11.0
Gross margin
64.4
%
64.3
%
10
bps
Total sales
$
1,878.8
$
1,655.4
223.4
13.5
Gross profit
909.7
808.2
101.4
12.6
Gross margin
48.4
%
48.8
%
(40
)bps
Year Ended December 31,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
4,632.4
$
3,758.6
873.8
23.2
Gross profit
1,669.3
1,437.5
231.8
16.1
Gross margin
36.0
%
38.2
%
(220
)bps
Direct-to-Consumer sales
$
2,812.1
$
2,551.6
260.5
10.2
Gross profit
1,846.1
1,686.9
159.2
9.4
Gross margin
65.6
%
66.1
%
(50
)bps
Total sales
$
7,444.5
$
6,310.2
1,134.3
18.0
Gross profit
3,515.4
3,124.4
391.0
12.5
Gross margin
47.2
%
49.5
%
(230
)bps
Additional Sales Information
Three Months Ended December 31,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
365.4
$
315.5
49.9
15.8
Direct-to-Consumer
345.4
265.7
79.7
30.0
Total domestic sales
710.8
581.2
129.6
22.3
International
Wholesale
683.8
591.3
92.5
15.6
Direct-to-Consumer
484.2
482.9
1.3
0.3
Total international sales
1,168.0
1,074.2
93.8
8.7
Total sales
$
1,878.8
$
1,655.4
223.4
13.5
Regional sales
Americas (AMER)
$
925.6
$
755.7
169.9
22.5
Europe, Middle East & Africa (EMEA)
413.7
320.9
92.8
28.9
Asia Pacific (APAC)
539.5
578.8
(39.3
)
(6.8
)
Total sales
$
1,878.8
$
1,655.4
223.4
13.5
China sales
$
308.0
$
402.4
(94.4
)
(23.4
)
Distributor sales
$
160.7
$
118.2
42.5
35.9
Year Ended December 31,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
1,831.6
$
1,448.3
383.3
26.5
Direct-to-Consumer
1,243.5
1,115.1
128.4
11.5
Total domestic sales
3,075.1
2,563.4
511.7
20.0
International
Wholesale
2,800.8
2,310.3
490.5
21.2
Direct-to-Consumer
1,568.6
1,436.5
132.1
9.2
Total international sales
4,369.4
3,746.8
622.6
16.6
Total sales
$
7,444.5
$
6,310.2
1,134.3
18.0
Regional sales
Americas (AMER)
$
3,854.4
$
3,152.3
702.1
22.3
Europe, Middle East & Africa (EMEA)
1,699.2
1,282.9
416.3
32.5
Asia Pacific (APAC)
1,890.9
1,875.0
15.9
0.9
Total sales
$
7,444.5
$
6,310.2
1,134.3
18.0
China sales
$
1,062.7
$
1,247.9
(185.2
)
(14.8
)
Distributor sales
$
557.1
$
387.2
169.9
43.9
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures
(Unaudited)
Adjusted Diluted Earnings Per Share (Non-GAAP Financial Measure)
We believe that adjusted diluted earnings per share provide meaningful supplemental information to investors in evaluating our business performance for the quarter and year ended December 31, 2022. Adjusted diluted earnings per share is not a measure of financial performance under GAAP and should be considered in addition to, and not a substitute for, diluted earnings per share which is the most comparable GAAP measure. We believe that this non-GAAP measure provides useful information to investors regarding our results of operations and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with valuable supplemental information regarding our results of operations, facilitating period-to-period comparisons of our business performance consistent with how management evaluates the Company’s operating performance. Our method of determining non-GAAP financial measures may differ from other companies’ methods and therefore may not be comparable to those used by other companies. The table below includes prior-year adjustments for a tax benefit due to the establishment of net deferred tax assets related to an intra-entity transfer of certain intellectual property rights, as well as charges related to the settlement of multiple legal matters and the related tax benefit.
Three Months Ended December 31,
Year Ended December 31,
2022
2021
2022
2021
Diluted earnings per share, as reported
$
0.48
$
2.56
$
2.38
$
4.73
Less: Income tax benefits
—
(2.23
)
—
(2.24
)
Plus: Settlement of legal matters
—
0.10
—
0.10
Adjusted diluted earnings per share
$
0.48
$
0.43
$
2.38
$
2.59
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,
2022
2021
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency
Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
1,878.8
$
92.8
$
1,971.6
$
1,655.4
316.2
19.1
Cost of sales
969.1
52.6
1,021.7
847.2
174.5
20.6
Gross profit
909.7
40.2
949.9
808.2
141.7
17.5
Operating expenses
823.0
33.7
856.7
715.1
141.6
19.8
Earnings from operations
86.6
6.5
93.2
93.1
0.1
0.1
Other income (expense)
15.8
(21.4
)
(5.6
)
(8.4
)
2.8
(33.3
)
Income tax expense (benefit)
9.9
1.4
11.3
(337.9
)
349.2
n/m
Less: Noncontrolling interests
17.0
1.5
18.5
20.2
(1.7
)
(8.4
)
Net earnings
$
75.5
$
(17.8
)
$
57.8
$
402.4
(344.6
)
(85.6
)
Diluted earnings per share
$
0.48
$
(0.11
)
$
0.37
$
2.56
(2.19
)
(85.5
)
Year Ended December 31,
2022
2021
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency
Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
7,444.5
$
291.6
$
7,736.1
$
6,310.2
1,425.9
22.6
Cost of sales
3,929.1
176.0
4,105.1
3,185.8
919.3
28.9
Gross profit
3,515.4
115.6
3,631.0
3,124.4
506.6
16.2
Operating expenses
2,968.7
97.0
3,065.7
2,526.2
539.5
21.4
Earnings from operations
546.7
18.6
565.3
598.2
(32.9
)
(5.5
)
Other income (expense)
(24.5
)
6.8
(17.7
)
(28.5
)
10.8
(37.9
)
Income tax expense (benefit)
93.1
4.3
97.4
(245.9
)
343.3
n/m
Less: Noncontrolling interests
56.1
2.2
58.3
74.1
(15.8
)
(21.3
)
Net earnings
$
373.0
$
18.9
$
391.9
$
741.5
(349.6
)
(47.1
)
Diluted earnings per share
$
2.38
$
0.12
$
2.50
$
4.73
(2.23
)
(47.1
)
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Jan 12, 2023 | Press Release
Jan 12, 2023 • 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 2022 financial results after market close on Thursday, February 2, 2023. 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 USA, Inc. (NYSE:SKX), The Comfort Technology Company™ based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,458 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.
Investor Relations
Eunice Han
[email protected]
Source: Skechers USA, Inc.
by Zach | Dec 20, 2022 | Press Release
Dec 20, 2022 • 4:00 am EST
The Brand’s New Destination at Grafton Street will Showcase its Diverse Comfort Offering
DUBLIN–(BUSINESS WIRE)–
Skechers, The Comfort Technology Company™, is elevating its presence in Ireland with the opening of a flagship store on Dublin’s Grafton Street. Joining the concept store on Henry Street and four retail destinations in greater Dublin, the new 929-square-meter location is designed to present Skechers’ extensive offering and comfort technologies in one of the country’s most highly trafficked districts.
Skechers opens its first flagship store on Grafton Street, expanding the Company’s presence in Ireland. (Photo: Business Wire)
Skechers opens its first flagship store on Grafton Street, expanding the Company’s presence in Ireland. (Photo: Business Wire)
“Millions of Ireland’s locals and tourists know and love Skechers’ renowned technologies, and Skechers is making it easier than ever to enjoy more comfort through its footwear and apparel,” said Peter Youell, managing director for Skechers in the UK and Ireland. “Through our ambassadors Jamie Redknapp and Myleene Klass and our beautiful product showcase, our head-to-toe offering is on full display at our new flagship store on Grafton Street—and its central location alongside esteemed international retailers will attract consumers of every age to the latest Skechers offers, from our Skechers Hands Free Slip-ins™ styles to our extensive performance, fashion, sport, casual and work and children’s collections.”
“Skechers has an established network of stores across Great Britain and Ireland, and we continue to invest in key markets like this on our path to reach $10 billion in annual sales by 2026,” said David Weinberg, chief operating officer of Skechers. “This flagship destination adds dimension to our brand—building excitement and driving our comfort message home in a district that makes big impressions on consumers. We believe this new store’s an ideal centerpiece—ready to captivate and drive growth across Ireland and Northern Ireland as well as Europe.”
Displaying Skechers’ unique assortment of shoes, coordinating apparel and accessories as well as a dedicated performance shop, the new destination at 13-14 Grafton Street mirrors the brand’s premier retail stores while catering to local styles—a reimagined mid-century modern design with state-of-the art technology including digital screens and colorful lightboxes presenting its latest marketing.
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™, Massage Fit® Technology, Skechers Arch Fit® Technology, Skechers Max Cushioning® Technology, Skechers Hyper Burst® Technology, Skechers Air-Cooled Memory Foam®, Skechers Relaxed Fit® Technology and Skechers Stretch Fit® Technology.
The flagship store joins 111 Skechers retail stores across Ireland and the UK. Consumers can also find the brand’s collections at over 525 Skechers stores in the United States, more than 3,800 international stores, online at Skechers.com, and at leading retailers worldwide.
About Skechers USA Ltd. and Skechers USA, Inc.
Skechers USA Ltd. is an English subsidiary of Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™ based in Southern California. Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,458 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 Twitter.
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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s recent invasion of Ukraine; 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, 2021 and its quarterly reports on Form 10-Q in 2022. 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.
Petra Kereem
Skechers UK
T: +44 (0) 1707 655 955
Source: Skechers USA Ltd.
by Zach | Nov 17, 2022 | Press Release
Nov 17, 2022 • 2:02 pm EST
The Skechers Street™ capsule is inspired by the artist’s iconic personal style
LOS ANGELES–(BUSINESS WIRE)–
Calling fashion and music lovers everywhere—Skechers has collaborated with multi-platinum global pop sensation Ava Max on a limited-edition footwear collection, with the first two styles launching today. This on-trend capsule is the evolution of an ongoing partnership between Skechers and Ava Max. It all began with her wearing Skechers D’Lites in her 2021 “My Head and My Heart” video, which led to a campaign launch earlier this year for the brand’s best-selling Skechers Uno sneaker.
Limited-edition Skechers x Ava Max collab launches with two fashion sneaker styles. (Photo: Business Wire)
Limited-edition Skechers x Ava Max collab launches with two fashion sneaker styles. (Photo: Business Wire)
“It has been incredible working with the Skechers team to bring my vision to life with the Skechers x Ava Max collaboration,” said Ava Max. “I wanted to create my own spin on classic silhouettes, and I am so excited for it to finally be here!”
Sneakerheads can wear their favorite popstar’s glam-meets-edge look with two hot styles designed with guidance from the singer and songwriter herself. Skechers x Ava Max: Roadies Surge, a high-top lace-up fashion sneaker boot, brings the Y2K vibe with black patent leather upper and classic rugged lug outsole. Skechers x Ava Max: Uno Hi is an elevated update to the iconic Skechers Uno fashion sneaker in monochromatic off-white with patent leather trim on a platform wedge for extra height.
The global hitmaker, whose tracks have been streamed more than 12 billion times, was recently honored with awards for International Artist of the Year and Best Video of the Year at the 2022 LOS40 Music Awards in Spain, and performed her new single “Million Dollar Baby” at the 2022 MTV Europe Music Awards in Dusseldorf on Sunday. Ava Max’s second studio album, Diamonds & Dancefloors, is scheduled to be released on January 27, 2023.
The first limited-edition Skechers x Ava Max capsule collection is available at skechers.com and in select Skechers flagship stores starting today. Additional styles will follow later in 2023.
About AVA MAX:
Ava Max is ready to take her already extraordinary rise to the pinnacle of pop success to even greater heights with her new single “Million Dollar Baby” and upcoming album Diamonds and Dancefloors. With over 12.5B worldwide streams, an array of smash collaborations, and multiple RIAA gold and platinum certifications in the US alone, the first-generation Albanian American artist has fast proven a true pop superstar, hailed for her seismic voice, idiosyncratic high fashion mindset, and undeniable knack for cinematic, theatrical popcraft. 2018 saw Max make her explosive arrival with the blockbuster success of the RIAA 4x-platinum certified hit, “Sweet but Psycho.” Currently boasting more than 4B global streams, the track took the world by storm, spending three weeks in the top 10 on Billboard’s “Hot 100” while reaching #1 in more than 20 countries around the world. Max kept up the pace with a series of smash singles, including the RIAA gold certified “So Am I,” “Salt,” and the platinum “My Head & My Heart,” as well as the platinum certified title track to her acclaimed full-length debut, Heaven & Hell. 2021 saw Max unveil “Every Time I Cry” and her worldwide hit anthem with Tiësto, “The Motto,” which has proven to be an undeniable international blockbuster, reaching the top 5 on Billboard’s “Dance/Electronic Songs” chart while earning over 955M worldwide streams thus far. Now, with new singles “Maybe You’re The Problem,” “Million Dollar Baby” and “Weapons” and the upcoming arrival of Diamonds & Dancefloors, Ava Max is poised to push pop even further, setting a direct course toward the top and beyond.
About SKECHERS USA, Inc.
Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™ based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,458 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.
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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s recent invasion of Ukraine; 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, 2021 and its quarterly reports on Form 10-Q in 2022. 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.
Cara Maffucci
Rogers & Cowan/PMK
[email protected]
Jennifer Clay
Skechers USA
[email protected]
Source: Skechers USA, Inc.
by Zach | Nov 3, 2022 | Press Release
The 14th annual Skechers Pier to Pier Friendship Walk broke donation records, raising over $3 million for children with varying abilities, schools and scholarships. On stage (L to R): Robin Curren, Executive Director of the Skechers Foundation; Amanda Kloots and son Elvis; Skechers President Michael Greenberg; Brooke Burke; Sugar Ray Leonard; CEO of Kinecta Keith Sultemeier; and Yossi Mintz, Founder of the Friendship Foundation. (Photo: Will Hartman, Desert Rose Photography)
Skechers President Michael Greenberg and Dani Bowman at the 2022 Skechers Pier to Pier Friendship Walk in Manhattan Beach, CA. (Photo: Will Hartman, Desert Rose Photography)
Amanda Kloots and son Elvis take the stage with Sugar Ray Leonard at the Skechers Pier to Pier Friendship Walk. (Photo: Ian Logan)
Nov 3, 2022 • 9:00 am EDT
Presented by Kinecta Federal Credit Union, the Annual Event Has Raised Over $21 Million to Date for Children with Varying Abilities and Education
LOS ANGELES–(BUSINESS WIRE)– The Skechers Pier to Pier Friendship Walk announced that its 14th annual event raised more than $3 million this year for children with varying abilities, schools and scholarships—a new record that has helped the Walk surpass $21 million in funds raised to date. With more than 19,000 participants, the event was supported by Presenting Sponsor Kinecta Federal Credit Union and over 100 other generous businesses and partners, along with appearances by Dani Bowman, Brooke Burke, Amanda Kloots and Sugar Ray Leonard, plus live performances by talents including Young Selena singer and America’s Got Talent golden buzzer winner Madison Taylor Baez.
The 14th annual Skechers Pier to Pier Friendship Walk broke donation records, raising over $3 million for children with varying abilities, schools and scholarships. On stage (L to R): Robin Curren, Executive Director of the Skechers Foundation; Amanda Kloots and son Elvis; Skechers President Michael Greenberg; Brooke Burke; Sugar Ray Leonard; CEO of Kinecta Keith Sultemeier; and Yossi Mintz, Founder of the Friendship Foundation. (Photo: Will Hartman, Desert Rose Photography)
“It’s incredible that our event has grown from raising $220,000 at our first Walk to passing the $21 million mark this year,” said Michael Greenberg, co-founder of the Skechers Pier to Pier Friendship Walk. “These funds have and will continue to impact and transform the lives of children of all ages and abilities, both in their classroom and at the upcoming Friendship Campus, which will educate and inspire neurodivergent youth, offer them vocational and life-skills training and encourage them to become active participants in their community. I am so deeply grateful for Kinecta, our generous sponsors, celebrities, volunteers and all of our beach and virtual walkers. Thanks to their years of support, we’re enriching our children academically, physically and emotionally more than we ever have—and we’re giving them the tools to succeed that will stay with them their entire lives.”
“This Walk means so much to me,” added Love on the Spectrum star and Danimation entrepreneur Dani Bowman, who has autism. “Thanks to the support of my family and community, I’ve been able to pursue so many opportunities like my show, starting my animation business, teaching students—I know that the sky’s the limit. So many kids with different abilities can do this and more when given love, support and confidence—and this event, the Friendship Foundation and Friendship Campus all celebrate our beautiful community and the amazing things that can happen when we’re supported. Not just for us personally, but what we can also give back to the world around us.”
Historically California’s largest event for children with varying abilities and education, the 3.5-mile Skechers Pier to Pier Friendship Walk supports The Friendship Foundation’s future Friendship Campus (The Greenberg Family / Skechers Center) and the Friendship Foundation which offers children with varying abilities a wide range of activities, including one-on-one peer visits and social recreational activities, online gatherings, summer camps, sporting event outings and classes such as music, yoga, cooking, art and drama.
In addition, the Walk contributes to public school education foundations—helping to reduce class sizes; provide counseling and support; maintain classes in the arts, STEM, reading and physical education; and update labs, libraries and facilities. The Skechers Foundation’s National Scholarship program will also donate a portion of the proceeds to students with financial need and proven excellence in academics, athletics and leadership, and has donated nearly $1 million in scholarships to date.
The Skechers Pier to Pier Friendship Walk thanks its Presenting Sponsor Kinecta Federal Credit Union and all of its generous sponsors, including Nickelodeon, Los Angeles Chargers, Dakine, Los Angeles Kings, Bank of America, Big 5 Sporting Goods, Rare Beauty, Los Angeles Angels, Vertra, WSS, Steel Sports, Academy Sports & Outdoors, United Legwear & Apparel, CET Foundation, Chevron, Ross Stores, Continental Development, McCarthy Building Companies, Petco Love, Turkish Airlines, MBS Group, Moose Toys and many more companies who are committed to making a difference in the lives of 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, Instagram, and Twitter.
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 USA, Inc. (NYSE:SKX), The Comfort Technology Company™ based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,458 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.
About Kinecta Federal Credit Union
Headquartered in Manhattan Beach, California Kinecta Federal Credit Union is the country’s 35th largest credit union, with assets of $6.6 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. 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 32 locations 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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s recent invasion of Ukraine; 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, 2021 and its quarterly reports on Form 10-Q in 2022. 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 USA
[email protected]
(310) 937-1326
by Zach | Oct 26, 2022 | Press Release
Oct 26, 2022 • 5:02 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™, stated Kanye West – also referred to as Ye – arrived unannounced and without invitation at one of Skechers’ corporate offices in Los Angeles. Considering Ye was engaged in unauthorized filming, two Skechers executives escorted him and his party from the building after a brief conversation. Skechers is not considering and has no intention of working with West. We condemn his recent divisive remarks and do not tolerate antisemitism or any other form of hate speech. The Company would like to again stress that West showed up unannounced and uninvited to Skechers corporate offices.
About Skechers USA, Inc.
Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™, based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,458 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.
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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s recent invasion of Ukraine; 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, 2021 and its quarterly reports on Form 10-Q in 2022. 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]
(310) 937-1326
Source: Skechers USA, Inc.