Skechers Wins Ladies Footwear Brand of the Year and Leader in Customer Service at the Footwear Industry Awards

by Zach | Feb 27, 2018 | Press Release

Feb 27, 2018 • 8:00 am EST

LONDON–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) has been named Ladies Brand of the Year and Leader in Customer Service at the 2018 Footwear Industry Awards last week. The Company also received recognition as highly commended Footwear Brand of the Year and Fashion Brand of the Year.

“It is a privilege to be honored with Ladies Brand of the Year for a second year running and Leader in Customer Service for the first time,” said Peter Youell, Managing Director of SKECHERS U.K. and Ireland. “These acknowledgments are the result of hard work and devotion of our SKECHERS team in the U.K. and in the USA, allowing us to sit amongst the top leaders in the footwear industry. Our gratitude extends to our supportive retail partners who together, continue to elevate our brand and highlight the growing appeal for trend right comfort in the footwear market year after year.”

“Thanks to our international business, we were able to produce yet another solid year, with annual sales setting a new record of $4.16 billion,” added Marvin Bernstein, managing partner of SKECHERS S.à.r.l. “The brand’s continuous growth has allowed SKECHERS to be one of the most in-demand footwear and apparel brands in the U.K. for nearly a quarter of a century.”

SKECHERS has been honored with numerous Footwear Industry Awards, including Brand of the Year in 2015, 2016, and 2017.

SKECHERS offers two distinct footwear categories: a lifestyle division which offers comfort-focused, trend-right product for men, women and kids, and the Skechers Performance Division for elite athletes and sports enthusiasts.

Celebrity product endorsees for Skechers’ collections include chart-topping singer Camila Cabello, actress Kelly Brook, and boxing great Sugar Ray Leonard. The Company’s Skechers Performance Division ambassadors include elite marathon champion Meb, as well as a team of pro golfers that include Scotland’s Colin Montgomerie.

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 160 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).

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, 2016 and its quarterly report on Form 10-Q for the nine months ended September 30, 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
[email protected]

SKECHERS Announces Record Full-Year 2017 Sales of $4.16 Billion

by Zach | Feb 8, 2018 | Press Release

Feb 8, 2018 • 4:05 pm EST

Record Annual Sales Achieved with New Fourth Quarter Record of $970.6 Million; Company’s Board of Directors Authorizes $150 Million Stock Repurchase Program

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the fourth quarter and year ended December 31, 2017.

Fourth Quarter Highlights

• Record sales of $970.6 million, an increase of 27.0 percent
• Earnings from operations of $55.7 million, an increase of 96.9 percent
• GAAP diluted loss per share of $0.43 due to a $0.64 one-time tax expense attributable to the Tax Cuts & Jobs Act, adjusted diluted earnings per share of $0.21
• International wholesale sales increased 40.2 percent; total international wholesale and retail sales combined represented 52.6 percent of total sales
• Domestic wholesale sales increased 11.6 percent
• Company-owned global retail sales increased 25.8 percent, with a comparable same store sales increase of 12.0 percent globally

“2017 was a monumental year for Skechers as we achieved sales of more than $4 billion for the first time in our 25-year history,” began Robert Greenberg, Skechers chief executive officer. “This growth is due to our continued focus on efficiencies and infrastructure as well as innovation, comfort, and relevancy within our product design. In the United States, we remained the No. 1 walking, work, casual lifestyle, and casual dress footwear brand, and the No. 2 casual athletic footwear brand*. Our team of legendary athletes and international celebrities, including the chart-topping singer Camila Cabello, drove worldwide appeal in marketing campaigns that represent our diverse product offering—from our heritage retro styling to the innovation and comfort that have become hallmarks of Skechers footwear. Furthermore, we grew our Skechers store base to 2,570 locations at year-end and saw impressive growth across the globe—including record sales on Single’s Day in China. As we look ahead, with fresh styles shipping for Spring, we believe we will remain a leader in the lifestyle footwear channel in the United States, selectively expand our retail footprint, and continue our global growth as we see our international business becoming an increasingly larger piece of our total business.”

“With three months of strong sales, a robust holiday selling season that included increased demand for our innovative lighted children’s footwear and comfortable adult styles, and double-digit growth in each of our three distribution channels, we achieved a new fourth quarter sales record of $970.6 million,” stated David Weinberg, chief operating officer of Skechers. “The four record sales quarters in 2017 resulted in a new annual sales record of $4.16 billion, an increase of over $600 million from the previous year’s sales. This growth is a testament to the worldwide strength and relevance of our product, marketing and brand.”

Sales grew 27.0 percent as a result of a 40.2 percent increase in the Company’s international wholesale business, an 11.6 percent increase in the Company’s domestic wholesale business, and a 25.8 percent increase in its Company-owned global retail business. Comparable same store sales in Company-owned stores increased 12.0 percent, including a domestic increase of 10.5 percent and an international increase of 16.5 percent.

Gross margins increased due to strength in the Company’s international retail business and increased sales in the Company’s international subsidiary business.

SG&A expenses increased 21.6 percent. This increase was driven by $67.4 million in general and administrative expenses, including $37.8 million to support international growth in the Company’s joint venture and subsidiary businesses, and $20.1 million associated with operating 75 additional Company-owned Skechers stores, of which 22 were opened in the fourth quarter. Selling expenses increased by $4.4 million primarily due to higher international advertising expenses as well as $1.5 million in increased sales commissions in its South Korea joint-venture business.

Earnings from operations increased 96.9 percent primarily due to sales growth.

Net loss was $66.7 million and diluted loss per share was $0.43 per share. However, after adjusting for the impact of Tax Cuts & Jobs Act (“TCJA”), adjusted net earnings were $33.3 million and adjusted diluted earnings per share were $0.21.

Income Taxes

The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a provisional additional income tax expense of $99.9 million in the fourth quarter, or an impact of $0.64 per diluted share. The additional expense encompasses several elements, including a one-time tax on accumulated overseas profits and the revaluation of deferred tax assets and liabilities. As a result, the Company’s reported tax rate was 194.4 percent for the fourth quarter, and 38.8 percent for the full year. Excluding the additional expense, the Company’s tax rate would have been 12.2 percent for the fourth quarter and 12.8 percent for the full year. The Company will continue to analyze the impact of the TCJA to determine its full effects. However, based on current expectations, the Company’s 2018 annual tax rate is estimated to be in the range of 12 percent to 17 percent.

Full-year sales growth was the result of a 24.3 percent increase in the Company’s international wholesale business, a 21.9 percent increase in the Company’s global retail business, and a 4.1 percent increase in the Company’s domestic wholesale business. Comparable same store sales in Company-owned stores increased 7.2 percent, including a domestic increase of 6.4 percent and an international increase of 10.1 percent.

Gross margins improved due to the sale of more in-line product in 2017 and a stronger Company-owned retail and international business.

SG&A expenses increased 23.1 percent including an increase in selling expenses of $70.1 million primarily to support growth in its international markets. It also included an increase of 22.0 percent in general and administrative expenses principally due to $73.7 million in new store operating costs associated with 75 additional Company-owned stores opened in the year and $109.5 million to support growth in the Company’s international joint venture and subsidiary businesses.

Earnings from operations increased 3.3 percent primarily from increased sales growth.

Net earnings were $179.2 million and diluted earnings per share were $1.14 per share. However, after adjusting for the impact of TCJA, adjusted net earnings were $279.1 million and adjusted diluted earnings per share were $1.78.

Balance Sheet

At year-end 2017, cash and cash equivalents were $736.4 million, an increase of $17.9 million, or 2.5 percent over last year.

Total inventory, including inventory in transit, was $873.0 million, a $172.5 million increase, or 24.6 percent, over December 31, 2016, and in line with the Company’s incoming order rate, as well as the Company’s growing retail and wholesale businesses.

Working capital was $1.5 billion versus $1.2 billion at December 31, 2016, primarily reflecting increased investment in inventory for 2018.

“Our relevant and affordable products are resonating with consumers across the globe. This, combined with the investments and efficiencies we have made in our global infrastructure, directly contributed to our record sales performance in 2017. It also uniquely positions us for success in 2018 and beyond,” said John Vandemore, chief financial officer of Skechers. “In addition, our strong balance sheet and significant free cash flow allows us to fully execute our capital allocation strategy by continuing to make high-growth investments and to return cash directly to stockholders in the form of a stock repurchase.”

Share Repurchase

In February 2018, the Board of Directors authorized a stock repurchase program, under which the Company plans to repurchase up to $150 million of its Class A common stock through February 8, 2021 in the open market at prevailing prices.

Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the United States Securities and Exchange Commission and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

Outlook

For the first quarter of 2018, the Company believes it will achieve sales in the range of $1.175 billion to $1.200 billion, and diluted earnings per share of $0.70 to $0.75.

Fourth Quarter and Full Year 2017 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 fourth quarter and full year 2017 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 February 8, 2018, at 7:30 p.m. ET, through February 22, 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.

Non-GAAP Financial Measures

References in this press release to “Sales” refers to the Company’s net sales reported under generally accepted accounting principles in the United States (“GAAP”). To supplement its financial results presented in accordance with GAAP, the Company presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC. “Income Tax Expense,” “Net Earnings (Loss),” “Basic and Diluted Earnings (Loss) Per Share” and the “Effective Tax Rate” are all measures for which the Company provides the reported GAAP measures and adjusted non-GAAP measures. References to “Adjusted Basic and Diluted Earnings Per Share” refers to GAAP reported Basic and Diluted Earnings Per Share adjusted for certain discrete or one-time items, including the impact of the recently enacted Tax Cuts & Jobs Act. Reconciliations of the non-GAAP financial measures with the comparable GAAP financial measures are described in the table and related disclosure below.

*SportsOneSource, January 9, 2018

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 160 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).

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, 2016 and its quarterly report on Form 10-Q for the nine months ended September 30, 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.

⁽¹⁾ During the fourth quarter of 2017, the Company recorded a net tax expense of $99.9 million related to the enactment of the Tax Cuts and Jobs Act. The expense is primarily related to the TCJA’s transition tax on previously unremitted earnings of non-U.S. subsidiaries and is net of remeasurement of Skechers’ deferred tax assets and liabilities considering the TCJA’s newly enacted tax rates. This provisional amount is subject to adjustment during the measurement period of up to one year following the December 2017 enactment of the TCJA, as provided by recent SEC guidance. In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides non-GAAP measures that adjust for the net impact of enactment of the TCJA. This item represents a significant charge that impacted the Company’s financial results. Net earnings (loss), income tax expense, basic and diluted earnings (loss) per share, and the effective tax rate are all measures for which the Company provides the reported GAAP measure and an adjusted measure. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures. The Company considers these non-GAAP measures in evaluating and managing the Company’s operations. The Company believes that discussion of results adjusted for this item is meaningful to investors as it provides a useful analysis of ongoing underlying operating trends. The determination of this item may not be comparable to similarly titled measures used by other companies.

Company Contact:
SKECHERS USA, Inc.
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 Puts Howie Long Back in the Super Bowl

by Zach | Feb 2, 2018 | Press Release

Feb 2, 2018 • 8:18 pm EST

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– With more than 115 million people planning to watch Super Bowl LII on Sunday, footwear industry leader Skechers (NYSE:SKX) has just made the year’s biggest game even more exciting – with the legendary NFL Hall of Fame defensive end Howie Long joining its team late in the first quarter. Shot on an airplane, Long’s Skechers Sport Wide Fit commercial spotlights the relaxed comfort of the brand.

Skechers Puts Howie Long in the Super Bowl (Photo: Business Wire)

“Howie has been staying comfortable wearing Skechers Wide Fit shoes on set and on the sidelines covering the NFL on FOX for the last two seasons,” said Michael Greenberg, president of Skechers. “He has a ring to show for his success winning in the Super Bowl, and we’re thrilled to help him stay comfortable on the Skechers team a few decades later.”

Long is part of a roster of Skechers athletes that currently includes baseball slugger David Ortiz, boxer Sugar Ray Leonard and football legend Tony Romo. Skechers has utilized sports icons when advertising its men’s collection for more than 15 years with an alumni list featuring legends like Pete Rose, Mariano Rivera, Ozzie Smith, Tommy Lasorda, Joe Namath, Joe Montana, Ronnie Lott, Karl Malone, Kareem Abdul-Jabbar, Rick Fox, and Wayne Gretzky.

In recent years, the range of Skechers men’s footwear has expanded to include a wide array of trend-right casual and sport styles, and innovations such as Skechers Air-Cooled Memory Foam for long-lasting comfort. Styles from the Skechers men’s collection are available in Skechers retail stores as well as department stores and footwear retailers around the globe.

About Skechers USA, Inc.

Based in Manhattan Beach, California, Skechers USA, Inc. (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 160 countries and territories worldwide via department and specialty stores, more than 2,438 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, 2016 and its quarterly report on Form 10-Q for the three months ended September 30, 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]

SKECHERS USA, Inc. to Report Fourth Quarter and Full Year 2017 Financial Results on Thursday, February 8th

by Zach | Feb 1, 2018 | Press Release

Feb 1, 2018 • 2:30 pm EST

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 fourth quarter and full year 2017 financial results after market close on Thursday, February 8, 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 February 8, 2018, at 7:30 p.m. ET, through February 22, 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: 13675455

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 160 countries and territories worldwide via department and specialty stores, more than 2,438 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]

Skechers Performance™ Unveils Limited Edition Footwear and Apparel Collection for the 2018 Chevron Houston Marathon and Aramco Houston Half Marathon

by Zach | Jan 9, 2018 | Press Release

Jan 9, 2018 • 9:00 am EST

Skechers Performance^TM Elite Athletes Meb Keflezighi and Kara Goucher to Make Appearances

LOS ANGELES–(BUSINESS WIRE)– Skechers Performance™, a division of SKECHERS USA, Inc. (NYSE:SKX), returns to Houston, Texas on January 14, 2018 for its fifth year as the official footwear and apparel sponsor of the Chevron Houston Marathon and Aramco Houston Half Marathon. The performance brand will also unveil the 2018 limited edition collection of official race footwear, apparel and accessories, which will be for sale during the Memorial Hermann IRONMAN Sports Medicine Institute EXPO on January 12 and 13.

The 2018 Limited Edition, Skechers GO Run Forza 3, designed for the 2018 Chevron Houston Marathon. (Photo: Business Wire)

“The Houston Marathon has become one of the marquee events for Skechers Performance and we are more excited than ever to return in 2018,” said Michael Greenberg, president of Skechers. “The strength that the city of Houston and the state of Texas has shown over the last several months is truly inspiring. We’ve been in Houston since shortly after the storm helping kids in need as well as animals through our BOBS charity program, so to celebrate the strength and resiliency of the city as well as all those that will run on race day is something we are very proud to be a part of.”

Skechers Performance^TM will be selling the 2018 limited edition collection of official race merchandise for both the Chevron Houston Marathon and the Aramco Houston Half Marathon at its EXPO booth at the George R. Brown Convention Center, as well as five Houston-area Skechers retail stores and online at Skechers.com. The collections for both races feature limited edition designs of the new Skechers GO Run Forza 3^TM and Skechers GO Run 6^TM for both men and women. The footwear collections for both races have been customized to feature “Houston 18” branding on the midsole as well as an outline of the state of Texas on the heel, with a star placed to represent the city of Houston.

Those visiting the Skechers Performance^TM booth during the EXPO, will also have the opportunity to meet Skechers Performance^TM Elite Athletes and Olympians, Meb Keflezighi and Kara Goucher, who will be making appearances during the weekend. Meb Keflezighi, will be appearing at the Skechers Performance^TM booth (#722) on Friday, January 12^th from 12-2pm. Kara Goucher, who will also be part of the on-air race broadcast team for the marathon on Sunday, will be appearing at the Skechers Performance booth on Saturday, January 13^th from 2-4pm.

Additional activities throughout race weekend include the “#GORUN wall” at the Skechers Performance^TM booth, where visitors are invited to write in their own name or the name of a runner they will be cheering for on race day. Runners and fans are also invited to attend the “We are Houston Runfest”, located near the finish line at the Jones Lawn at Discovery Green, where Skechers Performance^TM will also be hosting games, prizes, giveaways, and a photo booth.

Skechers Performance™ will once again offer a register round up for any purchase made in their official merchandise booth during the marathon EXPO. Customers will have the option to round their purchase up to the nearest whole dollar, with the difference being donated to the Houston Marathon Foundation—an organization that promotes the advancement of running and provides after school running programs, coaching and guidance to over 2,000 youths in the Houston area. Funds raised during the 2018 register round up will help with rehabilitating community parks, trails and green spaces that were washed away by Hurricane Harvey and provide support to partner programs of the Houston Marathon Foundation that were impacted by the storm. Additionally, through this partnership, Skechers Performance™ has donated 100 pairs of running shoes and technical running t-shirts to high school students in need throughout the Houston area.

Since it’s debut with the first model of Skechers GOrun® worn by Meb Keflezighi in 2012, Skechers Performance™ footwear and apparel has earned respect throughout the running world and won numerous awards within the footwear industry. For updates on the collection, visit GOSkechers.com and follow @SkechersPerformance on Facebook, Instagram and Twitter. The Skechers GOrun® collection is available at Skechers retail stores and skechers.com as well as select retail partners including run specialty stores.

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 160 countries and territories worldwide via department and specialty stores, more than 2,438 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, the Company’s 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 uncertainty of sustained recovery in Europe; 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, 2016 and its quarterly report on Form 10-Q for the three months ended September 30, 2017. The risks included here are not exhaustive. The Company 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.
Kelly O’Rourke, 310-424-8366
[email protected]

Skechers Senior Executive Team Expands to Drive Global Growth with Appointment of Former Financial Executive at Mattel and The Walt Disney Company

by | Nov 15, 2017 | Press Release

Nov 15, 2017 • 9:15 am EST

Appointment of John Vandemore as Chief Financial Officer Allows David Weinberg to Continue Focusing on Global Growth as Chief Operating Officer

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) announced today that the Company has hired John Vandemore to serve as Chief Financial Officer. This expansion of the Skechers executive team will allow David Weinberg—who had been filling both CFO and COO roles—to focus more attention on the Company’s operations in support of its continued growth around the globe. Mr. Vandemore will report directly to Mr. Weinberg and assume his new position within the next few weeks.

“With the pace of international growth we’ve been experiencing at Skechers, the addition of John (Vandemore) means I can truly focus more attention on the rapidly growing segments of our international countries, as well as those that we see having strong potential,” began Mr. Weinberg, Chief Operating Officer of Skechers. “Our success brings with it the challenge of increased pressure on reporting and John’s experience, most notably at The Walt Disney Company and Mattel, is proof that he’ll be an essential asset to me and the senior team moving forward. Further, I believe John will be key in ensuring that our financial strategy supports growth efficiency in tune with meeting our ongoing filing obligations.”

“I started Skechers 25 years ago, and for that entire journey David Weinberg has been key in making this company the incredible success that it is today,” began Robert Greenberg, Chief Executive Officer of Skechers. “As international now represents more than 50 percent of our total business, we must continue to ramp up operations and infrastructure to meet the demand. David understands how to do it the right way at the right speed to maintain our forward momentum. With John (Vandemore) handling CFO responsibilities, David will now have the bandwidth to travel and find opportunities to maximize our efficiencies around the globe. We’re fortunate to have both of these talented executives on our team, and believe this bolstering of our executive team will allow us to continue to profitably grow.”

In his ongoing role as Chief Operating Officer, Mr. Weinberg will continue to be responsible for the day-to-day operations of the Company—including planning and directing all aspects of the Company’s operational policies, objectives and initiatives, and the attainment of short- and long-term financial and operational goals to ensure future growth. He will devote particular attention to increasing efficiencies in the international business as it continues to be the main driver of overall growth. Mr. Weinberg has been with Skechers since it was founded in 1992, and was named Chief Financial Officer in 1993 and Chief Operating Officer in 2006. Since 1998, he has also served as Executive Vice President and a member of the Company’s Board of Directors.

As the CFO of Skechers, Mr. Vandemore will be responsible for overseeing the Company’s reporting and filing obligations before the United States Securities and Exchange Commission, and for directing the Company’s overall financial policies, including accounting, budget, credit, insurance, tax, and treasury. With more than two decades of business finance experience, Mr. Vandemore has served as Executive Vice President and Division Chief Financial Officer of Mattel Inc. (NASDAQ: MAT). Prior to that he was the Chief Financial Officer and Treasurer of International Game Technology Plc (NYCE: IGT)—a computerized gaming machine manufacturer. And he spent 12 years in operations and finance roles at The Walt Disney Company (NYSE: DIS) including five years as Vice President and Chief Financial Officer of Walt Disney Imagineering.

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 160 countries and territories worldwide via department and specialty stores, 2,438 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 uncertainty of sustained recovery in Europe; 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, 2016 and its quarterly report on Form 10-Q for the three months ended September 30, 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
Jennifer Clay, 310-937-1326
[email protected]