by Zach | Nov 14, 2019 | Press Release
Nov 14, 2019 • 9:00 am EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)–
The Skechers Premium Heritage Limited Edition Holiday Collection is set to drop worldwide tomorrow, November 15. The five-pack offering, designed with luxurious materials on the Company’s most iconic outsoles, follows on the heels of the successful launch of the Premium Heritage One collection.
The Skechers Premium Heritage Limited Edition Holiday Collection drops around the world on November 15. (Photo: Business Wire)
The Skechers Premium Heritage Limited Edition Holiday Collection drops around the world on November 15. (Photo: Business Wire)
“In a world with fast trends and social media creating demand for the latest hot item, consumers want newness, freshness, and something that stands out and is available for a limited time,” said Michael Greenberg, president of Skechers. “That’s the foundation of our Skechers Premium Heritage concept. These are statement shoes with high-end materials and design details on signature Skechers outsoles. It’s a capsule that creates buzz with key opinion leaders.”
The new range expands on the first wave of Premium Heritage styles that launched in September. The Skechers Energy – Captains View updates the original chunky sneaker with red leopard print, tassels, blue overlays and an intricate rope collar. The Skechers D’Lites – Golden Idea delivers a subtle luxe look with soft black leather and gold chain detailing. And there are two looks on the Skechers D’Lites 3.0 – the Cheetah Queen delivers animal power with multi-colored cheetah print plus jeweled laces, and the Flashy Stud (available in both white and black colorways) runs with current logo trends with a massive rhinestone D’Lites embellishment over snakeskin detailing.
Skechers pioneered the chunky sneaker two decades ago with the Skechers Energy, and the look soon gained popularity around the globe thanks to the help of stars like Britney Spears who appeared in the style. The style evolved with the introduction of Skechers D’Lites – a lighter version of its original style – in 2007. Ten years later, Skechers D’Lites reemerged in Asia on the retro chunky sneaker trend, sparking a global movement that included models walking runways in New York, London, Milan, Berlin and other cities. Always remaining fresh and relevant, the classic look was updated with the more modernized chunkier Skechers D’Lites 3.0 collection and featured in numerous celebrated collaborations. The styles have appeared on fashion editorial pages globally, and covered by taste-making sites like HypeBae, HypeBeast and High Snobiety.
The new range of Skechers Premium Heritage Limited Edition styles launch November 15 exclusively at skechers.com and in select Skechers retail stores in the United States and around the globe as well as in select specialty retailers in international markets.
About SKECHERS USA, Inc.
Based in Manhattan Beach, California, Skechers (NYSE:SKX) designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s 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, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and Twitter.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 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, 2018, and its quarterly report on Form 10-Q for the three months ended September 30, 2019. 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 operations 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
[email protected]
(310) 937-1326
Source: SKECHERS USA, Inc.
by Zach | Nov 4, 2019 | Press Release
Nov 4, 2019 • 5:31 pm EST
Montgomerie Wins in Playoff After Shooting Tournament Course-Record Round to Capture Seventh Career Senior Tour Victory
MANHATTAN BEACH, CA – November 4, 2019 – Skechers celebrates European golf legend Colin Montgomerie’s win at the Invesco QQQ Championship at Sherwood Country Club in Thousand Oaks, CA. Montgomerie, who competes in Skechers GO GOLF footwear and Skechers-branded apparel, came from five shots behind after shooting a tournament course-record 63 on the last round to enter and win a playoff in a dramatic victory. He’s now ranked fourth on the PGA TOUR Champions leaderboard with a shot at the Charles Schwab Cup Championship this weekend in Phoenix.
Skechers GO GOLF athlete Colin Montgomerie celebrates his win at the PGA TOUR Champions Invesco QQQ Championship in Thousand Oaks, CA.
Skechers GO GOLF athlete Colin Montgomerie celebrates his win at the PGA TOUR Champions Invesco QQQ Championship in Thousand Oaks, CA.
“It was an exciting final day, and I felt great in that last round coming back from the eighth position. Then in the playoff, the bunker gave my opponent trouble, so there was also some luck on my side,” said Colin Montgomerie. “There’s nothing like a win, and I’m happy to be supported on and off the field by so many, including Skechers and its comfortable and reliable golf shoes. I’m ready to make a run for the Championship.”
As one of his generation’s most recognizable and endearing athletes, Colin Montgomerie is a true statesman of golf. Known affectionately to millions around the world as “Monty,” Montgomerie is one of Britain’s most admired sportsmen having held center stage in numerous tournament victories with career highlights including two-time Senior Major winner, eight-time European Order of Merit winner, and winning Ryder Cup team captain. He rose to fame in the 1990s during an unprecedented seven-year run as Europe’s number one player and has earned more prize money than any British golfer in history.
“We couldn’t be more thrilled to be part of Colin Montgomerie’s latest win as he gets closer to the Charles Schwab Cup finale,” said Michael Greenberg, president of Skechers. “Colin is a legend among legends. To see him swinging that club with Skechers on his sleeve and earning a tournament course record in Skechers GO GOLF is integral to building awareness for the brand within the golf community. We know how much this incredible achievement means to his fans and Skechers Performance will be there with him on tour looking for the next one.”
Montgomerie joined the Skechers Performance team in 2015, wears Skechers GO GOLF footwear and apparel on tour and has been featured in ongoing marketing campaigns for the brand. This weekend he competed in Skechers GO GOLF Elite 4™ footwear. Known for its lightweight, high-quality, stable and comfortable designs, Skechers Performance GO GOLF has achieved prominence within the golf category alongside the brand’s award-winning running, walking and training collections, and is the official shoe of the Charles Schwab Cup Championship.
Skechers Performance GO GOLF is available at Skechers retail stores and skechers.com as well as select retail partners including specialty golf pro shops.
About Skechers USA, Inc.
Based in Manhattan Beach, California, Skechers (NYSE: SKX) designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s 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, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and Twitter.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 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, 2018, and its quarterly report on Form 10-Q for the three months ended June 30, 2019. 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 operations 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
[email protected]
(310) 937-1326
Source: Skechers USA, Inc.
by Zach | Oct 30, 2019 | Press Release
Skechers opens flagship retail store in Disneytown at the Shanghai Disney Resort. (Photo: Business Wire)
Playful interior of China’s largest Skechers Kids store, which is now open in Disneytown at the Shanghai Disney Resort. (Photo: Business Wire)
Oct 30, 2019 • 1:14 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Global footwear powerhouse brand Skechers has landed at one of the most exciting destinations in China—opening a Skechers flagship retail store in the Disneytown shopping district at the Shanghai Disney Resort. The new Skechers Kids Brand Experience store, which opened on October 20, is the first Skechers retail location at a Disney resort property.
Playful interior of China’s largest Skechers Kids store, which is now open in Disneytown at the Shanghai Disney Resort. (Photo: Business Wire)
“Adding Disneytown to our portfolio is a seminal moment for our retail business,” said Michael Greenberg, president of Skechers. “This amazing location is front and center in the middle of the action at Disneytown and offers a unique opportunity to expose a wide range of consumers to our Skechers Kids product. Our footwear and apparel collections for boys and girls are filled with innovation and fun styles that continue to resonate within China and around the globe. This unique Skechers Kids store illustrates how we adapt to a location so that we can connect with consumers in new and exciting ways to elevate the shopping experience.”
“Our new location at the Shanghai Disney Resort really is a perfect fit as visitors experience the whimsical joy offered by both the theme park and our products,” added Willie Tan, CEO of Skechers China Limited, the Company’s joint venture. “Moving forward, we expect to leverage the power and value of this location as a showpiece for our children’s collections. Local Chinese consumers and international tourists love the range of footwear and apparel that Skechers offers for boys and girls, and destination flagship stores like this one create wonderful shopping experiences that keep the Skechers brand in their minds as they visit one of the happiest places on earth.”
More than 11 million people visit the Shanghai Disney Resort annually and the colorful Skechers Kids Brand Experience store is located in the high-traffic center of the Disneytown shopping district. It features a design that’s inspired by the fairytale atmosphere of the Disney resort for a fun shopping experience for kids of all ages. At 258 m2 (2,777 ft2), it’s the largest stand-alone Skechers Kids store in China, and offers a vast range of collections from light-up and playful styles to lightweight athletic sneakers. The store also offers an adult area with coordinated parent-child styles and clothing.
The new store at Disneytown is among more than 1,000 Skechers retail stores operating in China. There are more than 3,300 Skechers destinations around the globe, including flagship locations like New York’s Times Square, Covent Garden in London, and Harajuku in Tokyo.
About SKECHERS USA, Inc.
Based in Manhattan Beach, California, Skechers (NYSE:SKX) designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s 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, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and Twitter.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 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, 2018, and its quarterly report on Form 10-Q for the three months ended June 30, 2019. 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 operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Media Contact:
Jennifer Clay
Skechers
[email protected]
(310) 937-1326
by Zach | Oct 29, 2019 | Press Release
Skechers Pier to Pier Friendship Walk Co-Founder Michael Greenberg rallied thousands of walkers at the 11th annual event. The Walk broke donation records, raising over $2.2 million for children with special needs and education. (Photo: Business Wire)
America’s Got Talent winner and global superstar Kodi Lee performs at the Skechers Pier to Pier Friendship Walk. (Photo: Business Wire)
Oct 29, 2019 • 12:00 pm EDT
The Event Has Raised More Than $13 Million in Total for Children with Special Needs and Students
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The Skechers Pier to Pier Friendship Walk continued the Skechers Foundation’s 11-year tradition of record-breaking donations for kids—raising more than $2.2 million for children with special needs and education at Sunday’s event, and more than $13 million in total since its start. Supported by lead presenter Nickelodeon, media sponsor NBC4 Southern California, airline sponsor Turkish Airlines and generous businesses, the event launched its second decade with a special performance by this season’s America’s Got Talent winner, global superstar Kodi Lee; returning sports legends Sugar Ray Leonard and Tommy Lasorda; and more than 17,000 registered walkers.
America’s Got Talent winner and global superstar Kodi Lee performs at the Skechers Pier to Pier Friendship Walk. (Photo: Business Wire)
“Heck yeah, Skechers Pier to Pier Walk… it feels so awesome to be a superstar… I love it when they chanted Kodi!” exclaimed Kodi Lee at the Skechers Pier to Pier Friendship Walk.
Added mother Tina Lee: “Kodi’s win at America’s Got Talent wasn’t just a victory for him, the whole world won—it was also a win for every person who looked past his blindness and autism and saw the true talent that he is. It’s an honor for him to be at the Skechers Pier to Pier Friendship Walk, because this event really uplifts, normalizes and embraces our children. It celebrates them for who they really are—not just as people with special needs, but as incredible individuals who can have a lasting impact.”
“Kodi’s an amazing global icon and role model for each and every one of us,” said Michael Greenberg, co-founder of the Skechers Pier to Pier Friendship Walk. “He’s helped change the world this year for the better in such a seismic way—and every child in our community has that same potential, thanks in part to the more than $2.2 million that this Walk has raised. From the Friendship Foundation’s programs, classes and dozens of regional school clubs, to our college scholarships and the new classes, facilities and technology we’re bringing to our schools, our Walk is transforming thousands of lives with every step.”
Since 2009, the Skechers Pier to Pier Friendship Walk has raised more than $13 million for The Friendship Foundation, public schools and scholarship funds for exceptional students. The Friendship Foundation assists children with special needs and their families through one-on-one peer mentoring and social recreational activities such as summer camps, outings to sporting events and classes that include music, yoga, cooking, art and drama. The event also helps education foundations maintain and enhance their schools in areas like technology, music, and science, from reducing class sizes and updating labs, libraries and facilities to protecting teachers’ jobs. The Skechers Foundation’s national scholarship program awards $100,000 annually to students who have financial need and proven excellence in academics, athletics and leadership.
Celebrity attendees at this year’s Walk included fitness guru Denise Austin; NBC4 investigative reporter and opening program emcee Lolita Lopez; and the casts of Brat’s Chicken Girls; Nickelodeon’s Knight Squad and All That reboot; as well as numerous YouTubers, Nickelodeon and Disney network stars. Fans celebrated SpongeBob’s 20th anniversary with SpongeBob, Patrick and Friends and enjoyed performances by World of Dance star Ayden Nguyen, Malea Emma, and Disney Channel’s favorite rapper, Issac Ryan Brown. New attractions included a business class ticket sweepstakes event sponsored by Turkish Airlines, and a pet adoption center sponsored by the Petco Foundation and Los Angeles County animal shelters.
The Skechers Pier to Pier Friendship Walk thanks its headlining sponsor Nickelodeon, media sponsor NBC4 and new airline sponsor Turkish Airlines, along with all of its generous sponsors, including: United Legwear & Apparel, McCarthy Construction, KCI General Contractors, Moose Toys, Kinecta Federal Credit Union, Petco Foundation, Steel Sports, The CET Foundation, Vertra, Ross Stores, Chevron, DreamWorks, Dakine, Aptos Retail, Continental Development, Mattel, Marshalls, OLIPOP, LA Kings, WSS and more than 100 other companies who have supported our children.
To learn more about the Skechers Pier to Pier Friendship Walk, please visit skechersfriendshipwalk.com and follow us on Facebook, Twitter and Instagram.
About Skechers Foundation
The Skechers Foundation was established to provide families around the world with the necessities and skills to succeed in life. In addition to organizing the Skechers Pier to Pier Friendship Walk, the Skechers Foundation funds tax-exempt, 501(c)(3) nonprofit organizations that provide education and job training, shoes, clothing, fitness and nutrition guidance to communities in need.
About Skechers USA, Inc.
Based in Manhattan Beach, California, Skechers (NYSE: SKX) designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s 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, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and Twitter.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 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, 2018, and its quarterly report on Form 10-Q for the three months ended June 30, 2019. 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 operations 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.
310.937.1326
by Zach | Oct 24, 2019 | Press Release
Oct 24, 2019 • 9:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– With more than 15 million pairs of new shoes donated to kids in need since 2011, the BOBS from Skechers movement continues to aid disaster-impacted families through its charitable shoe program. Beginning this month, the Company plans to distribute thousands of pairs of new shoes to Hurricane Dorian victims in the Bahamas and Storm Imelda-affected families in Houston.
Together with its donation partner Soles4Souls, the Company will ship more than 2,000 pairs of BOBS donation shoes to Nassau; charity organizations Women Supporting Women and Urban Renewal will initially distribute 1,080 shoes to displaced victims of Hurricane Dorian this month, with more distributions anticipated in early 2020. Skechers and Soles4Souls also plan to send more than 2,000 pairs of BOBS donation shoes to the organization Communities in Schools of Houston to support the region’s families during the holiday season, as well as in the new year based on need.
“Through our relief efforts for previous disasters like Hurricane Maria in Puerto Rico, we understand how challenging it can be to connect with victims when a community’s infrastructure is so deeply impacted—and how crucial it is that we continue to offer support to these affected areas months after the media spotlight dims,” said Michael Greenberg, president of Skechers. “Healing a community is not a sprint, it’s a marathon—and we are doing what we can to help thousands of these families in the months to come. Although we can’t provide shoes for every disaster, we aim to do so for as many as possible, exploring ways to support other communities as they are impacted.”
Skechers has donated new shoes to children affected by poverty, homelessness and natural disasters in more than 60 countries—from the Indian Ocean tsunami in 2004 and Haiti’s 2010 earthquake; to Superstorm Sandy; Hurricanes Katrina, Harvey, Irma and Maria; and the 2018 fires in California. The Company most recently donated thousands of shoes to children in need at back-to-school events in Miami and Milwaukee.
Along with its philanthropic efforts for children, the Company also partners with Petco Foundation to help animals nationwide through sales of BOBS from Skechers shoes, apparel and accessories. Since 2015, Skechers has donated more than $4.23 million to animal welfare organizations—funds that have helped more than 750,000 pets in the United States, including more than 396,000 dogs and cats saved through adoptions. To learn more, follow BOBS from Skechers on Facebook, Twitter, Instagram and Pinterest, or visit www.BOBSfromSKECHERS.com.
About Skechers USA, Inc.
Based in Manhattan Beach, California, Skechers (NYSE: SKX) designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s 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, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and Twitter.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 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, 2018, and its quarterly report on Form 10-Q for the three months ended June 30, 2019. 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 operations 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
by Zach | Oct 22, 2019 | Press Release
Oct 22, 2019 • 4:05 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)–
SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the third quarter ended September 30, 2019.
Third Quarter Highlights
“Skechers is firing on all cylinders. Our global marketing efforts are creating awareness and generating demand. Our product is innovative, relevant and comfortable. Importantly, we achieved a new sales record of $1.354 billion in the third quarter,” stated Robert Greenberg, chief executive officer of Skechers. “In the last three months, we saw our chunky fashion footwear on fashion week runways in New York, London, and Milan; our Skechers GO Run Hyper win its fifth award this year—Gear of the Year from Runner’s World; we also won the Schuhkurier award in Germany for Brand of the Year, and launched unique collaborations in Asia, North America, and other regions. We continue to lead the walking footwear category and delivered technical and innovative work, golf, sport and kids footwear. We supported our key initiatives with a 360-degree approach to marketing by adding a comprehensive digital strategy to our traditional television campaigns. Our product offering is vast and reaches every demographic, and at its core, comfort is what consumers have come to know and expect from Skechers. This, and our comprehensive marketing, differentiates Skechers from other brands, and is why we achieved growth across our domestic, international and direct-to-consumer businesses. We believe our holiday sales will be stronger across all channels of our business, and we’re looking forward to 2020 and the launch of our first campaign with Los Angeles Dodgers pitcher Clayton Kershaw.”
“Skechers achieved a new quarterly sales record as our international business continued to drive growth with wholesale sales increases of 21.7 percent and direct-to-consumer sales increases of 22.3 percent. Further, our domestic direct-to-consumer business improved 8.7 percent, and our domestic wholesale business returned to growth with an increase of 5.0 percent,” began David Weinberg, chief operating officer of Skechers. “We believe these results are an indication of the global strength of our brand with strong increases around the world—from Germany, the UK and Spain, to India, Turkey and the U.A.E., as well as China, Russia and Japan. With the strength of our international business as well as the growth of our direct-to-consumer channel—with more than 3,300 Skechers stores worldwide, of which 779 are Company-owned, we are investing in both our logistics and inventory to meet the growing demand. Based on feedback from recent meetings with our international partners and domestic accounts, as well as our incoming order rate, we believe the momentum will continue in the fourth quarter and into 2020.”
Third Quarter 2019 Financial Results
($ in millions, except per share data)
Three months ended
September 30,
Change
2019
2018
$
%
Sales
$
1,354.0
$
1,176.4
$
177.6
15.1
%
Gross Profit
653.1
563.9
89.2
15.8
%
Gross Margin
48.2
%
47.9
%
SG&A Expenses
511.9
444.8
67.1
15.1
%
As a % of Sales
37.8
%
37.8
%
Earnings from Operations
147.4
123.9
23.5
19.0
%
Operating Margin
10.9
%
10.5
%
Net Earnings
103.1
90.7
12.4
13.7
%
Diluted Earnings per Share
$
0.67
$
0.58
$
0.09
15.5
%
Sales grew 15.1 percent as a result of a 21.9 percent increase in the Company’s international business, or 25.7 percent on a constant currency basis, and a 6.7 percent increase in its domestic business. On a constant currency basis, the Company’s sales increased 17.2 percent. By segments, the Company’s international wholesale business increased 21.7 percent, its Company-owned direct-to-consumer business increased 13.3 percent, and the Company’s domestic wholesale business increased 5.0 percent. Comparable same store sales in Company-owned stores and e-commerce increased 7.7 percent, including 6.8 percent in the United States and 9.9 percent internationally.
Gross margins increased as a result of improved retail pricing and product mix in its international businesses, partially offset by an increase in the average cost per unit in its domestic business.
SG&A expenses were flat as a percentage of sales but increased in line with sales by 15.1 percent in the quarter. Selling expenses increased by $7.4 million primarily due to higher international advertising expenditures. General and administrative expenses increased by $59.7 million, reflecting additional spending of $24.4 million to support the growth of its international business, including in China and the addition of operations in Mexico, and $18.5 million associated with 37 additional Company-owned Skechers stores, including 14 that opened in the third quarter.
Earnings from operations increased $23.5 million, or 19.0 percent, to $147.4 million.
Net earnings were $103.1 million and diluted earnings per share were $0.67. On a constant currency basis, diluted earnings per share were $0.71, an increase of 22.4 percent.
In the third quarter, the Company’s effective income tax rate was 15.8 percent.
Nine Month 2019 Financial Results
($ in millions, except per share data)
Nine months ended
September 30,
Change
2019
2018
$
%
Sales
$
3,889.3
$
3,561.3
$
328.0
9.2
%
Gross profit
1,853.4
1,707.9
145.5
8.5
%
Gross Margin
47.7
%
48.0
%
SG&A Expenses
1,446.9
1,369.6
77.3
5.6
%
As a % of Sales
37.2
%
38.5
%
Earnings from Operations
424.4
354.1
70.3
19.9
%
Operating Margin
10.9
%
9.9
%
Net Earnings
287.0
253.7
33.3
13.1
%
Diluted Earnings per Share
$
1.86
$
1.62
$
0.24
14.8
%
For the nine-month period, sales grew 9.2 percent, or 11.9 percent on a constant currency basis. By segments, the Company’s international wholesale business increased 15.9 percent, its Company-owned direct-to-consumer business increased 11.8 percent and its domestic wholesale business decreased 4.0 percent. The Company’s international business grew 16.8 percent and its domestic business grew by 0.4 percent.
Gross margins decreased slightly as a result of promotional efforts to clear seasonal inventory in select international markets earlier in the year.
SG&A expenses improved for the nine-month period as a percentage of sales from 38.5 percent in 2018 to 37.2 percent in 2019. Selling expenses decreased $7.4 million from lower domestic advertising earlier in the year while general and administrative expenses increased $84.7 million mainly due to 37 additional Company-owned stores and investments to grow its operations internationally.
Earnings from operations increased $70.3 million, or 19.9 percent, to $424.4 million.
Net earnings were $287.0 million and diluted earnings per share were $1.86. On a constant currency basis, diluted earnings per share were $1.96, an increase of 21.0 percent.
Balance Sheet
At quarter-end, cash, cash equivalents and investments totaled $1.022 billion, a decrease of $44.4 million, or 4.2 percent from December 31, 2018, and an increase of $40.5 million, or 4.1 percent, compared to September 30, 2018. The decrease in cash as compared to December 31, 2018 is mainly attributable to investments the Company made to acquire the minority interest in its former India joint venture and to form a new joint venture in Mexico.
Total inventory, including inventory in transit, was $890.4 million, a $27.1 million increase from December 31, 2018, and a $135.3 million increase over September 30, 2018. The majority of the year-over-year inventory increase is to support growth in its international wholesale business and expansion of its direct-to-consumer business globally.
Working capital was $1.52 billion at September 30, 2019, a $101.4 million decrease over December 31, 2018, and a $95.5 million decrease from September 30, 2018, partially attributable to the inclusion of current operating lease liabilities totaling $172.9 million arising from the adoption of ASU 842 as of January 2019.
“Our extremely strong third quarter results reflect both the success of our product and the strength of our global execution capabilities,” said John Vandemore, chief financial officer of Skechers. “This quarter’s comprehensive increase in sales and improved profitability are a testament to the soundness of our strategy and a validation of the investments in global infrastructure we have made to drive that strategy. We will continue to invest in our business to grow our brand across the globe and to increase our direct-to-consumer reach.”
Outlook
For the fourth quarter of 2019, the Company believes it will achieve sales in the range of $1.225 billion to $1.250 billion, and diluted earnings per share of $0.35 to $0.40. The guidance is based on continued growth in each of the Company’s three segments in the fourth quarter, and a full-year effective tax rate of between 17 and 19 percent.
Store Count
Number of Store
Locations as of
June 30, 2019
Opened
Closed
Number of Store
Locations as of
September 30, 2019
Company-owned domestic stores
477
12
(1
)
488
Company-owned international stores
291
2
(2
)
291
Joint-venture stores
306
24
(12
)
318
Distributor, licensee and franchise stores
2,098
147
(35
)
2,210
Total Skechers stores
3,172
185
(50
)
3,307
Third Quarter 2019 Conference Call
The Company will host a conference call today at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its third quarter 2019 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning October 22, 2019, at 7:30 p.m. ET, through November 5, 2019, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13695137.
About SKECHERS USA, Inc.
Based in Manhattan Beach, California, Skechers designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,300 Skechers Company-owned and third-party-owned retail stores, and the Company’s 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, and throughout Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and Twitter.
Reference in this press release to “Sales” refers to Skechers’ net sales reported under generally accepted accounting principles in the United States. This announcement also contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 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, 2018, and its quarterly report on Form 10-Q for the three months ended June 30, 2019. 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)
(In thousands)
September 30,
December 31,
2019
2018
ASSETS
Current assets:
Cash and cash equivalents
$
824,004
$
872,237
Short-term investments
106,747
100,029
Trade accounts receivable, net
662,356
501,913
Other receivables
46,222
55,683
Total receivables
708,578
557,596
Inventories
890,409
863,260
Prepaid expenses and other current assets
97,638
79,018
Total current assets
2,627,376
2,472,140
Property, plant and equipment, net
702,545
585,457
Operating lease right-of-use assets
985,001
—
Deferred tax assets
52,424
39,431
Long-term investments
90,849
93,745
Other assets, net
108,003
37,482
Total non-current assets
1,938,822
756,115
TOTAL ASSETS
$
4,566,198
$
3,228,255
LIABILITIES AND EQUITY
Current liabilities:
Current installments of long-term borrowings
$
66,646
$
1,666
Short-term borrowings
16,270
7,222
Accounts payable
661,428
679,553
Operating lease liabilities
172,947
—
Accrued expenses
189,522
161,781
Total current liabilities
1,106,813
850,222
Long-term borrowings, excluding current installments
39,773
88,119
Long-term operating lease liabilities
976,658
—
Deferred tax liabilities
433
451
Other long-term liabilities
101,068
100,188
Total non-current liabilities
1,117,932
188,758
Total liabilities
2,224,745
1,038,980
Stockholders’ equity:
Skechers U.S.A., Inc. equity
2,174,502
2,034,958
Non-controlling interests
166,951
154,317
Total stockholders’ equity
2,341,453
2,189,275
TOTAL LIABILITIES AND EQUITY
$
4,566,198
$
3,228,255
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2019
2018
2019
2018
Net sales
$
1,353,998
$
1,176,395
$
3,889,319
$
3,561,270
Cost of sales
700,934
612,529
2,035,911
1,853,344
Gross profit
653,064
563,866
1,853,408
1,707,926
Royalty income
6,285
4,860
17,827
15,732
659,349
568,726
1,871,235
1,723,658
Operating expenses:
Selling
97,516
90,138
281,237
288,606
General and administrative
414,417
354,676
1,165,637
1,080,984
511,933
444,814
1,446,874
1,369,590
Earnings from operations
147,416
123,912
424,361
354,068
Other income / (expense):
Interest income
3,290
3,008
9,500
6,280
Interest expense
(2,012
)
(1,199
)
(5,194
)
(3,742
)
Other, net
(4,194
)
(2,849
)
(8,628
)
(6,918
)
Total other income / (expense)
(2,916
)
(1,040
)
(4,322
)
(4,380
)
Earnings before income tax expense
144,500
122,872
420,039
349,688
Income tax expense
22,766
16,821
75,288
45,521
Net earnings
121,734
106,051
344,751
304,167
Less: Net earnings attributable to non-controlling interests
18,644
15,323
57,723
50,504
Net earnings attributable to Skechers U.S.A., Inc.
$
103,090
$
90,728
$
287,028
$
253,663
Net earnings per share attributable to Skechers U.S.A., Inc.:
Basic
$
0.67
$
0.58
$
1.87
$
1.62
Diluted
$
0.67
$
0.58
$
1.86
$
1.62
Weighted average shares used in calculating net earnings per share attributable to Skechers U.S.A, Inc.:
Basic
153,298
155,766
153,396
156,238
Diluted
153,978
156,298
154,021
156,981
SKECHERS U.S.A., INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
NON-GAAP MEASURES
(Unaudited)
(In thousands, except per share data)
Three months ended September 30,
2019
2018
Change
Reported
GAAP
Measure
Constant
Currency
Adjustment (1)
Adjusted for
Non-GAAP
Measure
Reported
GAAP
Measure
$
%
Total domestic sales
$
558,173
$
–
$
558,173
$
523,281
$
34,892
6.7
%
Total international sales
795,825
24,895
820,720
653,114
167,606
25.7
%
Net sales
$
1,353,998
$
24,895
$
1,378,893
$
1,176,395
$
202,498
17.2
%
Nine months ended September 30,
2019
2018
Change
Reported
GAAP
Measure
Constant
Currency
Adjustment (1)
Adjusted for
Non-GAAP
Measure
Reported
GAAP
Measure
$
%
Total domestic sales
$
1,655,413
$
–
$
1,655,413
$
1,648,642
$
6,771
0.4
%
Total international sales
2,233,906
95,681
2,329,587
1,912,628
416,959
21.8
%
Net sales
$
3,889,319
$
95,681
$
3,985,000
$
3,561,270
$
423,730
11.9
%
Three months ended September 30,
2019
2018
Change
Reported
GAAP
Measure
Constant
Currency
Adjustment (1)
Adjusted for
Non-GAAP
Measure
Reported
GAAP
Measure
$
%
Basic Earnings per Share:
$
0.67
$
0.04
$
0.71
$
0.58
$
0.13
22.4
%
Diluted Earnings per Share:
$
0.67
$
0.04
$
0.71
$
0.58
$
0.13
22.4
%
Nine months ended September 30,
2019
2018
Change
Reported
GAAP
Measure
Constant
Currency
Adjustment (1)
Adjusted for
Non-GAAP
Measure
Reported
GAAP
Measure
$
%
Basic Earnings per Share:
$
1.87
$
0.10
$
1.97
$
1.62
$
0.35
21.6
%
Diluted Earnings per Share:
$
1.86
$
0.10
$
1.96
$
1.62
$
0.34
21.0
%
Certain Non-GAAP Measures
We use the non-GAAP financial measures discussed above to evaluate our results of operations, financial condition, liquidity and indebtedness. We believe that the presentation of these non-GAAP measures provides useful information to investors regarding financial and business trends related to our results of operations, cash flows and indebtedness 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, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s operating performance and liquidity. In addition, these non-GAAP measures address questions the company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data the company has determined that it is appropriate to make this data available to all investors. None of the non-GAAP measures presented should be considered as an alternative to net income or loss, operating income, cash flows from operating activities, total indebtedness or any other measures of operating performance and financial condition, liquidity or indebtedness derived in accordance with GAAP. These non-GAAP measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Our use of these terms may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.
Constant Currency Adjustment (1)
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.
Company Contact:
David Weinberg
Chief Operating Officer
John Vandemore
Chief Financial Officer
SKECHERS USA, Inc.
(310) 318-3100
Investor Relations:
Andrew Greenebaum
Addo Investor Relations
(310) 829-5400
Press:
Jennifer Clay
Vice President,
Corporate Communications
SKECHERS USA, Inc.
(310) 318-3100
Source: SKECHERS USA, Inc.