by Zach | Aug 9, 2022 | Press Release
Aug 9, 2022 • 11:00 am EDT
Event Set to be First Nationally Televised Professional Pickleball Tournament
LOS ANGELES–(BUSINESS WIRE)–
Skechers, The Comfort Technology CompanyTM, is teaming up with the Professional Pickleball Association (PPA) to bring elite pickleball players to Los Angeles for The Skechers Invitational Summer Championship, the first nationally televised pickleball tournament in the United States. The event, which is the first for Skechers as title sponsor, will be held August 12-14 at the Riviera Country Club in Pacific Palisades. Ten percent of the Skechers Invitational ticket sales will be donated to the South Bay Friendship Foundation to help fund its programs for children with special needs and education.
Skechers pros Tyson McGuffin and Catherine Parenteau will be competing in Skechers Viper Court footwear at the Skechers Invitational Summer Championship. (Photo: Business Wire)
Skechers pros Tyson McGuffin and Catherine Parenteau will be competing in Skechers Viper Court footwear at the Skechers Invitational Summer Championship. (Photo: Business Wire)
“After the incredible reception we received this year launching Skechers Viper Court pickleball footwear, we wanted to showcase the fastest growing sport in America to the nation with a tournament in Los Angeles, our home of 30 years,” said Michael Greenberg, president of Skechers. “Presented with the help of our partners at the PPA, the Skechers Invitational will be an opportunity to watch elite players, including our own pros Catherine Parenteau and Tyson McGuffin, and a chance for those new to the sport to learn about the game. With proceeds benefiting the Friendship Foundation, this will be an important event for Skechers, Los Angeles and pickleball.”
Beyond the professional competition, the weekend will offer unique opportunities for fans to engage with players including special clinics and more. Skechers will also be at the tournament with a retail booth so spectators and athletes can experience and purchase Skechers Viper Court pickleball footwear as well as off-court styles and apparel.
“Skechers has shown a real investment in pickleball that we’re certain will help grow and expand the game,” said Connor Pardoe, Commissioner of the Professional Pickleball Association. “We know the Skechers Invitational in Los Angeles will be an event that will lead those living in Southern California and watching from across the country to fall in love with pickleball while also benefiting a good cause.”
Skechers introduced its pickleball collection at the 2022 US Open Pickleball Championships in Naples, Florida in April, and has had a presence at pickleball tournaments around the country. Earlier this year, the brand also signed its first two elite pickleball athletes, Catherine Parenteau and Tyson McGuffin, who compete wearing Skechers Pickleball footwear and Skechers-branded apparel.
Catherine Parenteau is ranked number two in women’s singles and mixed doubles, as well as number five in women’s doubles. Recent titles include a Triple Crown at the 2022 Invisalign NC Open, 2021 and 2022 US Open Champion, 2021 The Masters Champion, and 2022 Atlanta Open Champion. Catherine holds 13 PPA Titles and is a 46-time PPA Medalist.
Tyson McGuffin is a two-time US Open Champion and five-time National Champion, who holds five PPA Titles and a Triple Crown. Tyson currently holds the number one ranking in men’s singles, number five ranking in men’s pro doubles, and number five ranking in mixed doubles.
Skechers Pickleball footwear brings signature Skechers comfort and innovation to the court. The Skechers Viper Court provides responsive performance in a breathable, lightweight design. The enhanced grip and stability of the Goodyear® rubber outsole paired with a shock-absorbing Arch Fit® insole deliver comfort and support, match after match. Beyond the event booth, the style is available at Skechers retail stores, skechers.com, as well as key retail partners and specialty shops.
Where to watch the Skechers Invitational Summer Championship:
Friday, August 12 – Coverage on Tennis Channel
Saturday, August 13 – Coverage on CBS and streaming on Paramount+
Sunday, August 14 – Coverage on CBS Sports
Follow updates throughout the weekend via PPA Tour social channels on Facebook, Instagram and Twitter.
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 the PPA Tour:
The Professional Pickleball Association is the professional tour for the sport of pickleball, organizing events and rankings for the top male and female pickleball players in the world and awarding over $3 million in annual prize money. With more than 20 events in 2022 at world-class facilities like the Lindner Family Tennis Center in Cincinnati and the Darling Tennis Center in Las Vegas, the PPA Tour is the premier provider of professional and amateur events. The PPA Tour’s broadcast partners include FOX Sports, Tennis Channel, CBS, CBS Sports, and ESPN. Founded in 2018 and based in Salt Lake City, Utah, the PPA Tour provides an unparalleled experience for all, inviting players to compete and “play where the pros play,” as well as offering unrivaled venues, food/beverages, live DJ entertainment, VIP experiences, giveaways and games, pro player meet-and-greets, shopping, vendors, and more. For more information, go to www.ppatour.com.
About Friendship Foundation
The Friendship Foundation is dedicated to building an integrated, accepting and unified community for our children and young adults. It was founded 15 years ago by Yossi Mintz, Michael Greenberg, and Adam Carroll with the goal of providing neurodiverse children with those with varying abilities the same advantages as their peers to enjoy and experience life. The organization has developed programs that allow all children to play, grow, develop and thrive together. The success and growing demand from the Foundation’s existing programs have expanded the vision to include an innovative new campus centered around turning special needs into special contributions to society. Follow Friendship Foundation at https://www.instagram.com/thefriendshipfoundation/ and https://www.facebook.com/FFsouthbay.
About Goodyear
Goodyear is one of the world’s largest tire companies. It employs about 72,000 people and manufactures its products in 57 facilities in 23 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.
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]
Source: SKECHERS USA, Inc.
by Zach | Jul 26, 2022 | Press Release
Jul 26, 2022 • 4:05 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
SKECHERS U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology Company™ and a global footwear leader, today announced financial results for the second quarter ended June 30, 2022.
Second Quarter Highlights
“Skechers achieved a new quarterly sales record of $1.87 billion, a significant accomplishment especially given the macroeconomic headwinds, supply chain issues and COVID-related restrictions in China during the period,” said David Weinberg, Chief Operating Officer of Skechers. “The growth was the result of increases in sales of 15% in our domestic and 10% in our international businesses. Growth was driven by sales increases of 21% in the Americas and 8% in EMEA. In APAC, where sales were flat due to COVID-related restrictions in China, we saw strong growth in most other markets, particularly in India, South Korea and Malaysia. During the quarter, we focused on delivering our in-demand footwear direct to consumers and through our wholesale partners globally. While we remain cautious given the challenges across the globe, we believe our comfort technology footwear, impactful marketing and the strength of our brand will drive continued sales growth in the back half of the year.”
“2022 is shaping up to be another remarkable year for Skechers with two consecutive record sales quarters, the result of our talented team’s passion, determination and execution to evolve our product offering, inform the world of our exceptional comfort technologies, and effectively navigate the supply chain constraints,” began Robert Greenberg, Chief Executive Officer of Skechers. “In the second quarter, we delivered hands-free comfort footwear to a world now desiring more ease in their lives, expanded our Skechers Arch Fit offering, and designed more fashion-focused styles as comfort at work and play is the new norm. Further, we elevated our performance game with the launch of Skechers Viper Court, a collection designed specifically for the fastest growing sport in America, pickleball, and saw major championship wins on the golf course with Brooke Henderson at this past weekend’s Amundi Evian Championship in France and Matt Fitzpatrick at the U.S. Open at Brookline last month. We also signed several new ambassadors—specific to Europe and Asia, as well as a rising Latin music artist and a global pop sensation, all to further strengthen brand awareness in key markets. This, our 30th year in business, is our strongest year yet from a sales, marketing and product perspective. We are in a unique position as a brand that delivers on comfort technology, style, innovation and quality with a global reach that includes 4,355 Skechers stores. As a company, we are determined to outdo ourselves and reach further heights as we strive to meet our customers’ needs.”
Second Quarter 2022 Financial Results
Three Months Ended June 30,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
1,867.8
$
1,661.9
205.9
12.4
Gross profit
897.6
853.6
44.0
5.2
Gross margin
48.1
%
51.4
%
(330
) bps
Operating expenses
743.4
652.4
91.0
14.0
As a % of sales
39.8
%
39.3
%
50
bps
Earnings from operations
154.2
201.2
(47.0
)
(23.4
)
Operating margin
8.3
%
12.1
%
(390
) bps
Net earnings
$
90.4
$
137.4
(47.0
)
(34.2
)
Diluted earnings per share
$
0.58
$
0.88
(0.30
)
(34.1
)
Second quarter sales increased 12.4% as a result of a 15.4% increase in domestic sales and a 10.0% increase in international sales, primarily driven by strength in wholesale sales. All segments experienced growth, with Wholesale increasing 18.3% and Direct-to-Consumer increasing 4.3%. On a constant currency basis, sales increased 16.4%.
Wholesale sales growth of $176.1 million, or 18.3%, was led by increases in AMER of 34.9%. Wholesale volume increased 14.8% and average selling price increased 3.1%.
Direct-to-Consumer sales growth of $29.8 million, or 4.3%, was led by increases in AMER of 3.7%, EMEA of 13.5%, and APAC of 2.7%. Direct-to-Consumer average selling price increased 5.3% and volume was essentially flat.
Gross margin was 48.1%, a decrease of 330 basis points, primarily driven by higher per unit freight costs partially offset by average selling price increases.
Operating expenses increased $91.0 million, or 14.0%, and as a percentage of sales, increased 50 basis points to 39.8% from 39.3% in the prior year. Selling expenses increased $25.1 million, or 17.8%, due to higher global demand creation expenditures. General and administrative expenses increased $65.9 million, or 12.9%, primarily due to volume-driven increases in labor and warehouse and distribution expenses, as well as higher rent.
Earnings from operations decreased $47.0 million, or 23.4%, to $154.2 million.
Net earnings were $90.4 million and diluted earnings per share were $0.58, a decrease of 34.1% over the prior year. Diluted earnings per share include an unfavorable impact of $0.11 due to declines in foreign exchange rates, primarily in EMEA.
In the second quarter, the Company’s effective income tax rate was 21.3%.
“Skechers continued the diligent execution of our long-term global growth strategy, achieving record quarterly sales primarily from continued strength in our Wholesale segment,” stated John Vandemore, Chief Financial Officer of Skechers. “Despite pandemic-related lockdowns, disruptions in our global supply chain and macroeconomic volatility, we remain focused on our direct-to-consumer capabilities, distribution infrastructure and deepening connections with our consumers in order to drive long-term growth and shareholder value.”
Six Months 2022 Financial Results
Six Months Ended June 30,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
3,687.4
$
3,096.3
591.1
19.1
Gross profit
1,721.7
1,539.3
182.4
11.9
Gross margin
46.7
%
49.7
%
(300
) bps
Operating expenses
1,391.7
1,180.4
211.3
17.9
As a % of sales
37.7
%
38.1
%
(40
) bps
Earnings from operations
330.1
358.9
(28.8
)
(8.0
)
Operating margin
9.0
%
11.6
%
(260
) bps
Net earnings
$
211.6
$
235.9
(24.3
)
(10.3
)
Diluted earnings per share
$
1.35
$
1.51
(0.16
)
(10.6
)
Year-to-date sales increased 19.1% reflecting a 21.4% increase in domestic sales and a 17.3% increase in international sales with the largest contribution derived from wholesale sales. Both segments experienced increases, with Wholesale increasing 25.4% and Direct-to-Consumer increasing 9.0%. On a constant currency basis, the Company’s total sales increased 22.1%.
Wholesale sales growth of $484.3 million, or 25.4%, was led by increases in AMER of 38.2% and EMEA of 24.0%. Wholesale volume increased 18.8% and average selling price increased 5.9%.
Direct-to-Consumer sales growth of $106.8 million, or 9.0%, was led by increases in AMER of 6.8%, EMEA of 44.2%, which experienced COVID restrictions in the prior year, and APAC of 5.3%. Direct-to-Consumer average selling price increased 9.4% resulting from reduced promotions and higher prices.
Gross margin was 46.7%, a decrease of 300 basis points, primarily driven by higher per unit freight costs partially offset by average selling price increases.
Operating expenses increased $211.3 million or 17.9%. As a percentage of sales, operating expenses improved 40 basis points to 37.7%. Selling expenses increased $42.0 million or 18.1%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $169.3 million or 17.9%, primarily due to higher compensation costs, rent, and volume-driven global warehouse and distribution expenses.
Earnings from operations decreased $28.8 million to $330.1 million.
Net earnings were $211.6 million and diluted earnings per share were $1.35, a decrease of 10.6% over the prior year. Diluted earnings per share include an unfavorable impact of $0.14 due to declines in foreign exchange rates, primarily in EMEA.
The Company’s effective income tax rate was essentially flat year-over-year at 20.6%.
Balance Sheet
Cash, cash equivalents and investments totaled $946.4 million, a decrease of $94.0 million, or 9.0% from December 31, 2021, primarily as a result of changes in working capital and completing $49.2 million of share repurchases year-to-date.
Inventory was $1.56 billion, an increase of $92.9 million or 6.3% from December 31, 2021. Increased inventory levels primarily reflect growth in AMER.
Share Repurchase
During the second quarter, the Company repurchased nearly 636,000 shares of its Class A common stock for $24.2 million. Year-to-date 2022, the Company has repurchased almost 1.3 million shares of its Class A common stock at a cost of $49.2 million. At June 30, 2022, approximately $450.8 million remained available under the Company’s share repurchase program.
Outlook
For the third quarter of 2022, the Company believes it will achieve sales between $1.80 billion and $1.85 billion and diluted earnings per share of between $0.70 and $0.75. Further, the Company believes that for the fiscal year 2022, it will achieve sales between $7.2 billion and $7.4 billion and diluted earnings per share of between $2.60 and $2.70.
Store Count
Number of Stores
December 31, 2021
Opened
Closed(1)
June 30, 2022
Domestic stores
515
28
(17
)
526
International stores
845
49
(58
)
836
Distributor, licensee and franchise stores
2,946
202
(155
)
2,993
Total Skechers stores
4,306
279
(230
)
4,355
(1)
Does not reflect temporary closures due to the COVID-19 pandemic.
Second 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 second 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 July 26, 2022 at 7:30 p.m. ET, through August 9, 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: 13731127.
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 4,355 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.
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)
June 30, 2022
December 31, 2021
ASSETS
Current assets
Cash and cash equivalents
$
751,904
$
796,283
Short-term investments
105,099
98,580
Trade accounts receivable, net
916,784
732,793
Other receivables
55,039
80,043
Inventory
1,563,907
1,470,994
Prepaid expenses and other
177,236
193,547
Total current assets
3,569,969
3,372,240
Property, plant and equipment, net
1,225,529
1,128,909
Operating lease right-of-use assets
1,168,385
1,224,580
Deferred tax assets
452,747
451,355
Long-term investments
89,423
145,590
Goodwill
93,497
93,497
Other assets, net
77,046
75,109
Total non-current assets
3,106,627
3,119,040
TOTAL ASSETS
$
6,676,596
$
6,491,280
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
972,399
$
876,342
Accrued expenses
258,640
265,420
Operating lease liabilities
223,230
225,658
Current installments of long-term borrowings
73,414
76,967
Short-term borrowings
—
1,195
Total current liabilities
1,527,683
1,445,582
Long-term operating lease liabilities
1,049,330
1,094,748
Long-term borrowings
253,260
263,445
Deferred tax liabilities
9,712
11,820
Other long-term liabilities
118,507
133,613
Total non-current liabilities
1,430,809
1,503,626
Total liabilities
2,958,492
2,949,208
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
135
135
Class B Common Stock
21
21
Additional paid-in capital
402,360
429,608
Accumulated other comprehensive loss
(75,784
)
(48,323
)
Retained earnings
3,089,530
2,877,903
Skechers U.S.A., Inc. equity
3,416,262
3,259,344
Noncontrolling interests
301,842
282,728
Total stockholders’ equity
3,718,104
3,542,072
TOTAL LIABILITIES AND EQUITY
$
6,676,596
$
6,491,280
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share data)
2022
2021
2022
2021
Sales
$
1,867,804
$
1,661,871
$
3,687,398
$
3,096,326
Cost of sales
970,225
808,279
1,965,656
1,557,075
Gross profit
897,579
853,592
1,721,742
1,539,251
Operating expenses
Selling
166,609
141,470
274,818
232,795
General and administrative
576,812
510,912
1,116,862
947,578
Total operating expenses
743,421
652,382
1,391,680
1,180,373
Earnings from operations
154,158
201,210
330,062
358,878
Other income (expense)
(19,259
)
2,158
(25,005
)
(12,016
)
Earnings before income taxes
134,899
203,368
305,057
346,862
Income tax expense
28,739
41,545
62,731
70,530
Net earnings
106,160
161,823
242,326
276,332
Less: Net earnings attributable to noncontrolling interests
15,756
24,454
30,699
40,390
Net earnings attributable to Skechers U.S.A., Inc.
$
90,404
$
137,369
$
211,627
$
235,942
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.58
$
0.88
$
1.36
$
1.52
Diluted
$
0.58
$
0.88
$
1.35
$
1.51
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
155,941
155,561
155,969
155,196
Diluted
156,748
156,674
157,074
156,321
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 June 30,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
1,140.3
$
964.2
176.1
18.3
Gross profit
414.5
379.4
35.1
9.2
Gross margin
36.3
%
39.4
%
(300
) bps
Direct-to-Consumer sales
$
727.5
$
697.7
29.8
4.3
Gross profit
483.1
474.2
8.9
1.9
Gross margin
66.4
%
68.0
%
(160
) bps
Total sales
$
1,867.8
$
1,661.9
205.9
12.4
Gross profit
897.6
853.6
44.0
5.2
Gross margin
48.1
%
51.4
%
(330
) bps
Six Months Ended June 30,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
2,391.6
$
1,907.3
484.3
25.4
Gross profit
869.4
749.0
120.4
16.1
Gross margin
36.4
%
39.3
%
(290
) bps
Direct-to-Consumer sales
$
1,295.8
$
1,189.0
106.8
9.0
Gross profit
852.3
790.3
62.0
7.9
Gross margin
65.8
%
66.5
%
(70
) bps
Total sales
$
3,687.4
$
3,096.3
591.1
19.1
Gross profit
1,721.7
1,539.3
182.4
11.9
Gross margin
46.7
%
49.7
%
(300
) bps
Additional Sales Information
Three Months Ended June 30,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
521.0
$
401.3
119.7
29.8
Direct-to-Consumer
319.5
327.0
(7.5
)
(2.3
)
Total domestic sales
840.5
728.3
112.2
15.4
International
Wholesale
619.3
562.9
56.4
10.0
Direct-to-Consumer
408.0
370.7
37.3
10.1
Total international sales
1,027.3
933.6
93.7
10.0
Total sales
$
1,867.8
$
1,661.9
205.9
12.4
Regional sales
Americas (AMER)
$
1,033.9
$
855.2
178.7
20.9
Europe, Middle East & Africa (EMEA)
374.5
348.1
26.4
7.6
Asia Pacific (APAC)
459.4
458.6
0.8
0.2
Total sales
$
1,867.8
$
1,661.9
205.9
12.4
China sales
$
254.9
$
316.9
(62.0
)
(19.6
)
Distributor sales
$
128.4
$
96.7
31.7
32.8
Six Months Ended June 30,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
1,059.6
$
778.5
281.1
36.1
Direct-to-Consumer
559.0
554.4
4.6
0.8
Total domestic sales
1,618.6
1,332.9
285.7
21.4
International
Wholesale
1,332.0
1,128.8
203.2
18.0
Direct-to-Consumer
736.8
634.6
102.2
16.1
Total international sales
2,068.8
1,763.4
305.4
17.3
Total sales
$
3,687.4
$
3,096.3
591.1
19.1
Regional sales
Americas (AMER)
$
1,980.8
$
1,580.9
399.9
25.3
Europe, Middle East & Africa (EMEA)
815.7
643.5
172.2
26.8
Asia Pacific (APAC)
890.9
871.9
19.0
2.2
Total sales
$
3,687.4
$
3,096.3
591.1
19.1
China sales
$
527.9
$
567.5
(39.6
)
(7.0
)
Distributor sales
$
225.4
$
176.9
48.5
27.4
SKECHERS U.S.A., INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES (Unaudited)
Three Months Ended June 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
$
1,867.8
$
65.9
$
1,933.7
$
1,661.9
271.8
16.4
Cost of sales
970.2
38.5
1,008.7
808.3
200.4
24.8
Gross profit
897.6
27.4
925.0
853.6
71.4
8.4
Operating expenses
743.4
23.3
766.7
652.4
114.3
17.5
Earnings from operations
154.2
4.1
158.3
201.2
(42.9
)
(21.3
)
Other income (expense)
(19.3
)
16.2
(3.1
)
2.2
(5.3
)
n/m
Income tax expense
28.7
1.3
30.0
41.5
(11.5
)
(27.7
)
Less: Noncontrolling interests
15.8
0.5
16.3
24.5
(8.2
)
(33.5
)
Net earnings
$
90.4
$
18.5
$
108.9
$
137.4
(28.5
)
(20.7
)
Diluted earnings per share
$
0.58
$
0.11
$
0.69
$
0.88
(0.19
)
(21.6
)
Six Months Ended June 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
$
3,687.4
$
93.0
$
3,780.4
$
3,096.3
684.1
22.1
Cost of sales
1,965.7
57.0
2,022.7
1,557.0
465.7
29.9
Gross profit
1,721.7
36.0
1,757.7
1,539.3
218.4
14.2
Operating expenses
1,391.7
30.0
1,421.7
1,180.4
241.3
20.4
Earnings from operations
330.1
6.0
336.0
358.9
(22.9
)
(6.4
)
Other income (expense)
(25.1
)
18.7
(6.4
)
(12.1
)
5.7
(47.1
)
Income tax expense
62.7
1.3
64.0
70.5
(6.5
)
(9.2
)
Less: Noncontrolling interests
30.7
0.2
30.9
40.4
(9.5
)
(23.5
)
Net earnings
$
211.6
$
23.2
$
234.7
$
235.9
(1.2
)
(0.5
)
Diluted earnings per share
$
1.35
$
0.14
$
1.49
$
1.51
(0.02
)
(1.3
)
Investor Relations
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: SKECHERS U.S.A., Inc.
by Zach | Jul 25, 2022 | Press Release
Jul 25, 2022 • 2:08 pm EDT
Wearing Skechers GO GOLF footwear, Canada’s Top-Winning Golfer Earns Second Major Championship Victory
LOS ANGELES–(BUSINESS WIRE)–
Earning the second major championship victory of her career and 12th professional win overall, elite golfer Brooke Henderson, competing in Skechers GO GOLF® footwear and apparel, took the win yesterday at the Amundi Evian Championship at the Evian Resort Golf Club in Evian-les-Bains, France. Holding the overall lead through the first three rounds as the first LPGA player to ever card back-to-back 64s in a major, Henderson finished 17 under par and won by a single stroke, moving up to #2 on the Race to CME Globe season standings.
Skechers Elite athlete Brooke Henderson, competing in Skechers GO GOLF Elite 4 HYPER™ footwear, wins Amundi Evian Championship to earn second career major championship victory. Photo Credit: Stuart Franklin / Getty Images
Skechers Elite athlete Brooke Henderson, competing in Skechers GO GOLF Elite 4 HYPER™ footwear, wins Amundi Evian Championship to earn second career major championship victory. Photo Credit: Stuart Franklin / Getty Images
“What a great feeling it was to sink that birdie putt to close a wild final round for the win!” said Brooke Henderson. “I signed with Skechers only a couple months after my first major championship six years ago and I’ve had some huge wins along the way since, so I’m excited to earn my second major alongside a brand I trust that’s been on my team for most of my career.”
“This amazing season for Brooke (Henderson) continues as she follows her ShopRite Classic win last month with an exciting major championship victory at the Amundi Evian Championship in our innovative GO GOLF shoes,” said Michael Greenberg, president of Skechers. “Brooke’s a true inspiration and her passion for this sport is clear in each of her wins. She brings her A-game to all that she does, and we’re proud she’s finding such phenomenal success on the course in our supportive and comfortable golf footwear.”
Henderson has become a prominent face in women’s golf since turning professional in December 2014. She won her first LPGA Tour event in 2015 at the Cambia Portland Classic, a title she would defend in 2016. She went on to become the second youngest player to capture a major championship with her win at the 2016 KPMG Women’s PGA Championship. Brooke also represented Canada at the Olympic games in Brazil and again in Tokyo in 2021. In 2018, she won the Lotte Championship, and she also became the first Canadian in 45 years to win the national championship at the CP Women’s Open. Now with 12 titles including the ShopRite LPGA Classic in June 2022, Henderson owns the record for most professional golf wins by a male or female Canadian, and in 2019 won the ESPY for Best Female Golfer. She is currently ranked #6 in the World Golf Rankings.
Henderson joined the Skechers elite golf team in 2016, wears Skechers GO GOLF footwear and apparel on tour and has been featured in ongoing marketing campaigns for the brand. She has competed in recent tournaments wearing Skechers GO GOLF Elite 4 HYPER™ footwear. Additional pros wearing Skechers GO GOLF on tour include Matt Fitzpatrick, who earned his own major championship win at the U.S. Open last month, Colin Montgomerie and Billy Andrade. Known for its lightweight, high-quality, stable and comfortable designs, Skechers GO GOLF has achieved prominence within the golf category alongside the brand’s award-winning running, walking and training collections.
Skechers GO GOLF footwear is available at Skechers retail stores and skechers.com as well as select retail partners, including specialty golf pro shops.
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 4,308 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.
Media Contact:
Jennifer Clay
Skechers
[email protected]
Source: Skechers USA, Inc.
by Zach | Jul 21, 2022 | Press Release
Jul 21, 2022 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)–
In the spirit of the universal mantra that something unexpected and special can happen on any given day, tokidoki and Skechers have partnered for a global footwear collaboration. The fun and whimsical Skechers | tokidoki line launches today and features an all-star cast of colorful characters from the tokidoki universe and its iconic heart and crossbones logo across a range of popular Skechers fashion sneakers for women including Skechers Uno.
Skechers collaborates with tokidoki on limited-edition fashion sneaker collection. (Photo: Business Wire)
Skechers collaborates with tokidoki on limited-edition fashion sneaker collection. (Photo: Business Wire)
“It’s always been my mission to expand the reach of our vision to the greatest audience possible and what better way than on the canvas of Skechers,” said Simone Legno, co-founder and chief creative officer of tokidoki. “Seeing the realized collection with Skechers come to life, it feels like we’ve always been meant for each other, and I can’t wait to see this new expression of tokidoki helping to spread joy and happiness around the world.”
“The playfully inspired designs and iconography of tokidoki is a perfect match for our fashion sneaker collections,” said Michael Greenberg, president of Skechers. “We work with creative and artistic brands like tokidoki to generate excitement among fashion-forward shoppers who seek out opportunities to express themselves in unique ways. These collaborations open the door to new consumers experiencing the unmatched style and comfort that is distinctly Skechers.”
“It’s exciting to debut this new collection that leverages the power of the tokidoki brand and our devoted fanbase along with the reach of Skechers to fashionable consumers in key style markets,” said Pooneh Mohajer, co-founder and CEO of tokidoki. “Skechers has been a truly amazing partner and this collaboration merging tokidoki’s art and Skechers’ footwear designs has resulted in styles that we know will resonate with tokidoki fans of all ages.”
Skechers | tokidoki launches with an initial drop of four styles for women. Sunny Street lace-up fashion joggers feature an all-star cast of tokidoki Unicorno characters and a color-blocked design with black suede accents. Skechers Uno sneakers take color-popping to a whole new level with tokidoki’s signature heart and crossbones logo printed on each pair in bright blue, pink and yellow hues. The cuteness is criminal with Skechers Uno 2 retro-style fashion sneakers with a fun allover print of tokidoki’s adored characters on one of Skechers most treasured silhouettes. And Upbeats are the perfect white sneaker for the summer, with colorful piping and pops of tokidoki character designs on the outsole.
Styles in the Skechers | tokidoki collection for women are available at select Skechers retail stores and at Skechers.com in the United States and Canada today and is rolling out to key fashion markets around the world. A second global fashion drop will follow in September.
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 4,308 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 tokidoki
tokidoki, which translates to “sometimes” in Japanese, is an internationally recognized and iconic lifestyle brand based on the vision of Italian artist Simone Legno and his partners, serial entrepreneurs Pooneh Mohajer and Ivan Arnold. Since debuting in 2005, tokidoki has amassed a cult-like following for its larger-than-life characters and emerged as a sought-after global lifestyle brand. tokidoki offers an extensive range of products which include apparel, handbags, cosmetics, accessories, toys and more. Simone Legno, tokidoki’s Chief Creative Officer, was born in Rome, Italy and from a very young age developed a deep love of Japan and a fascination with world cultures. Combining Legno’s unique talent and creativity with Mohajer’s business acumen, tokidoki has grown exponentially. As an innovative company, tokidoki is known not only for its eye-popping aesthetic and criminally cute characters but also its megawatt partnerships. For more information please visit www.tokidoki.it and, www.facebook.com/tokidoki and www.instagram.com/tokidokibrand.
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 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 report on Form 10-Q for the three months ended March 31, 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]
Source: SKECHERS USA, Inc.
by Zach | Jul 19, 2022 | Press Release
Jul 19, 2022 • 4:00 am EDT
BOBS from Skechers Charitable Movement Launches in the United Kingdom to Support Animals Nationwide
LONDON–(BUSINESS WIRE)–
Rescue pets are jumping for joy in response to a special new partnership: Skechers USA Ltd., a subsidiary of Skechers USA Inc., is bringing its successful BOBS from Skechers animal lifesaving movement to the UK, teaming up with the pets charity, Woodgreen, to help animals across the country. Through sales of the brand’s playfully fun footwear and apparel, Skechers will give funds that will save and support thousands of Woodgreen pets and their people throughout the UK.
Woodgreen pet Samosa with product from the BOBS from Skechers range. (Photo: Business Wire)
Woodgreen pet Samosa with product from the BOBS from Skechers range. (Photo: Business Wire)
“The BOBS from Skechers program has been a great success in North America, helping more than 1.5 million animals – and now, with the charitable component in the UK through our partnership with Woodgreen, we think we can make a substantial impact in the lives of animals in need,” said Peter Youell, managing director of Skechers UK & Ireland. “BOBS from Skechers has grown into a well-recognised brand, with hugely popular styles that resonate with consumers and animal lovers across our market. For consumers, it’s an easy-to-understand message: for every purchase of specially marked BOBS from Skechers footwear, apparel and accessories, you can make a difference. Look good, feel good—you can’t beat that.”
For every sale of specially marked BOBS from Skechers in the UK, Skechers will donate 25p to Woodgreen. This is expected to raise vital funds enabling Woodgreen to provide safe shelter, specialist care and a brighter future for thousands of dogs, cats and small pets—as well as help owners in need with services such as free advice from the charity’s pet experts, events, workshops, and outreach support in local communities. The new partnership also includes promoting pet adoptions and raising funds in Skechers stores.
Clive Byles, chief executive of Woodgreen, added, “All of us here at Woodgreen are very excited to share our new partnership, and by working together we’ll make a bigger difference for pets and their owners in need. We all love the designs and patterns in the BOBS range, but what we love even more is what the range stands for. Pets play an important part in all of our lives, and this is a fabulous opportunity to help give them the lives they deserve.”
Since 2015, Skechers has donated over US $8 million to save and support over 1.5 million animals through sales of BOBS from Skechers footwear, apparel, and accessories. In the United Kingdom, the collection is available at www.Skechers.co.uk, Skechers stores and key retailers. To learn more, follow Skechers on Facebook, Twitter and Instagram. For more on Woodgreen, visit Woodgreen Pets Charity or follow the organisation at Facebook, Instagram and Twitter.
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 Manhattan Beach, 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 4,308 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.
About BOBS from Skechers
BOBS from Skechers’ charitable collection of shoes, apparel and accessories have improved animals’ lives: over the past seven years, Skechers has contributed more than $8 million to help over 1.5 million shelter pets, including saving 1.1 million rescued pets in the United States and Canada. It all started in 2011, when Skechers launched a movement to support children impacted by natural disasters and poverty – a cause that has helped the Company donate more than 16 million new pairs of shoes to kids in more than 60 countries worldwide. To learn more about BOBS from Skechers’ commitment to making a difference, visit BOBSfromSkechers.co.uk and follow the brand on Facebook, Instagram and Twitter.
About Woodgreen
Every year, Woodgreen’s dedicated teams work tirelessly to provide safe shelter, specialist care, and a brighter future for thousands of dogs, cats and small pets. Ever since we first opened our doors in north London in 1924, we’ve been transforming pets’ lives – and through them, the lives of their owners. Many of the pets who arrive at Woodgreen’s gates have been abandoned and neglected, leaving them with serious medical conditions and complex behavioural issues. Others simply need a new home because their owners can’t keep them any longer. Whatever the reason for a pet coming to us, we don’t turn them away. And we never judge anyone for giving up their pet or turning to us for support. Our priority is to help every animal and provide the care and rehabilitation they need – and a second chance at happiness.
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 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 report on Form 10-Q for the three months ended March 31, 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 USA Ltd.
[email protected]
+44 (0) 1707 655 955
Source: Skechers USA Ltd.
by Zach | Jul 12, 2022 | Press Release
Jul 12, 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 second quarter 2022 financial results after market close on Tuesday, July 26, 2022. Following the press release, David Weinberg, Chief Operating Officer, and John Vandemore, Chief Financial Officer, will host a conference call to review the results 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 4,308 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.