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.
by Zach | Oct 25, 2022 | Press Release
Oct 25, 2022 • 4:05 pm EDT
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 third quarter ended September 30, 2022.
Third Quarter Highlights
“Skechers’ ability to deliver record quarterly sales of $1.88 billion was a significant accomplishment, reflecting the ongoing global demand for our comfort technology products, which resulted in double-digit growth in our Wholesale and Direct-to-Consumer segments,” said David Weinberg, Chief Operating Officer of Skechers. “All regions grew, led by EMEA with improvements of 48% as we realized growth across our largest European subsidiaries—Germany, Spain, and the United Kingdom, as well as strong distributor growth. The Americas achieved 16% growth primarily due to robust demand in the United States and Canada. In APAC, we experienced growth of 9%, which we are particularly pleased with given the COVID-related challenges in China and Japan during the quarter. While this broad-based consumer demand for Skechers is not unique to this quarter, we believe our ongoing momentum and strong product offering is a testament to the strength of our brand and resilience as an organization.”
“As we celebrate our 30th year in business with three consecutive quarters of record sales, we are honored to be named Company of the Year by Footwear News for the third time. These notable achievements illustrate the ability and dedication of our entire organization to design, deliver and market the most comfortable and innovative footwear available,” began Robert Greenberg, Chief Executive Officer of Skechers. “We recognized a consumer’s need for comfort years ago and are a unique brand known globally for our comfort technology products. We are always looking for new opportunities to meet the needs of our customers, including the introduction of Skechers Hands Free Slip-ins, the ultimate ready-to-go footwear. Our innovation continues to deliver results in Skechers Performance where our golfers are winning major championships and pickleball athletes are scoring big wins in our footwear. In the quarter, we communicated these product attributes in targeted mediums—be it television commercials with Martha Stewart and Tony Romo; in digital campaigns with global pop superstars like Ava Max and regional influencers; sponsoring major athletes on the court, course, mound or track; and expanding our presence at stores around the world through window campaigns and shop-in-shops. As we continue to grow towards our goal of $10 billion in annual sales by 2026, we remain as focused and as dedicated as we were from the year we started Skechers. With three decades of experience, we will continue to approach each day as a new opportunity to be the best we can be at designing, marketing and delivering innovation and comfort to the world.”
Third Quarter 2022 Financial Results
Three Months Ended
September 30,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
1,878.4
$
1,558.5
319.9
20.5
Gross profit
883.9
777.0
106.9
13.8
Gross margin
47.1
%
49.9
%
(280
)bps
Operating expenses
754.0
630.7
123.3
19.5
As a % of sales
40.1
%
40.5
%
(30
)bps
Earnings from operations
130.0
146.2
(16.2
)
(11.1
)
Operating margin
6.9
%
9.4
%
(250
)bps
Net earnings
$
85.9
$
103.1
(17.2
)
(16.7
)
Diluted earnings per share
$
0.55
$
0.66
(0.11
)
(16.7
)
Third quarter sales increased 20.5% as a result of a 14.9% increase domestically and a 24.6% increase internationally, primarily driven by strength in our wholesale sales. All segments experienced growth, with Wholesale increasing 26.2% and Direct-to-Consumer increasing 11.9%. On a constant currency basis, sales increased 27.3%.
Wholesale sales growth of $247.1 million, or 26.2%, was led by increases in EMEA of 58.8% and AMER of 18.1%. Wholesale volume increased 25.1% and average selling price increased 1.4%.
Direct-to-Consumer sales growth of $72.8 million, or 11.9%, was led by increases in AMER of 13.8% and APAC of 10.0%. Direct-to-Consumer volume increased 11.1% and average selling price increased 0.6%.
Gross margin was 47.1%, a decrease of 280 basis points, primarily the result of increased freight and logistics costs, and a higher proportion of distributor sales, partially offset by average selling price increases.
Operating expenses increased $123.3 million, or 19.5%, and as a percentage of sales improved 30 basis points to 40.1%. Selling expenses increased $23.0 million, or 18.0%, due to higher global digital and brand demand creation expenditures. General and administrative expenses increased $100.2 million, or 19.9%, and as a percentage of sales improved 20 basis points to 32.1%. Increased expenses were primarily driven by our domestic distribution center where supply chain and logistics challenges drove higher labor and warehouse and distribution expenses.
Earnings from operations decreased $16.2 million, or 11.1%, to $130.0 million.
Net earnings were $85.9 million and diluted earnings per share were $0.55, a decrease of 16.7% over the prior year. Diluted earnings per share include an unfavorable impact of $0.09 due to declines in foreign exchange rates, primarily in EMEA.
In the third quarter, the Company’s effective income tax rate was 17.9%.
“Skechers’ record third quarter sales reflect double-digit growth across our segments and in most countries. These results are a testament to the demand for our comfort technology products,” stated John Vandemore, Chief Financial Officer of Skechers. “Despite multiple macroeconomic headwinds, from foreign exchange rates to supply chain challenges and ongoing COVID-related lockdowns, we remain focused on our long-term growth strategy. We are encouraged that demand remains strong and as these headwinds moderate, we expect to see continued revenue growth and improved operating leverage.”
Nine Months 2022 Financial Results
Nine Months Ended
September 30,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
5,565.8
$
4,654.8
911.0
19.6
Gross profit
2,605.7
2,316.2
289.5
12.5
Gross margin
46.8
%
49.8
%
(290
)bps
Operating expenses
2,145.6
1,811.1
334.5
18.5
As a % of sales
38.6
%
38.9
%
(40
)bps
Earnings from operations
460.0
505.1
(45.1
)
(8.9
)
Operating margin
8.3
%
10.9
%
(260
)bps
Net earnings
$
297.5
$
339.1
(41.6
)
(12.3
)
Diluted earnings per share
$
1.90
$
2.17
(0.27
)
(12.4
)
Year-to-date sales increased 19.6% reflecting a 19.3% increase domestically and a 19.8% increase internationally with the largest contribution derived from our wholesale sales. Both segments experienced increases, with Wholesale increasing 25.6% and Direct-to-Consumer increasing 10.0%. On a constant currency basis, the Company’s total sales increased 23.8%.
Wholesale sales growth of $731.4 million, or 25.6%, was led by increases in AMER of 31.7% and EMEA of 34.8%. Wholesale volume increased 20.8% and average selling price increased 4.4%.
Direct-to-Consumer sales growth of $179.6 million, or 10.0%, was led by increases in AMER of 9.3%, EMEA of 27.6%, and APAC of 6.7%. Direct-to-Consumer volume increased 3.4% and average selling price increased 6.3%.
Gross margin was 46.8%, a decrease of 290 basis points, primarily the result of higher freight and logistics costs, and an increased mix of wholesale sales, partially offset by average selling price increases.
Operating expenses increased $334.5 million or 18.5%. As a percentage of sales, operating expenses improved 40 basis points to 38.6%. Selling expenses increased $65.0 million or 18.0%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $269.5 million or 18.6%, primarily due to higher labor costs and global warehouse and distribution expenses.
Earnings from operations decreased $45.1 million to $460.0 million.
Net earnings were $297.5 million and diluted earnings per share were $1.90, a decrease of 12.4% over the prior year. Diluted earnings per share include an unfavorable impact of $0.23 due to declines in foreign exchange rates, primarily in EMEA.
The Company’s effective income tax rate was essentially flat year-over-year at 19.8%.
Balance Sheet
Cash, cash equivalents and investments totaled $681.5 million, a decrease of $358.9 million, or 34.5% from December 31, 2021, primarily as a result of ongoing investments in working capital, particularly inventory, and completing $74.2 million of share repurchases year-to-date.
Inventory was $1.78 billion, an increase of $308.4 million or 21.0% from December 31, 2021. Increased inventory levels primarily reflect growth in AMER.
Share Repurchase
During the quarter, the Company repurchased nearly 639,295 shares of its Class A common stock for $25.0 million. Year-to-date 2022, the Company has repurchased 1.9 million shares of its Class A common stock at a cost of $74.2 million. At September 30, 2022, approximately $425.8 million remained available under the Company’s share repurchase program.
Outlook
For the fourth quarter of 2022, the Company believes it will achieve sales between $1.725 billion and $1.775 billion and diluted earnings per share of between $0.30 and $0.40.
Store Count
Number of Stores
December 31, 2021
Opened
Closed(1)
September 30, 2022
Domestic stores
515
36
(19
)
532
International stores
845
117
(90
)
872
Distributor, licensee and franchise stores
2,946
376
(268
)
3,054
Total Skechers stores
4,306
529
(377
)
4,458
Does not reflect temporary closures due to the COVID-19 pandemic.
Third 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 third 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 October 25, 2022 at 7:30 p.m. ET, through November 8, 2022, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13733123.
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 4,458 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.
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 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)
September 30, 2022
December 31, 2021
ASSETS
Current assets
Cash and cash equivalents
$
508,281
$
796,283
Short-term investments
102,986
98,580
Trade accounts receivable, net
933,908
732,793
Other receivables
75,075
80,043
Inventory
1,779,369
1,470,994
Prepaid expenses and other
182,260
193,547
Total current assets
3,581,879
3,372,240
Property, plant and equipment, net
1,289,520
1,128,909
Operating lease right-of-use assets
1,117,951
1,224,580
Deferred tax assets
448,179
451,355
Long-term investments
70,242
145,590
Goodwill
93,497
93,497
Other assets, net
77,371
75,109
Total non-current assets
3,096,760
3,119,040
TOTAL ASSETS
$
6,678,639
$
6,491,280
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
925,907
$
876,342
Accrued expenses
261,577
265,420
Operating lease liabilities
221,396
225,658
Current installments of long-term borrowings
136,930
76,967
Short-term borrowings
31,013
1,195
Total current liabilities
1,576,823
1,445,582
Long-term operating lease liabilities
996,414
1,094,748
Long-term borrowings
225,505
263,445
Deferred tax liabilities
11,739
11,820
Other long-term liabilities
119,288
133,613
Total non-current liabilities
1,352,946
1,503,626
Total liabilities
2,929,769
2,949,208
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
134
135
Class B Common Stock
21
21
Additional paid-in capital
387,459
429,608
Accumulated other comprehensive loss
(104,326
)
(48,323
)
Retained earnings
3,175,416
2,877,903
Skechers U.S.A., Inc. equity
3,458,704
3,259,344
Noncontrolling interests
290,166
282,728
Total stockholders’ equity
3,748,870
3,542,072
TOTAL LIABILITIES AND EQUITY
$
6,678,639
$
6,491,280
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)
2022
2021
2022
2021
Sales
$
1,878,367
$
1,558,476
$
5,565,765
$
4,654,802
Cost of sales
994,432
781,513
2,960,088
2,338,588
Gross profit
883,935
776,963
2,605,677
2,316,214
Operating expenses
Selling
150,857
127,845
425,675
360,640
General and administrative
603,107
502,871
1,719,969
1,450,449
Total operating expenses
753,964
630,716
2,145,644
1,811,089
Earnings from operations
129,971
146,247
460,033
505,125
Other expense
(15,139
)
(8,049
)
(40,144
)
(20,065
)
Earnings before income taxes
114,832
138,198
419,889
485,060
Income tax expense
20,498
21,497
83,229
92,027
Net earnings
94,334
116,701
336,660
393,033
Less: Net earnings attributable to noncontrolling interests
8,448
13,562
39,147
53,952
Net earnings attributable to Skechers U.S.A., Inc.
$
85,886
$
103,139
$
297,513
$
339,081
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.55
$
0.66
$
1.91
$
2.18
Diluted
$
0.55
$
0.66
$
1.90
$
2.17
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
155,420
155,835
155,783
155,413
Diluted
156,233
157,123
156,714
156,590
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
As previously announced, during the first quarter of 2022 Skechers refined the way it views its business operations and decision-making and now presents its reportable segment results as Wholesale and Direct-to-Consumer. Prior period results have been recast to reflect current reportable segments. There was no impact to the consolidated financial results of the Company as a result of this change.
Segment Information
Three Months Ended September 30,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
1,191.6
$
944.5
247.1
26.2
Gross profit
424.6
361.9
62.7
17.3
Gross margin
35.6
%
38.3
%
(270
)bps
Direct-to-Consumer sales
$
686.8
$
614.0
72.8
11.9
Gross profit
459.3
415.1
44.2
10.7
Gross margin
66.9
%
67.6
%
(70
)bps
Total sales
$
1,878.4
$
1,558.5
319.9
20.5
Gross profit
883.9
777.0
106.9
13.8
Gross margin
47.1
%
49.9
%
(280
)bps
Nine Months Ended September 30,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
3,583.2
$
2,851.8
731.4
25.6
Gross profit
1,294.0
1,110.9
183.1
16.5
Gross margin
36.1
%
39.0
%
(280
)bps
Direct-to-Consumer sales
$
1,982.6
$
1,803.0
179.6
10.0
Gross profit
1,311.7
1,205.3
106.4
8.8
Gross margin
66.2
%
66.9
%
(70
)bps
Total sales
$
5,565.8
$
4,654.8
911.0
19.6
Gross profit
2,605.7
2,316.2
289.5
12.5
Gross margin
46.8
%
49.8
%
(290
)bps
Additional Sales Information
Three Months Ended September 30,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
406.6
$
354.3
52.3
14.7
Direct-to-Consumer
339.2
294.9
44.3
15.0
Total domestic sales
745.8
649.2
96.6
14.9
International
Wholesale
785.0
590.2
194.8
33.0
Direct-to-Consumer
347.6
319.1
28.5
8.9
Total international sales
1,132.6
909.3
223.3
24.6
Total sales
$
1,878.4
$
1,558.5
319.9
20.5
Regional sales
Americas (AMER)
$
948.0
$
815.8
132.2
16.2
Europe, Middle East & Africa (EMEA)
469.8
318.4
151.4
47.6
Asia Pacific (APAC)
460.6
424.3
36.3
8.6
Total sales
$
1,878.4
$
1,558.5
319.9
20.5
China sales
$
226.7
$
278.1
(51.4
)
(18.5
)
Distributor sales
$
171.1
$
92.1
79.0
85.7
Nine Months Ended September 30,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
1,466.2
$
1,132.9
333.3
29.4
Direct-to-Consumer
898.2
849.3
48.9
5.7
Total domestic sales
2,364.4
1,982.2
382.2
19.3
International
Wholesale
2,117.0
1,718.9
398.1
23.2
Direct-to-Consumer
1,084.4
953.7
130.7
13.7
Total international sales
3,201.4
2,672.6
528.8
19.8
Total sales
$
5,565.8
$
4,654.8
911.0
19.6
Regional sales
Americas (AMER)
$
2,928.8
$
2,396.6
532.2
22.2
Europe, Middle East & Africa (EMEA)
1,285.5
962.0
323.5
33.6
Asia Pacific (APAC)
1,351.5
1,296.2
55.3
4.3
Total sales
$
5,565.8
$
4,654.8
911.0
19.6
China sales
$
754.7
$
845.6
(90.9
)
(10.7
)
Distributor sales
$
396.5
$
269.0
127.5
47.4
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,
2022
2021
Change
(in millions, except per share data)
Reported
GAAP Measure
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
1,878.4
$
105.8
$
1,984.2
$
1,558.5
425.7
27.3
Cost of sales
994.5
66.2
1,060.7
781.5
279.2
35.7
Gross profit
883.9
39.6
923.5
777.0
146.5
18.9
Operating expenses
754.0
33.4
787.4
630.7
156.7
24.8
Earnings from operations
130.0
6.2
136.1
146.2
(10.1
)
(6.9
)
Other income (expense)
(15.2
)
9.6
(5.6
)
(8.0
)
2.4
(30.0
)
Income tax expense
20.5
1.6
22.1
21.5
0.6
2.8
Less: Noncontrolling interests
8.4
0.6
9.0
13.6
(4.6
)
(33.8
)
Net earnings
$
85.9
$
13.6
$
99.4
$
103.1
(3.7
)
(3.6
)
Diluted earnings per share
$
0.55
$
0.09
$
0.64
$
0.66
(0.02
)
(3.0
)
Nine Months Ended September 30,
2022
2021
Change
(in millions, except per share data)
Reported
GAAP Measure
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
5,565.8
$
198.8
$
5,764.6
$
4,654.8
1,109.8
23.8
Cost of sales
2,960.1
123.3
3,083.4
2,338.6
744.8
31.8
Gross profit
2,605.7
75.5
2,681.2
2,316.2
365.0
15.8
Operating expenses
2,145.6
63.4
2,209.0
1,811.1
397.9
22.0
Earnings from operations
460.0
12.1
472.2
505.1
(32.9
)
(6.5
)
Other income (expense)
(40.2
)
28.0
(12.2
)
(20.0
)
7.8
(39.0
)
Income tax expense
83.2
2.9
86.1
92.0
(5.9
)
(6.4
)
Less: Noncontrolling interests
39.1
0.7
39.8
54.0
(14.2
)
(26.3
)
Net earnings
$
297.5
$
36.5
$
334.1
$
339.1
(5.0
)
(1.5
)
Diluted earnings per share
$
1.90
$
0.23
$
2.13
$
2.17
(0.04
)
(1.8
)
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Oct 24, 2022 | Press Release
Oct 24, 2022 • 9:00 am EDT
The 2022 FN Achievement Award Marks the Third Time Skechers Has Earned Top Honor
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™, has been named 2022 Company of the Year by leading trade publication Footwear News in its annual FN Achievement Awards. This prestigious honor follows Footwear News previously naming Skechers as Company of the Year at the awards in 1998 and 2014. The award will be presented at a ceremony on November 30 in New York.
“To be recognized by Footwear News as Company of the Year for the third time as we celebrate our 30th year in business is an amazing anniversary gift for everyone at Skechers,” began Michael Greenberg, president of Skechers, who was named Footwear News Person of the Year in 2000. “This award is proof that Skechers has the most dynamic, passionate and creative team in the business, and is a testament to the hard work that has made Skechers the industry leader it is today. When I’m traveling, no matter where I land, I know I’ll see someone walking in Skechers, our stores filled with people who love the brand, and Skechers advertising on billboards, buildings and kiosks. These experiences make me so proud of all that we’ve developed over these last three decades and serve as evidence that our strategy resonates with both consumers and our partners around the world.”
“Skechers marked its 30th anniversary in 2022 with multiple record sales quarters driven by powerful consumer demand and strong, consistent marketing,” said Michael Atmore, chief brand officer of Fairchild Media and editorial director for Footwear News. “At a time when the world is coming back to normal, the company has set the bar even higher for industry success.”
“It’s an honor that the editors at Footwear News and the industry have given us this award for the third time, and as we mark our 30th year. It illustrates the dedication of our teams across the entire Skechers business,” said Skechers CEO Robert Greenberg, who received a Lifetime Achievement Award from Footwear News in 2015. “As we continue to grow towards our goal of $10 billion in annual sales by 2026, it’s clear that consumers everywhere love the signature innovations that they can only find from Skechers. You can see it across all of our collections from popular comfort technology features like Skechers Hands Free Slip-ins™ to our collaborations, supported by campaigns starring ambassadors as diverse as our product range. It’s been a banner year for the Skechers brand that sets us up for even more success in the decades to come.”
Skechers has also been recognized by Footwear News with 2009 Launch of the Year and 2013 Brand of the Year awards for its products. 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.
Skechers features a roster of global ambassadors in its campaigns including music icons Ava Max, Willie Nelson and Chesca; television personalities Martha Stewart, Amanda Kloots and Brooke Burke; and a slate of retired sports stars such as football players and broadcasters Tony Romo and Howie Long, plus iconic boxer Sugar Ray Leonard, among other regional endorsees. Among the professional athletes currently competing in Skechers are golfers Brooke Henderson and Matt Fitzpatrick, who both won Major Championships in 2022; Dodgers pitcher Clayton Kershaw; and pickleball pros Catherine Parenteau and Tyson McGuffin.
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 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 4,355 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.
by Zach | Oct 20, 2022 | Press Release
Oct 20, 2022 • 9:00 am EDT
Multi-Year Presenting Sponsor Kinecta Federal Credit Union will Return with Celebrities Brooke Burke, Sugar Ray Leonard, Amanda Kloots and Dani Bowman to Raise Funds for Children with Varying Abilities, Schools and Scholarships
LOS ANGELES–(BUSINESS WIRE)–
The Skechers Pier to Pier Friendship Walk, presented by Kinecta Federal Credit Union, has announced a $2.5 million fundraising goal for a second year in a row—funds that will directly support youth with varying abilities, schools and the Skechers Foundation’s national scholarship program. Supported by Kinecta and more than 100 companies, the annual event will feature live performances, celebrities and athletic icons including Brooke Burke, Sugar Ray Leonard, Amanda Kloots and Dani Bowman, who will join thousands of walkers in support of children.
Skechers President Michael Greenberg and Friendship Foundation member Jacob celebrate the 2021 Skechers Pier to Pier Friendship Walk in Manhattan Beach, CA. (Photo: Business Wire)
Skechers President Michael Greenberg and Friendship Foundation member Jacob celebrate the 2021 Skechers Pier to Pier Friendship Walk in Manhattan Beach, CA. (Photo: Business Wire)
“Since 2009, the Skechers Pier to Pier Friendship Walk has created new ways that we can nurture our kids—and it’s done it in one of the most joyous ways imaginable: as an annual celebration for families,” said Michael Greenberg, founder of the Skechers Pier to Pier Friendship Walk. “Many of our Walk’s children are supported by parents, friends and neighbors who come together in person and online to celebrate them every fall. And with each passing season, there are new milestones—from students’ achievements in classes and life-changing college scholarships to our recent groundbreaking of our world class Friendship Campus, which will educate and inspire youth with varying abilities, offer them college-based learning and show them how they can be part of our community for the rest of their lives. The Skechers Pier to Pier Friendship Walk isn’t just the biggest event in California for these children’s causes, it’s one of its most ambitious—and our donation goals and investment in our kids this year is no exception.”
“As a mom, I’m thrilled to take part in an event that is passionate about our kids and committed to changing lives,” added Amanda Kloots, co-host of The Talk and fitness entrepreneur. “Whether you’re a child with unique abilities who wants to celebrate your birthday with friends, a student in search of your true passion or a high school student who dreams of going to college, it means everything to have people believe in you—and that’s what this beautiful day is all about.”
Donations from the Skechers Pier to Pier Friendship Walk support The Friendship Foundation and education foundations for public schools. In addition to the Friendship Campus (The Greenberg Family / Skechers Center), the Friendship Foundation offers children with developmental disabilities one-on-one peer visits and social recreational activities, from online gatherings to summer camps, sporting event outings and classes such as music, yoga, cooking, art and drama. The event also helps enhance schools, reduces class sizes, updates labs, libraries and facilities and protects teachers’ jobs. The Skechers Foundation’s national scholarship program gives a portion of its 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 Walk is a truly special event, and we sincerely appreciate the opportunity to partner with Skechers and participate as its Presenting Sponsor,” said Keith Sultemeier, president and chief executive officer of Kinecta. “We’ve served the South Bay community for over 80 years. Time and again, we’ve seen our community come together to find solutions to complex problems. The Skechers Pier to Pier Friendship Walk is a great example. It has been instrumental in funding quality education and emotional enrichment for children with varying abilities and challenges, helping and encouraging them to reach their full potential.”
Historically one of California’s largest events for children with developmental disabilities and education, the Skechers Pier to Pier Friendship Walk has raised nearly $18 million, including $2.6 million in 2021, for public schools, scholarships and the Friendship Foundation—and up to 17,000 support the event as registrants and walkers.
Featuring a cast of performers including Young Selena singer and America’s Got Talent golden buzzer winner Madison Taylor Baez, the Walk is supported virtually worldwide by celebrities and legendary athletes such as Clayton Kershaw, Tony Romo and Brooke Henderson, as well as numerous YouTube and Disney network stars.
Walkers can register in person at the event, sign up online at skechersfriendshipwalk.com and live stream the 14th annual Walk at the site on Sunday, October 30th at 9am PST. Participants can also follow the event on Facebook, Instagram, and Twitter.
In addition to Presenting Sponsor Kinecta Federal Credit Union, the Skechers Pier to Pier Friendship Walk thanks all of its 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 Foundation, Turkish Airlines, MBS Group, Moose Toys and many more companies who are committed to making a difference in the lives of our children.
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 4,355 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 member-owners 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. Daily Breeze readers have named Kinecta a top credit union for the past 12 years in the South Bay area of Los Angeles. 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.
Jennifer Clay
SKECHERS USA, Inc.
[email protected]
(310) 937-1326
Source: Skechers Foundation
by Zach | Oct 11, 2022 | Press Release
Oct 11, 2022 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE: SKX), The Comfort Technology Company™, today announced that the Company will release its third quarter 2022 financial results after market close on Tuesday, October 25, 2022. 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., 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 4,355 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.