by Zach | Feb 24, 2022 | Press Release
Feb 24, 2022 • 9:00 am EST
The Comfort Technology Company To Launch Pickleball Footwear at the Tournament
LOS ANGELES–(BUSINESS WIRE)– Skechers, The Comfort Technology Company™, is going all-in on one of the fastest growing sports in North America as Official Footwear Sponsor of the US OPEN Pickleball Championships. The performance brand will be launching a range of Skechers Pickleball footwear for men and women at the event that starts April 23 in Naples, FL.
Skechers, Official Footwear Sponsor of the US OPEN Pickleball Championships, introduces Skechers Viper Court pickleball footwear for men and women. (Photo: Business Wire)
Skechers, Official Footwear Sponsor of the US OPEN Pickleball Championships, introduces Skechers Viper Court pickleball footwear for men and women. (Photo: Business Wire)
“Pickleball adds another pillar to our established running, golf and performance walking business. This sport is easy to learn and great for families, so footwear featuring our advanced comfort technologies will be a perfect fit for casual and competitive athletes alike,” said Michael Greenberg, president of Skechers. “Launching our new pickleball shoe at a marquee event like the US OPEN is sure to make an impression on the court. We’re dedicated to this sport and believe its popularity will continue to expand.”
“Bringing on board one of the largest footwear brands on the planet is key to our strategic plans of elevating the sport and the US OPEN to the next level,” said Terri Graham, co-founder of the US OPEN Pickleball Championships. “As our Official Footwear Sponsor, we know that Skechers will help introduce fans of their comfortable and innovative styles to the fun, exciting and competitive world of pickleball.”
The multi-year partnership with the US OPEN Pickleball Championships will feature Skechers providing footwear to all volunteer captains at the event. Additionally, Skechers will be onsite at the tournament with an expo booth so fans and athletes can experience and purchase Skechers Pickleball footwear as well as off-court styles.
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.
Skechers Pickleball footwear for men and women will be available for purchase at the US OPEN Pickleball Championships and starting in May at select Skechers retail stores and skechers.com, as well as select 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. 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, 2020 and its quarterly report on Form 10-Q for the three months ended September 30, 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 | Feb 11, 2022 | Press Release
Feb 11, 2022 • 12:45 pm EST
Iconic Musician and Activist Appears In Two Big Game Campaigns Supporting The Comfort Technology Brand’s Footwear
LOS ANGELES–(BUSINESS WIRE)–
Pass the Skechers! The Comfort Technology Company™ is back on the biggest advertising stage in the world with one of the all-time greats in music—Willie Nelson. The global campaign kicks off on Super Bowl Sunday with the legendary artist appearing in two Skechers commercials filmed on his Luck Ranch near Austin, Texas—one featuring his iconic song “On the Road Again” and a second that offers a fun twist on his signature advocacy to legalize…comfort.
Legendary artist Willie Nelson helps legalize comfort in Skechers Super Bowl campaign. (Photo: Business Wire)
Legendary artist Willie Nelson helps legalize comfort in Skechers Super Bowl campaign. (Photo: Business Wire)
“I can’t resist making an appearance during the Super Bowl,” said Willie Nelson, who continues his Willie Nelson & Family Tour in April. “And I’m doing this because of a message we can all agree on—everyone deserves the right to feel comfortable. From the bus to the stage to a jog around the ranch, staying healthy and feeling good is how I can keep doing what I love.”
“Willie Nelson is an American icon whose appeal knows no boundaries and a perfect fit for our new global campaign that begins at the Super Bowl. He’s still on his feet doing what he loves best—entertaining the masses on tour, and now helping spread our comfort message along the way,” added Michael Greenberg, president of Skechers. “We know featuring Willie’s genuine personality and well-known passions in a pair of commercials will make an impression for the millions watching the game. Fans will remember that only Skechers offers innovative comfort technologies that are almost beyond regulation.”
The Willie Nelson “On the Road” and “Legalize” commercials will mark the ninth time that Skechers has advertised during the Big Game since first appearing in a spot starring Joe Montana in 2010. One of the brand’s most talked-about spots from 2012 featured Mark Cuban watching a French bulldog named Mr. Quiggly racing in Skechers GOrun footwear.
Skechers has been leading the industry in comfort with the development of innovative technologies and materials for many years. Consumers can only find these signature features in Skechers products. This includes patented Skechers Arch Fit Technology™ along with Skechers Max Cushioning Technology™, Skechers Hyper Burst Technology™, Skechers Air-Cooled Memory Foam®, Skechers Relaxed Fit Technology™ and Skechers Stretch Fit Technology™, among many others.
The complete range of Skechers footwear for men, women and kids is available in Skechers retail stores as well as skechers.com, plus department stores and footwear retailers around the globe.
About Willie Nelson
With a seven-decade career, Willie Nelson has earned every conceivable award as a musician and amassed reputable credentials as an author, actor, and activist. He continues to thrive as a relevant and progressive musical and cultural force. In recent years, he has delivered more than a dozen new albums, released a Top 10 New York Times’ bestsellers book, again headlined Farm Aid, an event he co-founded in 1985, been honored by the Library of Congress with their Gershwin Prize for Popular Song, received his 5th degree black belt in Gong Kwon Yu Sul, headlined the annual Luck Reunion food and music festival during SXSW, launched his cannabis companies Willie’s Reserve and Willie’s Remedy, and graced the covers of Rolling Stone and AARP The Magazine. In July 2020, Willie released his album First Rose of Spring – an atmospheric soulful showcase of beautifully-written songs and poignant performances. September 2020 brought a memoir with his sister and pianist Bobbie Nelson titled, Me and Sister Bobbie: True Tales of The Family Band. For 2021, he released a new studio album in February —That’s Life, Willie’s second album of standards and classics made famous by Frank Sinatra (his first, 2018’s My Way, earned Willie the Grammy for Best Traditional Pop Solo Album). The two legends were friends, musical colleagues, and mutual admirers of each other’s work. In June 2021, a collection of his thoughts on America, family, faith and music hit shelves as a book titled Willie Nelson’s Letters to America. And in November 2021, Nelson released another new studio album, The Willie Nelson Family, a collection of country gospel-flavored songs performed by Willie’s Family Band. These creative endeavors as well as new songs and performances that add to his classic catalog, find Willie Nelson rolling at an artistic peak, writing and singing and playing with the seasoned wit and wisdom that comes from the road.
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, India, Japan, 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, 2020 and its quarterly report on Form 10-Q for the three months ended September 30, 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 | Feb 3, 2022 | Press Release
Feb 3, 2022 • 4:05 pm EST
Board Authorizes $500 Million Share Repurchase Program
LOS ANGELES–(BUSINESS WIRE)–
SKECHERS U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology CompanyTM and a global footwear leader, today announced financial results for the fourth quarter and year ended December 31, 2021.
Fourth Quarter Highlights
“Skechers’ focus on delivering signature comfort technology in our products resulted in record 2021 sales,” began Robert Greenberg, Chief Executive Officer of Skechers. “We’re extremely proud of the entire Skechers team and of our partners who worked through the many obstacles last year; unwavering in their dedication to the Skechers brand. We believe our accomplishments in 2021, including several comfort-focused new product launches and the further expansion of our global footprint, position Skechers for continued growth toward our goal of $10 billion in sales. In 2022, we’ll be introducing more innovative and comfort technology product, developing multi-platform marketing campaigns with our growing roster of ambassadors including recently announced Amanda Kloots, and rolling out more Skechers e-commerce sites around the world. We are finalizing plans to enter the metaverse, creating an entirely new opportunity for the Skechers brand. With our creativity, product, operational support and global reach, we expect 2022 to be another record year.”
“2021 was an outstanding year, with four quarterly sales records, including fourth quarter sales of $1.65 billion, and a new full year sales milestone of $6.29 billion,” said David Weinberg, Chief Operating Officer of Skechers. “Fourth quarter growth was driven by increases of 30% in both our International Wholesale and Direct-to-Consumer businesses, and 5% in Domestic Wholesale. The International Wholesale increase was primarily driven by triple-digit growth in our distributor business, high single-digit growth in China, and double-digit growth in the United Kingdom, India, Spain, and many other markets. The improvement in Domestic Wholesale was especially notable in the fourth quarter as we worked to alleviate supply chain disruptions. We attribute our global growth to the broad-based demand as consumers look to Skechers for its comfort, innovation, style and quality at a reasonable price. As the demand for Skechers remains strong, our focus continues to be on the health and safety of our team, managing both supply chain disruptions and elevated freight costs where possible, all while profitably driving growth in 2022.”
Fourth Quarter 2021 Financial Results
Three Months Ended
December 31,
Change
(in millions, except per share data)
2021
2020
$
%
Sales
$
1,647.9
$
1,324.7
$
323.2
24.4
Gross profit
800.7
648.4
152.3
23.5
Gross margin
48.6
%
48.9
%
(30
)bps
Operating expenses
715.1
595.7
119.4
20.1
As a % of sales
43.4
%
45.0
%
(160
)bps
Earnings from operations
93.1
57.7
35.4
61.2
Operating margin
5.6
%
4.4
%
120
bps
Net earnings
402.4
53.3
349.1
655.3
Diluted earnings per share
$
2.56
$
0.34
$
2.22
652.9
Adjusted diluted earnings per share
$
0.43
$
0.24
$
0.19
79.2
Fourth quarter sales increased 24.4% as a result of a 9.8% increase in domestic sales and a 34.0% increase in international sales. Domestic and international growth was driven by increases in both wholesale and direct-to-consumer, with the largest improvement attributable to International Wholesale. On a constant currency basis, the Company’s total sales increased 24.5%.
Sales grew across all segments with increases to Domestic Wholesale of 4.6%, International Wholesale of 30.1%, and Direct-to-Consumer of 30.3%. Improvements in Domestic Wholesale were the result of higher unit sales volume and higher average selling prices. International Wholesale increases were driven by growth of 123.5% in Distributor sales, 61.3% in Europe, and 8.6% in China. Improvements in Direct-to-Consumer sales resulted from growth across domestic and international retail stores, driven by a double-digit increase in average selling price resulting from reduced promotions and higher prices. Direct-to-Consumer comparable same store sales increased 21.1%, driven by an increase of 15.2% domestically and 35.5% internationally.
Gross margin was 48.6%, a decrease of 30 basis points, primarily driven by higher freight costs.
Operating expenses increased $119.4 million, or 20.1%. Selling expenses increased $24.2 million, or 24.7%, due to higher global demand creation expenditures. General and administrative expenses increased $95.2 million, or 19.1%, primarily as a result of higher labor costs, increased volume-driven warehouse and distribution expenses, and the settlement of multiple legal matters. As a percentage of sales, operating expenses improved 160 basis points to 43.4% from 45.0% last year.
Earnings from operations increased $35.4 million to $93.1 million, an increase of 61.2%.
Net earnings were $402.4 million and diluted earnings per share were $2.56. Net earnings include a tax benefit of $346.8 million resulting from an intra-entity transfer of certain intellectual property rights, partially offset by $15.0 million related to the settlement of multiple legal matters. Excluding the effects of the tax benefit and legal settlements, adjusted diluted earnings per share were $0.43.
In the fourth quarter, the Company’s effective income tax rate was a negative 398.9%, which includes a 409.4% impact from the aforementioned tax benefit associated with the intra-entity intellectual property rights transfer.
“Despite the innumerable obstacles posed by the pandemic in 2021, Skechers continued to execute against its global growth strategy. The results for both the fourth quarter and full year reflect the exceptional financial performance and strength of our brand,” stated John Vandemore, Chief Financial Officer of Skechers. “Skechers remains committed to investing in support of this strategy and we are extremely optimistic about our ability to achieve $10 billion in sales by 2026.”
Full Year 2021 Financial Results
Year Ended
December 31,
Change
(in millions, except per share data)
2021
2020
$
%
Sales
$
6,285.0
$
4,597.4
$
1,687.6
36.7
Gross profit
3,099.2
2,189.8
909.4
41.5
Gross margin
49.3
%
47.6
%
170
bps
Operating expenses
2,526.2
2,072.1
454.1
21.9
As a % of sales
40.2
%
45.1
%
(490
)bps
Earnings from operations
598.2
133.7
464.5
347.5
Operating margin
9.5
%
2.9
%
660
bps
Net earnings
741.5
98.6
642.9
652.3
Diluted earnings per share
$
4.73
$
0.64
$
4.09
639.1
Adjusted diluted earnings per share
$
2.59
$
0.65
$
1.94
298.5
Full year sales increased 36.7% reflecting a 33.4% increase in domestic sales and a 39.0% increase in international sales with the largest contribution derived from International Wholesale growth. On a constant currency basis, the Company’s total sales increased 33.7%.
Sales grew across all segments with increases to Domestic Wholesale of 27.6%, International Wholesale of 34.0%, and Direct-to-Consumer of 50.2%, as the impact of COVID-19 continued to ease. Improvements in Domestic Wholesale were the result of higher unit sales volume. International Wholesale recorded growth in China of 35.0% and Europe of 23.6%. Direct-to-Consumer had higher units sold and higher average selling prices. Direct-to-Consumer comparable same store sales increased 38.0%, driven by an increase of 39.5% domestically and 34.1% internationally.
Gross margin increased 170 basis points to 49.3% driven by higher average selling prices in Direct-to-Consumer, partially offset by declines in International Wholesale and Domestic Wholesale, due to higher average costs per unit.
Operating expenses increased $454.1 million or 21.9%. Selling expenses increased $141.5 million or 44.5%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $312.6 million or 17.8%, primarily due to higher labor and incentive compensation costs, volume-driven global warehouse and distribution expenses, and rent. As a percentage of sales, operating expenses improved 490 basis points to 40.2%.
Earnings from operations increased $464.5 million to $598.2 million.
Net earnings were $741.5 million and diluted earnings per share were $4.73. Excluding the fourth-quarter effects of a tax benefit from an intra-entity transfer of certain intellectual property rights and the settlement of multiple legal matters, adjusted diluted earnings per share were $2.59.
The Company’s effective income tax rate was a negative 43.2% which includes a 60.9% impact from the intellectual property rights transfer in the fourth quarter and related tax benefit recognized.
Balance Sheet
Cash, cash equivalents and investments totaled $1.04 billion, a decrease of $539.6 million, or 34.2% from December 31, 2020 primarily as a result of repaying $452.5 million on our revolving credit facility in the second quarter of 2021.
Total inventory was $1.47 billion, an increase of $454.2 million or 44.7% from December 31, 2020. Increased inventory levels primarily reflect higher merchandise in transit due to supply chain challenges with shipping and port delays.
Share Repurchase
The Company’s Board of Directors authorized a new three-year share repurchase program of up to $500.0 million of its outstanding common stock, effective January 31, 2022.
Outlook
For the first quarter of 2022, the Company believes it will achieve sales between $1.675 billion and $1.725 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 $7.0 billion and $7.2 billion and diluted earnings per share of between $2.70 and $2.90.
Store Count
Number of Store
Locations as of
Number of Store
Locations as of
December 31, 2020
Opened
Closed(1)
December 31, 2021
Domestic stores
523
18
(26
)
515
International stores
331
33
(6
)
358
Joint venture stores
467
128
(108
)
487
Distributor, licensee and franchise stores
2,570
657
(281
)
2,946
Total Skechers stores
3,891
836
(421
)
4,306
(1)
Does not reflect temporary closures due to the COVID-19 pandemic.
Fourth Quarter 2021 Conference Call
The Company will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its fourth quarter 2021 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning February 3, 2022 at 7:30 p.m. ET, through February 17, 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: 13726153.
About SKECHERS U.S.A., Inc.
Skechers, 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.
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 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, 2020 and its quarterly report on Form 10-Q for the nine months ended September 30, 2021. More specifically, the COVID-19 pandemic has had and may continue to have 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.
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of December 31,
(in thousands)
2021
2020
ASSETS
Current assets
Cash and cash equivalents
$
796,283
$
1,370,826
Short-term investments
98,580
100,767
Trade accounts receivable, net
732,793
619,800
Other receivables
80,043
69,222
Inventory
1,470,994
1,016,774
Prepaid expenses and other current assets
193,547
166,962
Total current assets
3,372,240
3,344,351
Property, plant and equipment, net
1,128,909
935,441
Operating lease right-of-use assets
1,224,580
1,171,521
Deferred tax assets
451,355
63,884
Long-term investments
145,590
108,412
Goodwill
93,497
93,497
Other assets, net
75,109
95,263
Total non-current assets
3,119,040
2,468,018
TOTAL ASSETS
$
6,491,280
$
5,812,369
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
876,342
$
744,077
Operating lease liabilities
225,658
204,370
Accrued expenses
265,420
208,712
Current installments of long-term borrowings
76,967
52,250
Short-term borrowings
1,195
3,297
Total current liabilities
1,445,582
1,212,706
Long-term borrowings
263,445
679,415
Long-term operating lease liabilities
1,094,748
1,065,069
Deferred tax liabilities
11,820
11,439
Other long-term liabilities
133,613
118,077
Total non-current liabilities
1,503,626
1,874,000
Total liabilities
2,949,208
3,086,706
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
135
134
Class B Common Stock
21
21
Additional paid-in capital
429,608
372,165
Accumulated other comprehensive loss
(48,323
)
(27,285
)
Retained earnings
2,877,903
2,136,400
Skechers U.S.A., Inc. equity
3,259,344
2,481,435
Noncontrolling interests
282,728
244,228
Total stockholders’ equity
3,542,072
2,725,663
TOTAL LIABILITIES AND EQUITY
$
6,491,280
$
5,812,369
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands, except per share data)
2021
2020
2021
2020
Sales
$
1,647,881
$
1,324,711
$
6,285,029
$
4,597,414
Cost of sales
847,229
676,284
3,185,817
2,407,633
Gross profit
800,652
648,427
3,099,212
2,189,781
Royalty income
7,505
4,955
25,159
16,017
808,157
653,382
3,124,371
2,205,798
Operating expenses
Selling
122,080
97,875
459,599
318,097
General and administrative
593,015
497,788
2,066,585
1,754,017
Total operating expenses
715,095
595,663
2,526,184
2,072,114
Earnings from operations
93,062
57,719
598,187
133,684
Other income (expense)
(8,364
)
10,851
(28,430
)
21,045
Earnings before income taxes
84,698
68,570
569,757
154,729
Income tax expense (benefit)
(337,902
)
(9,602
)
(245,875
)
8,502
Net earnings
422,600
78,172
815,632
146,227
Less: Net earnings attributable to noncontrolling interest
20,177
24,891
74,129
47,663
Net earnings attributable to Skechers U.S.A. Inc.
$
402,423
$
53,281
$
741,503
$
98,564
Net earnings per share attributable to Skechers U.S.A. Inc.
Basic
$
2.58
$
0.34
$
4.77
$
0.64
Diluted
$
2.56
$
0.34
$
4.73
$
0.64
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A. Inc.
Basic
155,909
154,548
155,539
154,184
Diluted
157,340
155,397
156,794
154,894
SKECHERS U.S.A., INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
Three Months Ended
December 31,
Change
(in millions)
2021
2020
$
%
Domestic Wholesale
Sales
$
313.0
$
299.4
13.6
4.6
Gross margin
32.5
%
37.7
%
(520
)bps
International Wholesale
Sales
$
851.2
$
654.1
197.1
30.1
Gross margin
44.0
%
46.9
%
(290
)bps
Direct-to-Consumer
Sales
$
483.7
$
371.2
112.5
30.3
Gross margin
67.0
%
61.7
%
530
bps
Total
Sales
$
1,647.9
$
1,324.7
323.2
24.4
Gross margin
48.6
%
48.9
%
(30
)bps
Year Ended
December 31,
Change
(in millions)
2021
2020
$
%
Domestic Wholesale
Sales
$
1,438.0
$
1,126.6
311.4
27.6
Gross margin
36.4
%
38.3
%
(190
)bps
International Wholesale
Sales
$
3,025.5
$
2,257.8
767.7
34.0
Gross margin
45.1
%
45.3
%
(20
)bps
Direct-to-Consumer
Sales
$
1,821.5
$
1,213.0
608.5
50.2
Gross margin
66.5
%
60.6
%
590
bps
Total
Sales
$
6,285.0
$
4,597.4
1,687.6
36.7
Gross margin
49.3
%
47.6
%
170
bps
SKECHERS U.S.A., INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES (Unaudited)
Adjusted Diluted Earnings Per Share (Non-GAAP Financial Measure)
We believe that adjusted diluted earnings per share provide meaningful supplemental information to investors in evaluating our business performance for the quarter and year ended December 31, 2021. Adjusted diluted earnings per share is not a measure of financial performance under GAAP and should be considered in addition to, and not a substitute for, diluted earnings per share which is the most comparable GAAP measure. We believe that this non-GAAP measure provides useful information to investors regarding our results of operations and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with valuable supplemental information regarding our results of operations, facilitating period-to-period comparisons of our business performance consistent with how management evaluates the Company’s operating performance. Our method of determining non-GAAP financial measures may differ from other companies’ methods and therefore may not be comparable to those used by other companies. The table below includes current-year adjustments for a tax benefit due to the establishment of net deferred tax assets related to an intra-entity transfer of certain intellectual property rights, as well as charges related to the settlement of multiple legal matters and the related tax benefit. The table below includes prior-year adjustments for a tax benefit due to the combination of an international restructuring and the Coronavirus Aid, Relief, and Economic Security Act as well as the non-cash compensation charge related to the cancellation of restricted share grants and related write-off of deferred tax assets.
Three Months Ended
December 31,
Year Ended
December 31,
2021
2020
2021
2020
Diluted earnings per share, as reported
$
2.56
$
0.34
$
4.73
$
0.64
Less: Income tax benefits
(2.23
)
(0.10
)
(2.24
)
(0.11
)
Plus: Settlement of legal matters
0.10
—
0.10
—
Plus: Share cancellation
—
—
—
0.12
Adjusted diluted earnings per share
$
0.43
$
0.24
$
2.59
$
0.65
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. The tables below include adjustments for a tax benefit and the settlement of multiple legal matters described above.
Three Months Ended December 31,
2021
2020
Change
(in millions,
except per share data)
Reported
GAAP Measure
Tax and Legal
Settlements
Adjustments(1)
Adjusted
Diluted
Earnings
Per Share
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
1,647.9
$
–
$
1,647.9
$
0.7
$
1,648.6
$
1,324.7
323.9
24.5
Cost of sales
847.2
–
847.2
0.4
847.6
676.3
171.3
25.3
Gross profit
800.7
–
800.7
0.3
801.0
648.4
152.6
23.5
Royalty income
7.5
–
7.5
(0.2
)
7.3
5.0
2.3
46.0
Operating expenses
715.1
(15.0
)
700.1
0.9
701.0
595.7
105.3
17.7
Earnings from operations
93.1
15.0
108.1
(0.8
)
107.3
57.7
49.6
86.0
Other income (expense)
(8.4
)
–
(8.4
)
4.9
(3.5
)
10.9
(14.4
)
n/m
Income tax expense (benefit)
(337.9
)
350.5
12.6
0.8
13.4
(9.6
)
23.0
n/m
Less: Noncontrolling interests
20.2
–
20.2
(0.2
)
20.0
24.9
(4.9
)
(19.7
)
Net earnings
$
402.4
$
(335.5
)
$
66.9
$
3.5
$
70.4
$
53.3
17.1
32.1
Diluted earnings per share
$
2.56
$
(2.13
)
$
0.43
$
0.02
$
0.45
$
0.34
0.11
32.4
Year Ended December 31,
2021
2020
Change
(in millions,
except per share data)
Reported
GAAP Measure
Tax and Legal
Settlements
Adjustments(1)
Adjusted
Diluted
Earnings
Per Share
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
6,285.0
$
–
$
6,285.0
$
(138.9
)
$
6,146.1
$
4,597.4
1,548.7
33.7
Cost of sales
3,185.8
–
3,185.8
(76.7
)
3,109.1
2,407.6
701.5
29.1
Gross profit
3,099.2
–
3,099.2
(62.2
)
3,037.0
2,189.8
847.2
38.7
Royalty income
25.2
–
25.2
(1.4
)
23.8
16.0
7.8
48.8
Operating expenses
2,526.2
(15.0
)
2,511.2
(42.1
)
2,469.1
2,072.1
397.0
19.2
Earnings from operations
598.2
15.0
613.2
(21.5
)
591.7
133.7
458.0
342.6
Other income (expense)
(28.5
)
–
(28.5
)
16.7
(11.8
)
21.1
(32.9
)
n/m
Income tax expense (benefit)
(245.9
)
350.5
104.6
(2.4
)
102.2
8.5
93.7
1,102.4
Less: Noncontrolling interests
74.1
–
74.1
(4.6
)
69.5
47.7
21.8
45.7
Net earnings
$
741.5
$
(335.5
)
$
406.0
$
2.2
$
408.2
$
98.6
309.6
314.0
Diluted earnings per share
$
4.73
$
(2.14
)
$
2.59
$
0.01
$
2.60
$
0.64
1.96
306.3
n/m – not meaningful
(1)
Income tax expense of $350.5 million includes $346.8 million from an intra-entity transfer of certain intellectual property rights and the $3.7 million effect of taxes on the settlement of multiple legal matters.
Investor Relations:
Andrew Greenebaum
Addo Investor Relations
[email protected]
Press:
Jennifer Clay
Vice President, Corporate Communications
Skechers U.S.A., Inc.
(310) 937-1326
Source: SKECHERS U.S.A., Inc.
by Zach | Jan 21, 2022 | Press Release
Jan 21, 2022 • 9:00 am EST
LOS ANGELES–(BUSINESS WIRE)–
SKECHERS USA, Inc. (NYSE: SKX), The Comfort Technology Company™, today announced that it will release its fourth quarter and full year 2021 financial results after market close on Thursday, February 3, 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 February 3, 2022 at 7:30 p.m. ET, through February 17, 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: 13726153.
About SKECHERS USA, Inc.
Skechers, 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 170 countries and territories via department and specialty stores, and direct to consumers through 4,170 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, India, Japan, the Philippines, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter and TikTok.
Investor Relations:
Addo Investor Relations
Andrew Greenebaum
[email protected]
Source: SKECHERS USA, Inc.
by Zach | Jan 13, 2022 | Press Release
Jan 13, 2022 • 9:00 am EST
LOS ANGELES–(BUSINESS WIRE)–
Skechers, The Comfort Technology Company™, announced that the brand has signed television personality, dancer and fitness entrepreneur Amanda Kloots to join the Company’s team of renowned ambassadors. Kloots will appear in a multi-platform campaign supporting the global lifestyle and performance brand’s footwear and apparel offering throughout North America.
TV, dance and fitness star Amanda Kloots gets comfortable in her new Skechers footwear and apparel campaign. (Photo: Business Wire)
TV, dance and fitness star Amanda Kloots gets comfortable in her new Skechers footwear and apparel campaign. (Photo: Business Wire)
“As a mom and businesswoman, I’m grateful for how comfortable Skechers are so I can focus on my day—and the fact that they offer the total package with shoes and apparel makes this brand a perfect fit for my active lifestyle,” said Amanda Kloots. “Through my years of dancing and training, I’ve learned how important it is to treat your body well—which is why I’m thrilled to represent their comfort technology offerings. These collections, including Max Cushioning for my first campaign, are so incredible, they feel like they were designed just for me—and I’m excited to share that experience with women everywhere.”
“Amanda is an inspiration on so many levels. Her roots in fitness and growing national fame as a beloved media personality make her a wonderful ambassador for our brand,” added Michael Greenberg, president of Skechers. “She’s charismatic, honest and fearless in a way that has endeared millions to her. We’re confident that she will continue to reach new heights in all of her professional and personal pursuits, and we’re looking forward to outfitting her in Skechers’ latest comfort technologies along the way.”
A former Broadway dancer and Radio City Rockette, Kloots has performed on stage, film and television for over 17 years. Her love of dance and fitness led her to work and lead classes at one of New York’s premier fitness studios. In 2016, Kloots launched the first of her entrepreneurships—developing her AK! Fitness brand, which features jump ropes and dance mixed with cross training to create a unique full-body workout. Over the past year, she released her memoir, the New York Times bestseller “Live Your Life: My Story of Loving and Losing Nick Cordero” and competed on the 30th season of “Dancing with The Stars,” and is now co-host of CBS’ Daytime Emmy Award-winning talk show “The Talk.”
Kloots joins a roster of Skechers ambassadors that includes fellow fitness guru Brooke Burke and NASCAR legend Rusty Wallace, as well as a slate of athletic icons such as Dodgers pitcher Clayton Kershaw, former quarterback and broadcaster Tony Romo, former defensive end and broadcaster Howie Long, former wide receiver and sports analyst Cris Carter, boxer Sugar Ray Leonard and golfer Brooke Henderson.
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 170 countries and territories via department and specialty stores, and direct to consumers through 4,170 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, India, Japan, the Philippines, 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, 2020 and its quarterly report on Form 10-Q for the three months ended September 30, 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]
(310) 937-1326
Source: SKECHERS USA, Inc.
by Zach | Dec 20, 2021 | Press Release
Dec 20, 2021 • 4:05 pm EST
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE:SKX), The Comfort Technology Company™, announced today that Zulema Garcia has been named to its Board of Directors and appointed to serve on the Company’s Audit Committee. In addition, the Company announced that four current members – Jeffrey Greenberg, Geyer Kosinski, Richard Rappaport and Tom Walsh – have resigned from the Board, bringing the total number of directors to seven. The resignations were not the result of any disagreement with the Company or any of its affiliates on any matter relating to the Company’s operations, strategy, policies or practices.
Zulema Garcia is the Senior Vice-President of Internal Audit at Herbalife Nutrition, a global nutrition company. Prior to joining Herbalife in October 2019, she was an audit partner at KPMG LLP, where she spent 24 years, most recently serving as the Deputy Professional Practice Partner of the South Region (Audit) KPMG One Americas and also served as an Audit Quality Support Partner and Diversity Co-Partner Champion (Audit). Ms. Garcia currently serves on the Board of Trustees of Mount St. Mary’s University and the Board of Directors of The Boys & Girls Clubs of Metro Los Angeles.
“Thoughtfully considering all areas of our business – including our Board of Directors – is essential to the ongoing execution of our strategic plans and maintaining our position as a competitive force in this industry,” began Robert Greenberg, Skechers chief executive officer and chairman of the board. “Zulema’s wealth of experience both at a global consumer goods company and at one of the world’s leading accounting firms will provide Skechers a welcome viewpoint as we work to drive continued success for Skechers.”
Robert Greenberg continued: “Since Skechers was founded nearly 30 years ago and went public in 1999, we have grown into the third largest athletic lifestyle footwear company in the world. We greatly appreciate the many years of valuable insight and expertise the resigning Board members have contributed to Skechers. As we move forward, we believe the fresh perspective of Zulema, as well as that of future members, will further diversify and complement our Board.”
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, and Richard Siskind.
About SKECHERS USA, Inc.
Skechers, 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 170 countries and territories via department and specialty stores, and direct to consumers through 4,170 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, 2020 and its quarterly report on Form 10-Q for the three months ended September 30, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005821/en/
Jennifer Clay
SKECHERS USA, Inc.
[email protected]
Source: Skechers USA, Inc.