by Zach | Apr 26, 2022 | Press Release
Apr 26, 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 first quarter ended March 31, 2022.
First Quarter Highlights
“First quarter sales of over $1.8 billion are a new quarterly sales record for Skechers, and reflect our broad-based global appeal and our team’s focus on successfully navigating supply chain constraints,” began David Weinberg, Chief Operating Officer of Skechers. “The sales achievement was driven by increases of 33% in our Wholesale and 16% in our Direct-to-Consumer segments. By region, the growth was the result of increases of 31% in the Americas, driven by double-digit growth in the United States; 49% in EMEA, driven by strong growth across Europe; and 4% in APAC, led by 9% growth in China. Several key APAC markets faced increasing COVID-related restrictions as the quarter evolved including China. Despite the on-going pandemic and other macroeconomic headwinds, we are especially encouraged by the phenomenal growth we experienced. We believe this momentum will continue as we strive towards our goal of $10 billion by 2026.”
“As we mark our third decade in business, we couldn’t be more excited about our future. In the first quarter, we achieved a new quarterly sales record, delivered the most innovative, stylish and comfortable product yet, and supported it with impactful marketing,” said Robert Greenberg, Chief Executive Officer of Skechers. “Our position as the third largest footwear brand in the world is the result of exceptional global partnerships and the strong consumer demand for our products. To drive awareness, we began the year with two Skechers commercials airing around the Super Bowl featuring Willie Nelson, including one with his hit song ‘On the Road Again.’ We launched a new workout walking collection with two campaigns starring Brooke Burke and former NFL star Cris Carter, who joined our roster of legends, including Rusty Wallace, Tony Romo and Howie Long. We also launched Skechers campaigns featuring two powerful female brand ambassadors, Amanda Kloots and Martha Stewart. With a talented team determined to ensure our success, we believe our strategy of communicating the uniqueness of Skechers’ comfort technology, style, innovation and quality products globally will continue to deliver record sales in 2022.”
First Quarter 2022 Financial Results
Three Months Ended
March 31,
Change
(in millions, except per share data)
2022
2021
$
%
Sales
$
1,819.6
$
1,434.5
$
385.1
26.8
Gross profit
824.2
685.7
138.5
20.2
Gross margin
45.3
%
47.8
%
(250
)bps
Operating expenses
648.3
528.0
120.3
22.8
As a % of sales
35.6
%
36.8
%
(120
)bps
Earnings from operations
175.9
157.7
18.2
11.6
Operating margin
9.7
%
11.0
%
(130
)bps
Net earnings
$
121.2
$
98.6
$
22.6
23.0
Diluted earnings per share
$
0.77
$
0.63
$
0.14
22.2
First quarter sales increased 26.8% as a result of a 28.7% increase in domestic sales and a 25.5% increase in international sales, primarily driven by strength in wholesale sales. Both segments experienced increases, with Wholesale increasing 32.7% and Direct-to-Consumer increasing 15.7%. On a constant currency basis, sales increased 28.7%.
Wholesale sales growth of $308.2 million, or 32.7%, was led by increases in AMER of 41.6% and EMEA of 42.0%. Wholesale volume increased 22.7% and average selling price increased 8.6%.
Direct-to-Consumer sales growth of $76.9 million, or 15.7%, was led by increases in EMEA of 157.3%, which lapped COVID restrictions in the prior year, AMER of 11.2% and APAC of 8.5%. Direct-to-Consumer average selling price increased 15.1% resulting from reduced promotions and higher prices.
Gross margin was 45.3%, a decrease of 250 basis points, driven by higher per unit freight costs partially offset by average selling price increases.
Operating expenses increased $120.3 million, or 22.8%, but as a percentage of sales, improved 120 basis points to 35.6% from 36.8% in the prior year. Selling expenses increased $16.9 million, or 18.5%, due to higher global demand creation expenditures. General and administrative expenses increased $103.4 million, or 23.7%, due to increased volume-driven labor, and warehouse and distribution expenses.
Earnings from operations increased $18.2 million, or 11.6%, to $175.9 million.
Net earnings were $121.2 million and diluted earnings per share were $0.77, an increase of 22.2% over the prior year.
In the first quarter, the Company’s effective income tax rate was essentially flat year-over-year at 20.0%.
“Skechers once again delivered exceptional results, with record first quarter sales and earnings, despite continuing challenges from the COVID pandemic,” stated John Vandemore, Chief Financial Officer of Skechers. “The strength of our brand, coupled with our continued focus on investing and executing against our global growth strategy, gives us abundant confidence that achieving $10 billion in sales by 2026 remains both an achievable objective and valuable means to drive shareholder value.”
Balance Sheet
Cash, cash equivalents and investments totaled $819.9 million, a decrease of $220.6 million, or 21.2% from December 31, 2021, primarily reflecting increased accounts receivable from wholesale sales, particularly in the Americas.
Inventory was $1.45 billion, a decrease of $21.5 million or 1.5% from December 31, 2021. The slight decrease in inventory reflects lower merchandise in transit levels due to the improvement of some supply chain constraints.
Share Repurchase
During the first quarter, the Company repurchased approximately 652,000 shares of its Class A common stock for $25.0 million. At March 31, 2022, approximately $475.0 million remained available under the Company’s share repurchase program.
Outlook
For the second quarter of 2022, the Company believes it will achieve sales between $1.75 billion and $1.80 billion and diluted earnings per share of between $0.50 and $0.55. 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 $2.75 and $2.95.
Store Count
Number of Stores
December 31, 2021
Opened
Closed(1)
March 31, 2022
Domestic stores
515
13
(12
)
516
International stores
845
18
(29
)
834
Distributor, licensee and franchise stores
2,946
77
(65
)
2,958
Total Skechers stores
4,306
108
(106
)
4,308
Does not reflect temporary closures due to the COVID-19 pandemic.
First 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 first 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 April 26, 2022 at 7:30 p.m. ET, through May 10, 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: 13728410.
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 4,308 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.
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 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. 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 March 31,
As of December 31,
(in thousands)
2022
2021
ASSETS
Current assets
Cash and cash equivalents
$
589,908
$
796,283
Short-term investments
104,933
98,580
Trade accounts receivable, net
1,010,599
732,793
Other receivables
71,924
80,043
Inventory
1,449,513
1,470,994
Prepaid expenses and other
198,727
193,547
Total current assets
3,425,604
3,372,240
Property, plant and equipment, net
1,184,483
1,128,909
Operating lease right-of-use assets
1,191,885
1,224,580
Deferred tax assets
446,007
451,355
Long-term investments
125,051
145,590
Goodwill
93,497
93,497
Other assets, net
78,583
75,109
Total non-current assets
3,119,506
3,119,040
TOTAL ASSETS
$
6,545,110
$
6,491,280
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
812,216
$
876,342
Accrued expenses
258,713
265,420
Operating lease liabilities
225,885
225,658
Current installments of long-term borrowings
58,711
76,967
Short-term borrowings
50,245
1,195
Total current liabilities
1,405,770
1,445,582
Long-term operating lease liabilities
1,064,231
1,094,748
Long-term borrowings
265,305
263,445
Deferred tax liabilities
11,300
11,820
Other long-term liabilities
132,588
133,613
Total non-current liabilities
1,473,424
1,503,626
Total liabilities
2,879,194
2,949,208
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
135
135
Class B Common Stock
21
21
Additional paid-in capital
415,357
429,608
Accumulated other comprehensive loss
(46,822
)
(48,323
)
Retained earnings
2,999,126
2,877,903
Skechers U.S.A., Inc. equity
3,367,817
3,259,344
Noncontrolling interests
298,099
282,728
Total stockholders’ equity
3,665,916
3,542,072
TOTAL LIABILITIES AND EQUITY
$
6,545,110
$
6,491,280
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended
March 31,
(in thousands, except per share data)
2022
2021
Sales
$
1,819,594
$
1,434,455
Cost of sales
995,431
748,796
Gross profit
824,163
685,659
Operating expenses
Selling
108,209
91,325
General and administrative
540,050
436,666
Total operating expenses
648,259
527,991
Earnings from operations
175,904
157,668
Other expense
(5,746
)
(14,174
)
Earnings before income taxes
170,158
143,494
Income tax expense
33,992
28,985
Net earnings
136,166
114,509
Less: Net earnings attributable to noncontrolling interests
14,943
15,936
Net earnings attributable to Skechers U.S.A., Inc.
$
121,223
$
98,573
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
0.78
$
0.64
Diluted
$
0.77
$
0.63
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
155,996
154,818
Diluted
157,448
155,936
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 is no impact to the consolidated financial results of the Company as a result of this change.
Segment Information
Three Months Ended March 31,
Change
(in millions)
2022
2021
$
%
Wholesale sales
$
1,251.3
$
943.1
$
308.2
32.7
Gross profit
455.0
369.6
85.4
23.1
Gross margin
36.4
%
39.2
%
(280
)bps
Direct-to-Consumer sales
$
568.3
$
491.4
$
76.9
15.7
Gross profit
369.2
316.1
53.1
16.8
Gross margin
65.0
%
64.3
%
60
bps
Total sales
$
1,819.6
$
1,434.5
$
385.1
26.8
Gross profit
824.2
685.7
138.5
20.2
Gross margin
45.3
%
47.8
%
(250
)bps
Additional Sales Information
Three Months Ended March 31,
Change
(in millions)
2022
2021
$
%
Geographic sales
Domestic
Wholesale
$
538.6
$
377.2
$
161.4
42.8
Direct-to-Consumer
239.4
227.5
11.9
5.3
Total domestic sales
778.0
604.7
173.3
28.7
International
Wholesale
712.8
565.9
146.9
26.0
Direct-to-Consumer
328.8
263.9
64.9
24.6
Total international sales
1,041.6
829.8
211.8
25.5
Total sales
$
1,819.6
$
1,434.5
$
385.1
26.8
Regional sales
Americas (AMER)
$
946.9
$
725.6
$
221.3
30.5
Europe, Middle East & Africa (EMEA)
441.2
295.5
145.7
49.3
Asia Pacific (APAC)
431.5
413.4
18.1
4.4
Total sales
$
1,819.6
$
1,434.5
$
385.1
26.8
China sales
$
273.0
$
250.6
$
22.4
9.0
Distributor sales
$
97.0
$
80.2
$
16.8
21.0
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 March 31,
2022
2021
Change
(in millions,
except per share data)
Reported GAAP Measure
Constant Currency
Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
1,819.6
$
27.1
$
1,846.7
$
1,434.5
412.2
28.7
Cost of sales
995.4
18.7
1,014.1
748.8
265.3
35.4
Gross profit
824.2
8.4
832.6
685.7
146.9
21.4
Operating expenses
648.3
6.6
654.9
528.0
126.9
24.0
Earnings from operations
175.9
1.8
177.7
157.7
20.0
12.7
Other income (expense)
(5.8
)
2.4
(3.4
)
(14.2
)
10.8
76.1
Income tax expense
34.0
–
34.0
29.0
5.0
17.1
Less: Noncontrolling interests
14.9
(0.3
)
14.6
15.9
(1.3
)
(8.3
)
Net earnings
$
121.2
$
4.5
$
125.7
$
98.6
27.1
27.6
Diluted earnings per share
$
0.77
$
0.03
$
0.80
$
0.63
0.17
27.0
Investor Relations:
Andrew Greenebaum
Addo Investor Relations
[email protected]
Press:
Jennifer Clay
Vice President, Corporate Communications
Skechers U.S.A., Inc.
[email protected]
Source: SKECHERS U.S.A., Inc.
by Zach | Apr 21, 2022 | Press Release
Apr 21, 2022 • 9:00 am EDT
The Top-Ranked Stars will Compete in Skechers at the US OPEN Pickleball Championships Where The Comfort Technology Brand is Official Footwear Sponsor
LOS ANGELES–(BUSINESS WIRE)–
Recently announced as Official Footwear Sponsor of the 2022 Minto US OPEN Pickleball Championships, Skechers, The Comfort Technology Company™, has expanded its reach in the fast-growing sport by signing two of the top-ranked players in the world—Tyson McGuffin and Catherine Parenteau. The two athletes, who have been wearing Skechers Pickleball footwear and Skechers branded apparel on court, will be making their official debut as Skechers Brand Ambassadors starting Sunday, April 24, at the US OPEN in Naples, Florida, as they compete in individual brackets, and for the first time together as a mixed doubles team.
Skechers, Official Footwear Sponsor of the US OPEN Pickleball Championships, signs pros Tyson McGuffin and Catherine Parenteau, who will both compete in Skechers Viper Court. (Photo: Business Wire)
Skechers, Official Footwear Sponsor of the US OPEN Pickleball Championships, signs pros Tyson McGuffin and Catherine Parenteau, who will both compete in Skechers Viper Court. (Photo: Business Wire)
“Skechers may be new to our sport, but their designers delivered with the Skechers Viper Court featuring all the comfort and performance that I need,” said Catherine Parenteau. “I was able to get a few matches in already and they are unparalleled in both traction and stability. This is just the beginning for Skechers and pickleball and I am so excited to be able to partner with my fellow Skechers athlete Tyson at the US OPEN.”
“Pickleball is one of the best sports in the world, so to have an iconic brand like Skechers moving full speed ahead is incredible and it’s an honor to be part of this launch,” said Tyson McGuffin. “Working with the Skechers team to build the shoe I’ll be wearing was awesome—being front row to see how the technology and innovation come together. I look forward to competing at the US OPEN in Naples, one of the biggest events of the year, meeting and interacting with all the fans and, of course, winning gold!”
“Building on our experience in the performance running and golf space, we knew it was essential to partner with top pickleball athletes to launch Skechers Viper Court at the US OPEN,” said Michael Greenberg, president of Skechers. “Tyson and Catherine are both exciting players at the top of their game who we are certain will help illustrate how Skechers is dedicated to this fun and accessible sport with our signature comfort and performance that players at any level will appreciate.”
Catherine Parenteau, previously a top-five junior tennis player in Canada, is now ranked number two in women’s singles and women’s doubles, as well as number four in mixed doubles. Recent titles include 2021 US Open Champion, 2021 The Masters Champion, and 2021 PPA Championships Champion. Catherine holds 9 PPA Titles and is a 40-time PPA Medalist. She has also started her own teaching academy, the CP Pickleball Academy.
Tyson McGuffin is a two-time US Open Champion and five-time National Champion, who holds five PPA Titles and a Triple Crown. A former 5.5-ranked tennis player turned pickleball star, Tyson is currently playing on the Professional Pickleball Association (PPA) Tour. Tyson currently holds the number four ranking in men’s pro doubles, number two ranking in men’s singles and number five ranking in mixed doubles. McGuffin is extremely involved in all areas of pickleball and is an incredible ambassador for the sport. He runs clinics all over the country, releases instructional videos, teaches, and promotes pickleball as a game that anyone can learn and enjoy.
The first pickleball footwear shoe from Skechers brings the brand’s signature comfort and innovation to the court. The 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.
Through its multi-year partnership with the US OPEN Pickleball Championships, Skechers will provide footwear to all volunteer captains at the event. Additionally, Skechers will be onsite at the tournament with an expo booth so that fans and athletes can experience and purchase Skechers Pickleball footwear as well as off-court styles. The Skechers Viper Court will be available at select Skechers retail stores and skechers.com starting in May, as well as key retail partners and specialty 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 the United States and over 180 countries and territories via department and specialty stores, and direct to consumers through 4,306 Company and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.
About the US OPEN Pickleball Championships
Spirit Promotions is responsible for creating and running the Minto US OPEN Pickleball Championships in Naples, Florida. The OPEN was founded in 2016. The 7-day event is a world class, international event, which attracts the best players in the sport, as well as Pickleball enthusiasts of all ages and ability levels. More than 2,800 professionals and amateurs from 49 states and 25 countries ages 8-87 are registered to compete in the 2022 Minto US OPEN Pickleball Championships from April 23-30. The OPEN is known as the Biggest Pickleball Party in the World.
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 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 be,” “will continue,” “will result,” “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; 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. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. 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 | Apr 14, 2022 | Press Release
Apr 14, 2022 • 4:05 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
SKECHERS U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology CompanyTM, today announced that it has changed its segment reporting, as the Company refined the way it views its business operations and decision-making. Effective the first quarter of 2022, the Company will present segment results as Wholesale and Direct-to-Consumer.
“The new segment reporting structure we unveiled today, improves the alignment between our external reporting and our management operations and strategy,” said John Vandemore, Chief Financial Officer. “In addition, we also introduced enhanced disclosures intended to provide improved visibility and transparency into our global operations for investors, analysts and other key stakeholders. As we strive toward $10 billion in sales by 2026, we believe these reporting changes will further highlight the underlying power of our brand and strength in our business, and why we are confident in achieving this sales goal.”
The Company has recast previously reported quarterly segment financial information for the years ended December 31, 2021 and 2020 to reflect its new reportable segments. The segment change has no impact on consolidated historical U.S. GAAP financial results. The recast financial information is accessible through the Presentation section of the Company’s Investor Relations website at investors.skechers.com.
The Company will release its first quarter 2022 financial results after market close on Tuesday, April 26, 2022. A conference call will be held the same day at 4:30 p.m. ET / 1:30 p.m. PT. Participating on the call will be David Weinberg, Chief Operating Officer, and John Vandemore, Chief Financial Officer.
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 April 26, 2022 at 7:30 p.m. ET, through May 10, 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: 13728410.
About SKECHERS U.S.A., 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 4,306 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 challenging consumer retail markets in the United States; 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. 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.
Investor Relations:
Andrew Greenebaum
Addo Investor Relations
[email protected]
Press:
Jennifer Clay
Vice President, Corporate Communications
Skechers U.S.A., Inc.
[email protected]
Source: SKECHERS U.S.A., Inc.
by Zach | Apr 13, 2022 | Press Release
Apr 13, 2022 • 1:53 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers, The Comfort Technology Company™, is announcing a partnership with the DIO Implant LA Open on the LPGA Tour as the tournament’s Official Footwear Sponsor. Skechers elite athlete Brooke Henderson, currently ranked 10th in the world, will return to the event to defend her 2021 championship title, competing against a strong international field of 144 of the world’s best female professional golfers including 15 of the top 20 ranked players. The LPGA Tour event takes place at Wilshire Country Club beginning Thursday, April 21, and runs through Sunday, April 24.
Skechers named Official Footwear Sponsor of the DIO Implant LA Open where 2021 winner Brooke Henderson will defend her title. (Photo: Business Wire)
Skechers named Official Footwear Sponsor of the DIO Implant LA Open where 2021 winner Brooke Henderson will defend her title. (Photo: Business Wire)
As part of the sponsorship, the Company will be providing Skechers footwear to lead staff and volunteers at the event. The historic Wilshire Tunnel connecting the front and back nines will be renamed the Skechers Tunnel and decorated with a story of top moments from Henderson’s career as a Skechers Ambassador, as well as key Skechers GO GOLF footwear styles. Skechers will have an on-site presence at the tournament Fan Expo where fans and spectators will have the opportunity to purchase award-winning Skechers GO GOLF footwear and Skechers merchandise.
“As a global brand based locally, it was a natural fit for Skechers to partner with the DIO Implant LA Open as Official Footwear Sponsor. Events like this offer us an opportunity to connect directly with fans of the sport as we illustrate how Skechers GO GOLF footwear offers unmatched comfort and performance that can elevate any player’s game,” said Michael Greenberg, president of Skechers. “Brooke is planning to return and defend her 2021 win at the LA Open, and we’ll be there for every hole, cheering her on as she plays another sensational game in Skechers GO GOLF.”
“Skechers has built an impactful golf business here in Los Angeles and is making a name for itself across the LPGA Tour. We are excited for the DIO Implant LA Open to partner with a global comfort technology brand in Skechers as the Official Footwear Sponsor,” said David Tucker, DIO Implant LA Open tournament director. “We appreciate the company’s support for women’s sports, most notably right here at one of the marquee LPGA Tour events in Southern California. We are also pleased to highlight Brooke Henderson’s career in the Skechers Tunnel, and we look forward to hosting Brooke and all of the talented women in the field at this beautiful and historic golf course.”
“I had a career highlight weekend last year at the LA Open, so I’ve been looking forward to returning to defend my title,” said Brooke Henderson. “I love the comfort and support Skechers has brought to my game and having spent time working with their designers in nearby Manhattan Beach, it’s great that Skechers will be a big part of the tournament this year.”
Skechers will also have a presence at the inaugural Palos Verdes Championship presented by Bank of America the week following the DIO Implant LA Open. It will be the first time that the Los Angeles area has hosted two back-to-back LPGA Tour events. Skechers will have on-course branding and will be gifting styles from its Skechers GO RUN collection to LPGA professional caddies in attendance.
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.
The roster of elite golfers wearing Skechers GO GOLF on tour includes Brooke Henderson, Matt Fitzpatrick, Colin Montgomerie, and Billy Andrade. Skechers GO GOLF is available at select 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 the United States and over 180 countries and territories via department and specialty stores, and direct to consumers through 4,306 Company- and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.
About the DIO Implant LA Open
The DIO Implant LA Open is the first of back-to-back LPGA Tour events in Los Angeles, featuring the world’s best female golfers competing for a share of a $1.5 million purse. The DIO Implant LA Open made its debut in 2018, marking the LPGA Tour’s return to Los Angeles in more than a decade. Brooke Henderson captured her 10th LPGA Tour win at 16-under par at the 2021 edition of the championship, contested without fans in attendance. Wilshire Country Club, which opened in 1919, is one of a select few venues to host events on the LPGA, PGA TOUR and PGA TOUR Champions, as well as the PGA Championship. The DIO Implant LA Open is owned and operated by Outlyr, a global event management, sponsorship consulting and activation agency. More information can be found by visiting www.la-open.com.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of 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 be,” “will continue,” “will result,” “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; 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. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. 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]
Jeremy Friedman
Director of Public Relations
Outlyr
[email protected]
Source: SKECHERS USA, Inc.
by Zach | Apr 5, 2022 | Press Release
Apr 5, 2022 • 4:29 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™, announced today that Yolanda Macias has been appointed to its Board of Directors. The appointment brings the total number of directors to eight, including five independent members, three of whom are women appointed over the last three years.
Yolanda Macias is appointed to Skechers’ Board of Directors. (Photo: Business Wire)
Yolanda Macias is appointed to Skechers’ Board of Directors. (Photo: Business Wire)
“Skechers is the third largest athletic lifestyle brand in the world, a position achieved through our ability to design comfortable, innovative and stylish products, and deliver our offering where and how consumers desire it. Given the growing emphasis on the fast-changing world of digital commerce, we felt further expanding and diversifying our Board of Directors with a creative business leader would be an asset to our brand,” began Robert Greenberg, Skechers Chief Executive Officer and Chairman of the Board. “Yolanda brings a new perspective, and we believe she will complement our current directors. We look forward to leveraging her experience as we execute our strategic plans, maintain our position as a competitive force in this industry and drive toward our goal of $10 billion in annual sales by 2026.”
Yolanda Macias has been at Cinedigm Entertainment Group (Nasdaq:CIDM) since 2013, currently serving as the Chief Content Officer where she oversees global content acquisitions, in addition to digital and physical sales and marketing. Prior to Cinedigm, Ms. Macias held various positions at Gaiam Inc., Vivendi Entertainment, which was a division of Universal Music Group, DirecTV, Inc., Technicolor and The Walt Disney Company. Ms. Macias currently serves on the Board of Directors and the Executive Committee of C5LA, which is a non-profit organization that helps under-resourced, high potential youth to enroll and to succeed in college. She also serves on the Advisory Board for The Digital Entertainment Group’s Canon Club, which is dedicated to supporting women in entertainment and technology.
The Skechers Board of Directors is now comprised of Skechers Founder, Chairman and Chief Executive Officer Robert Greenberg, Skechers President Michael Greenberg, Skechers Chief Operating Officer David Weinberg, as well as independent members Katherine Blair, Morton Erlich, Zulema Garcia, Yolanda Macias, and Richard Siskind.
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 the United States and over 180 countries and territories via department and specialty stores, and direct to consumers through 4,306 Company and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. 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 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 be,” “will continue,” “will result,” “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; 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. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. 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 | Mar 28, 2022 | Press Release
Mar 28, 2022 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers, The Comfort Technology Company™, is whipping up excitement for its collections with Martha Stewart. The legendary lifestyle icon is giving Skechers her signature flair in a humorous commercial and marketing campaign for the brand’s comfort footwear across the United States and Canada.
Skechers partners with the iconic Martha Stewart for its new Memory Foam and Arch Fit® campaigns. (Photo: Business Wire)
Skechers partners with the iconic Martha Stewart for its new Memory Foam and Arch Fit® campaigns. (Photo: Business Wire)
“It all starts with your feet, and nobody helps us feel better than Skechers,” said Martha Stewart, who wears Skechers’ Memory Foam and Arch Fit® collections in the multiplatform campaign. “All of their designs and colors are loaded with cushioning and style—they’re a natural for the home, garden and workplace. I think they’ll really resonate with those who follow and enjoy the Martha Stewart Brand, and I look forward to building on our new partnership.”
“Martha Stewart is a wonderful beacon for living well—for bringing more beauty to the everyday,” added Michael Greenberg, president of Skechers. “Generations have been inspired by her television shows, books, magazines and products, and millions follow her online—trusting Martha’s commitment to quality in everything she does and her impeccable taste in offering the best product. We couldn’t be happier that she believes in Skechers comfort and is teaming up with us.”
Originally a model and catering business owner, Stewart has transformed her expertise in food, gardening, home decor and entertaining into a multibillion-dollar media and retail empire. She became America’s first self-made billionaire in 2000 as the founder of Martha Stewart Living Omnimedia through her television programs, best-selling magazine and extensive collection of books, which total 99 to date. In recent years, she has continued to reinvent herself—partnering with Snoop Dogg for Martha and Snoop’s Potluck Dinner Party, debuting the HGTV Show Martha Knows Best, and continuing to draw millions of subscribers to her publications and platforms.
Stewart joins a team of Skechers ambassadors that includes singer Willie Nelson, fitness gurus and television personalities Brooke Burke and Amanda Kloots, golfers Brooke Henderson and Matt Fitzpatrick, and Dodgers pitcher Clayton Kershaw, as well as a slate of athletic legends such as former football players and broadcasters Tony Romo, Howie Long and Cris Carter, iconic boxer Sugar Ray Leonard and NASCAR legend Rusty Wallace.
An industry leader in comfort known for developing innovative technologies and materials, Skechers offers a wide range of signature features including its patented Skechers Arch Fit Technology™, Skechers Max Cushioning Technology™, Skechers Hyper Burst Technology™, Skechers Air-Cooled Memory Foam®, Skechers Relaxed Fit Technology™ and Skechers Stretch Fit Technology™. The Company’s footwear and apparel collections are available in Skechers retail stores as well as 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 the United States and over 180 countries and territories via department and specialty stores, and direct to consumers through 4,306 Company and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.
About Marquee Brands
Marquee Brands is a leading global brand owner and marketer. Owned by investor funds managed by Neuberger Berman, one of the world’s leading employee-owned investment managers, Marquee Brands targets high-quality brands with strong consumer awareness and long-term growth potential. Marquee Brands seeks to identify brands in various consumer product segments with the goal of expanding their reach across retail channels, geography, and product categories while preserving the brand heritage and enhancing the ultimate consumer experience. Through its global team of professionals and partners, Marquee Brands monitors trends and markets in order to grow and manage brands in partnership with retailers, licensees, and manufacturers through engaging, impactful, strategic planning, marketing, and e-commerce. www.marqueebrands.com. In 2019, Marquee Brands acquired the Martha Stewart brand, which reaches approximately 100 million consumers across all media and merchandising platforms each month. Martha Stewart is the Founder of Martha Stewart Living Omnimedia and America’s most trusted lifestyle expert and teacher. Her branded products can be found in more than 70 million households and have a growing retail presence in thousands of locations.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of 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 be,” “will continue,” “will result,” “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; 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. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. 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, Inc.
[email protected]
Source: Skechers USA, Inc.