Skechers GO GOLF® Elite Athlete Russell Knox Wins Dubai Duty Free Irish Open

by Zach | Jul 10, 2018 | Press Release

Jul 10, 2018 • 5:00 am EDT

Victory Secured with Back-to-Back 40-foot Putts

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) celebrates Scottish golf pro Russell Knox’s stunning finish at the Dubai Duty Free Irish Open on July 8, 2018, at Ballyliffin Golf Club in Ireland. Competing in Skechers GO GOLF, Knox holed incredible 40-foot putts on both the final hole of regulation and again in the sudden death playoff to secure the win—his second career victory on the European Tour. This success launches him to 8th in the European Ryder Cup standings leading up to this week’s Scottish Open.

Skechers GO GOLF® elite athlete, Russell Knox, wins the Dubai Duty Free Irish Open. (Photo: Business Wire)

“To say this win feels amazing is an understatement—as players we dream about this kind of finish our entire career,” says Knox, who joined the Skechers elite golf team in 2016. “Many factors helped with my win, but there must be a reason they call the shoes I wear Skechers GO GOLF Focus 2™. I was able to stay grounded and concentrated on my game as the adrenaline was pumping on those last holes.”

“We’re proud to be part of Russell’s remarkable win in Ireland that was made all the more exciting with the dramatic ending which will have people talking for a very long time,” says Michael Greenberg, president of Skechers. “Russell has been an amazing asset for driving awareness and excitement for the Skechers GO GOLF collection throughout Europe and for golf fans around the globe. We love that he’s illustrating how easy it is to keep focused on the game while wearing our footwear.”

A pro since 2007, Russell Knox earned his first full PGA Tour card after winning the Chiquita Classic on the Nationwide Tour in 2011. Always determined to succeed and never give up, the Scotsman flirted with a breakthrough year for a few seasons before finding his footing with a strong start to the 2014 season and playoff finish at the Honda Classic. Coming off his November 2015 victory and first PGA Tour win at the WGC HSBC Champions in Shanghai, a rapid ascent up the Official World Golf Rankings led to Knox becoming a major contender on the 2016 Tour when he broke top 5 in the FedEx Cup standings for the first time.

The roster of elite golfers wearing Skechers GO GOLF also includes Matt Kuchar, Colin Montgomerie, Brooke Henderson, Wesley Bryan, Belén Mozo and Billy Andrade.

Known for its lightweight, high quality, stable and comfortable designs, Skechers GO GOLF has achieved prominence within the golf category, alongside the brand’s award-winning running, walking and training collections. The Skechers GO GOLF apparel line offers athletes comfort and freedom of movement through a wide assortment of styles constructed with innovative moisture-wicking fabrics in a variety of colors for both men and women.

Skechers 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.

SKECHERS USA, Inc., based in Manhattan Beach, California, 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, 2,651 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 and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).

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, 2017 and its quarterly report on Form 10-Q for the three months ended March 31, 2018. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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
Jennifer Clay, (310) 937-1326
[email protected]

SKECHERS to Present at 19th Annual B. Riley FBR Annual Investor Conference

by Zach | May 9, 2018 | Press Release

May 9, 2018 • 9:00 am EDT

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced that David Weinberg, Chief Operating Officer, and John Vandemore, Chief Financial Officer, will present at the 19^th Annual B. Riley FBR Investor Conference on Wednesday, May 23, 2018 at 1:30 PM PT at the Loews Santa Monica Beach Hotel in Santa Monica, California.

The audio portion of the presentation will be available live and on replay for 90 days at the Investor Relations section of the Company’s Website at www.skx.com.

About SKECHERS USA, Inc.

SKECHERS USA, Inc., based in Manhattan Beach, California, 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, 2,651 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 and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).

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 the Company’s annual report on Form 10-K for the year ended December 31, 2017, and its quarterly report on Form 10-Q for the three months ended March 31, 2018. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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 USA, Inc.
Company Contact:
David Weinberg, Chief Operating Officer
John Vandemore, Chief Financial Officer
(310) 318-3100
or
Press:
Jennifer Clay, Vice President, Corporate Communications
(310) 318-3100
or
Investor Relations:
Addo Investor Relations
Andrew Greenebaum, (310) 829-5400

Skechers Performance Receives Honors for Best Golf Shoe in 2018

by Zach | Apr 26, 2018 | Press Release

Apr 26, 2018 • 9:00 am EDT

Skechers GO GOLF Styles Earn Top Accolades as the Brand Finds Continued Success on Tour

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Skechers Performance™, a division of SKECHERS USA Inc. (NYSX: SKX), received top honors for the Skechers GO GOLF Elite V.3™ style as it was named by Golf Digest as a “Best Men’s Golf Shoe of 2018”, as well as “Best Spikeless Shoe of 2018” by leading independent industry authority MyGolfSpy. Additionally, the Skechers GO GOLF Pro V.3™ was named “Most Comfortable” on MyGolfSpy’s “Best Spiked Shoe of 2018” list.

From left: Skechers GO GOLF Elite V.3™, Skechers GO GOLF Pro V.3™ (Photo: Business Wire)

“We are incredibly honored to be recognized as top performers in the golf industry,” commented Michael Greenberg, president of Skechers. “Our Skechers GO GOLF® collection outperformed amongst competitors because we use our unique innovations to deliver on both stability and comfort. And we’ve now made the Best Spikeless list with MyGolfSpy for two consecutive years further reflecting the credibility of the GO GOLF line both on and off the course.”

Skechers GO GOLF Elite V.3 was designed with a focus on comfort to help golfers feel great through 18 holes of play. The waterproof shoe features a spikeless traction outsole for a durable grip, a TPU bottom plate for stability on the green, plus lightweight and responsive 5Gen® cushioning. The Skechers GO GOLF Pro V.3 adds replaceable Softspikes® for maximum grip.

MyGolfSpy compiles top products from each golf shoe category, which are put through rigorous side-by-side testing and scored across a range of weighted categories. Their findings are based on factors including stability provided by the shoe throughout the round as well as comfort of the shoe that a golfer gets straight from the box and during the swing. Golf Digest’s studies are pulled by Golf Datatech—a research firm providing the golf industry with specialized market research.

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. The Skechers Performance GO GOLF apparel line offers athletes comfort and freedom of movement through a wide assortment of styles constructed with innovative moisture-wicking fabrics in a variety of colors for both men and women.

Skechers Performance continues to find success on tour with Brooke Henderson recently winning the Lotte Championship on April 14—her sixth career LPGA win. The brand’s roster of elite golfers wearing Skechers GO GOLF also includes Matt Kuchar, Russell Knox, Wesley Bryan, Colin Montgomerie, Belén Mozo and Billy Andrade.

For updates on the collection, follow @SkechersPerformance on Facebook and Instagram and @skechersGO on Twitter. 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.

Skechers USA, Inc., based in Manhattan Beach, California, 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, 2,615 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 and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/Skechers) and Twitter (twitter.com/SkechersUSA).

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, 2017. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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 USA
Jennifer Clay, (310) 937-1326
[email protected]

Limited Edition Skechers D’Lites & Toei Animation One Piece Collection to Launch in Europe

by Zach | Apr 23, 2018 | Press Release

Apr 23, 2018 • 3:00 am EDT

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– After initially launching in Asia and with an upcoming debut in the United States and Canada, SKECHERS USA, Inc. (NYSE:SKX) is extending its popular anime collaboration to Europe as well with the launch of Skechers X One Piece. The colorful collection unites Toei Animation’s popular anime series with Skechers D’Lites, one of the footwear company’s original styles.

Skechers launches limited edition One Piece collection in Europe (Photo: Business Wire)

“Pairing the iconic long-running anime series One Piece with one of our top heritage styles resonated with our consumers in South Korea and China who have been driving trends for the past few years,” began Michael Greenberg, president of Skechers. “And now fashion moves at light speed, so as influencers around the world had already been embracing Skechers D’Lites and the chunky sneaker trend, we started to see style purveyors—from Hypebae, Hypebeast, GQ, and High Snobiety—covering Skechers X One Piece collaboration as a must have fashion style. We’ve moved fast to share the collaboration with the United States, Canada, and now Europe—one of the largest international markets for Skechers.”

“We’re thrilled to partner with an amazing global footwear brand in Skechers to launch this exciting fashion initiative across Europe,” said Ryuji Kochi, President of Toei Animation Europe. “Skechers D’Lites embody an energetic trend that’s been taking the world by storm and much like the Straw Hat Pirates in One Piece, our fans are always enthusiastically seeking out the next new adventure in life, so this partnership is a perfect fit. We are confident that the combined merchandising efforts of both Toei Animation and Skechers will bring long-lasting success for this collaboration.”

“The red hot chunky sneaker look has been taking over fashion runways in Europe, creating intense buzz,” added Marvin Bernstein, managing partner of SKECHERS S.à.r.l. “So it’s a unique opportunity for us to bring the collaboration of the D’Lites, the originator of the chunky look, and the legendary One Piece series to Europe where we expect it will resonate with stylish consumers across the continent. We’re thrilled that this is all happening with Toei Animation, the pioneers of Japanese animation.”

Originally exclusive to the South Korean and China markets, the collection will be imported to Europe in multiple different colorways—each embracing a unique One Piece character: Luffy, Chopper, Sanji, Zoro, Law, and Doflamingo. The footwear will be available beginning July 2018 at Skechers retail stores and select specialty stores in France, Germany, Hungary, Italy, Spain/Portugal, United Kingdom, and Central Eastern Europe [Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Kosovo, Macedonia, Moldova, Montenegro, Romania, Serbia, Slovakia, and Slovenia].

Eiichiro Oda’s One Piece is the best-selling manga in history with more than 430 million copies worldwide. In 1997, it spawned an acclaimed anime series that has produced 830+ episodes plus 15 movies. Following the adventures of Monkey D. Luffy and his fearless Straw Hat Pirates, fans are taken on a fantastical journey across a world teeming with wonders and imagination. A multi-generational property, it continues to captivate viewers both young and old. The story and its characters have also expanded across other media into film, television, and video/mobile games, as well as a theme park in Japan.

Skechers pioneered the chunky sneaker look two decades ago with the Skechers Energy for men and women as well as the Skechers Stamina for men. The style evolved and the Company introduced Skechers D’Lites—a lighter version of its original style—in 2007. Though the collection has always had a dedicated consumer base, sales accelerated across Asia over the last two years after regional marketing included K-Pop groups. In 2017, the Company relaunched an even lighter update of Skechers D’Lites in celebration of its ten-year anniversary.

About SKECHERS USA, Inc.

SKECHERS USA, Inc., based in Manhattan Beach, California, 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, 2,651 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 and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe, and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).

About Toei Animation Europe

Founded in 1956 in Tokyo, Toei Animation ranks amongst the world’s most prolific animation production studios. The company’s operations include animation development and production, and worldwide marketing and program licensing with sales offices in Los Angeles, Hong Kong, and Paris. Toei Animation Europe is managing the distribution and exploitation of Toei Animation’s animated series in Europe, Africa, and the Middle East. Among its most famous titles: Dragon Ball, One Piece, Saint Seiya, Sailor Moon, Digimon, Mazinger Z, Space Pirate Captain Harlock, and Captain Future. www.toei-animation.com

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, 2017. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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:
SKECHERS CORPORATE
Jennifer Clay, (310) 937-1326
[email protected]
or
SKECHERS UK/IRELAND
Will Cheung, +441707655955
[email protected]
or
SKECHERS CENTRAL EASTERN EUROPE
Gordana Dulic, +36 30 749 1258
[email protected]

SKECHERS Achieves New Quarterly Sales Record in First Quarter 2018

by Zach | Apr 19, 2018 | Press Release

Apr 19, 2018 • 4:05 pm EDT

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the first quarter ended March 31, 2018.

First Quarter Highlights

• Record sales of $1.250 billion, an increase of 16.5 percent
• Earnings from operations of $148.8 million, a 19.6 percent increase
• Net earnings of $117.7 million, a 25.2 percent increase, and diluted earnings per share of $0.75
• International wholesale sales increased 17.9 percent; total international wholesale and retail sales combined represented 54.0 percent of total sales
• Domestic wholesale sales increased 8.5 percent
• Company-owned global retail sales increased 26.4 percent, with a comparable same store sales increase of 9.5 percent worldwide

“What a way to start 2018,” began Robert Greenberg, Skechers chief executive officer. “We truly felt 2017 was a banner year, but yet again we surpassed our expectations and hit a new quarterly sales record. With our men’s, women’s and kids’ product growing year-over-year and resonating with consumers globally, we believe our moment is now. We are experiencing the continued success of our men’s Skechers Sport, women’s sandals and men’s and women’s On the Go collections. In addition, with the global focus on the trend-right Skechers D’lites, we’re seeing this product turn into a must-have item by accounts and the press, resulting in new opportunities. From a marketing perspective, we have a new commercial with chart-topping singer Camila Cabello in our D’lites, legendary football great Tony Romo in our men’s Relaxed Fit slip on shoes, and more than a dozen other commercials, including many featuring our kids’ footwear. Our targeted marketing on air, in print, and digitally continues to raise awareness of our vast product offering and drive sales around the world. We’re looking forward to the remainder of our Spring deliveries, and sharing our results as we move through the rest of 2018.”

“We achieved yet another record sales quarter and continued to see significant growth across all our business segments including comp store sales increases of 9.5 percent worldwide,” stated David Weinberg, chief operating officer of Skechers. “During the first quarter, our North American Distribution Center experienced a record month for shipment volume, a testament to the strength in our wholesale and retail businesses in the United States and Canada. Further, our European Distribution Center experienced a record quarter for shipment volume, an indication of the strength of our operations in that region. Our international subsidiary and joint venture businesses are driving our growth with a combined quarterly increase of 25.7 percent, and there are now 2,197 Company-owned or third-party Skechers stores outside the United States. Now at 54.0 percent of our total business, we continue to see international as our greatest growth opportunity.”

Sales grew 16.5 percent as a result of a 17.9 percent increase in the Company’s international wholesale business, an 8.5 percent increase in the Company’s domestic wholesale business, and a 26.4 percent increase in its Company-owned global retail business. Comparable same store sales in Company-owned stores worldwide increased 9.5 percent, including 7.0 percent in the United States and 17.6 percent internationally, as compared to the first quarter of 2017.

Gross margins increased due to strength in the Company’s international subsidiary and Company-owned international retail businesses.

SG&A expenses increased 23.4 percent. This increase was due to an additional $72.9 million in general and administrative expenses, including $37.4 million to support international growth in the Company’s joint venture and subsidiary businesses, and $18.3 million associated with operating 73 additional Company-owned Skechers stores, of which 15 opened in the first quarter. Selling expenses increased by $10.6 million primarily due to higher international advertising expenses.

Earnings from operations increased $24.4 million, or 19.6 percent.

Net earnings were $117.7 million and diluted earnings per share were $0.75. In the first quarter, the Company’s income tax rate was 9.6 percent, reflecting certain discrete tax benefits primarily associated with a refinement in understanding of the various provisions of the Tax Cuts & Jobs Act (“TCJA”). The benefit of these discrete tax items to the Company’s diluted earnings per share was approximately $0.07 cents per share.

Balance Sheet

At quarter-end, cash and cash equivalents were $700.1 million, a decrease of $36.4 million, or 4.9 percent, from December 31, 2017, and an increase of $92.3 million, or 15.2 percent, over March 31, 2017.

Total inventory, including inventory in transit, was $800.3 million, a $72.7 million decrease over December 31, 2017, and a $214.5 million increase over March 31, 2017.

Working capital was $1.6 billion at March 31, 2018, a $100 million increase over December 31, 2017, and a $300 million increase over March 31, 2017.

“Our global growth strategy continues to yield positive results,” said John Vandemore, chief financial officer of Skechers. “We continue to invest in our global capabilities and remain poised to capitalize on consumer trends. We also continue to execute our capital allocation philosophy as evidenced by our on-going investment in our direct-to-consumer offerings and our share repurchases in the quarter.”

Share Repurchase

During the three months ended March 31, 2018, the Company repurchased approximately 76,000 shares of its Class A common stock at a cost of $3.0 million under its existing share repurchase program. At March 31, 2018, approximately $147.0 million remained available under the Company’s share repurchase program.

Outlook

For the second quarter of 2018, the Company believes it will achieve sales in the range of $1.120 billion to $1.145 billion, and diluted earnings per share of $0.38 to $0.43. The estimated quarterly sales includes an expected shift in shipments from the second quarter to the back half of the year for several key international distributors and domestic accounts. Based on current expectations, the Company continues to anticipate that its 2018 annual tax rate will be in the range of 12 percent to 17 percent.

First Quarter 2018 Conference Call

The Company will host a conference call today at 1:30 p.m. PT / 4:30 p.m. Eastern Time to discuss its first quarter 2018 financial results. The call can be accessed on the Investor Relations section of the Company’s website at www.skx.com. For those unable to participate during the live broadcast, a replay will be available beginning April 19, 2018, at 7:30 p.m. ET, through May 3, 2018, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13655455.

About SKECHERS USA, Inc.

SKECHERS USA, Inc., based in Manhattan Beach, California, 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, 2,651 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 and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).

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 the Company’s annual report on Form 10-K for the year ended December 31, 2017. 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 the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses 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.

Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer
John Vandemore
Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Addo Investor Relations
Andrew Greenebaum
(310) 829-5400
or
Press:
Jennifer Clay
Vice President of
Corporate Communications
(310) 318-3100

SKECHERS USA, Inc. to Report First Quarter 2018 Financial Results on Thursday, April 19th

by Zach | Apr 12, 2018 | Press Release

Apr 12, 2018 • 4:05 pm EDT

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle and performance footwear, today announced that it will release its first quarter 2018 financial results after market close on Thursday, April 19, 2018. A conference call will be held the same day at 1:30 p.m. PT / 4:30 p.m. ET. 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 www.skx.com. For those unable to participate during the live broadcast, a replay will be available beginning April 19, 2018, at 7:30 p.m. ET, through May 3, 2018, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13678112

About SKECHERS USA, Inc.

SKECHERS USA, Inc., based in Manhattan Beach, California, 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, 2,570 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 and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).

Investor Relations:
Addo Investor Relations
Andrew Greenebaum
310-829-5400
[email protected]