by | Oct 19, 2017 | Press Release
Oct 19, 2017 • 4:05 pm EDT
Record Quarterly Net Sales of $1.095 Billion and $3.194 Billion for the Nine Months
Diluted Earnings per Share of $0.59 for the Third Quarter and $1.57 for the Nine Months
Gross Margins of 47.5 Percent for the Third Quarter and 46.5 Percent for the Nine Months
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the third quarter and nine months ended September 30, 2017.
“Third quarter net sales of $1.095 billion set a new quarterly record for the Company, surpassing our previous record in the first quarter earlier this year by $22 million, and resulted in a new nine month record with sales exceeding $3 billion,” stated David Weinberg, chief operating officer and chief financial officer. “The growth came across our three distribution channels—with double-digit increases in our Company-owned Skechers retail business worldwide and our international subsidiary and joint venture businesses, as well as a single-digit increase in our international distributor and domestic wholesale businesses. The strong international growth, including the continued strength in China, the resurgence of the United Kingdom and growth across all of Europe combined with our strong international retail business, resulted in international wholesale and retail representing 53 percent of our total sales in the third quarter.”
Third Quarter Financial Results
Quarterly net sales increased 16.2 percent to $1.095 billion compared to third quarter 2016. The growth was the result of a 25.7 percent increase in the Company’s international wholesale business, a 1.4 percent increase in its domestic wholesale business, and an 18.6 percent increase in its Company-owned global retail business with total comp store sales increases of 4.4 percent. The increase in its Company-owned retail business, which included sales growth of 9.5 percent in its domestic channel and a domestic comp store sales increase of 3.1 percent,came despite temporary store closures in Texas and Florida, and continued store closures in Puerto Rico due to the recent hurricanes. The Company reported net sales last year of $1.5 million for the days corresponding to the days closed this year due to the hurricanes.
Gross profit for the third quarter of 2017 was $520.0 million, or 47.5 percent of net sales, compared to $430.0 million, or 45.6 percent of net sales, for the third quarter of 2016.
Third quarter selling expenses increased $21.8 million to $89.6 million, or 8.2 percent of sales, compared to $67.8 million, or 7.2 percent of sales, in the prior year’s third quarter. The increase was primarily due to increased advertising expenses of $17.2 million, including $3.6 million to support our international subsidiary business, and an additional $3.5 million in selling commissions from its joint venture in South Korea.
General and administrativeexpenses were $316.9 million, or 28.9 percent of sales, compared to $261.8 million, or 27.8 percent of sales, in the prior year’s third quarter. The year-over-year quarterly increase was primarily due to Skechers’ focus on long-term global growth. The increases included $18.1 million associated with the Company’s 67 additional domestic and international retail stores—13 of which were opened in the third quarter, and $27.2 million to support its international growth in its joint venture and subsidiary businesses. Domestic wholesale general and administrative expenses in the third quarter increased $9.7 million year-over-year primarily due to increased headcount in the United States to support its brand worldwide, and improvements in its digital operations, as well as the expansion into new categories and brands.
Mr. Weinberg added: “We remain committed to investing in the brand, product, infrastructure, and all areas that will drive further growth opportunities. Our international business continues to have the highest growth potential—both with emerging international markets such as those in South America as well as India, and our established business across Asia. To further build our brand globally, we grew our Company-owned store base worldwide to 623 locations, including 187 international stores. Combined with the third-party Skechers stores, there were 2,428 Skechers stores around the world at quarter end.”
Earnings from operations were $116.5 million or 10.6 percent of net sales, which was an increase of $13.1 million or 12.7 percent over the third quarter of 2016.
Net earnings increased 41.8 percent to $92.3 million, and diluted net earnings per share for the third quarter were $0.59, compared with $0.42 in the prior year. The Company’s effective tax rate for the third quarter was 9.4 percent compared to 24.2 percent over the third quarter of 2016. The Company expects its effective tax rate for fiscal 2017 to be approximately 13 percent, which is lower than the expected rate of 15 percent at the end of the second quarter. The 9.4 percent tax rate for the quarter is primarily a result of this lower estimate in the expected tax rate for fiscal 2017.
Nine Month Financial Results
Net sales were $3.19 billion, a new nine-month record. Gross profit was $1.48 billion or 46.5 percent of net sales, and earnings from operations were $327.2 million. Net earnings were $245.8 million and diluted net earnings per share were $1.57 per share.
“From day one we have been driven, determined and focused on building a successful company,” began Robert Greenberg, SKECHERS chief executive officer. “Twenty-five years later, the same is true. With innovation and commitment at the forefront of our efforts, we are supporting our teams and their growth in the United States and around the world. It’s those teams that set us apart, working behind the scenes and on the front lines to deliver product rich in style and comfort to our customers. Achieving three record quarters of net sales in 2017, as well as annual record net sales in 2016, is a testament to the power of our team and the brand.”
Mr. Greenberg continued: “Now, more so than ever before, we are approaching our business from a global perspective, developing product that will resonate with consumers in the Americas, across Europe, throughout Asia, and the rest of the world. Domestically, the highlight of the third quarter was our back-to-school business, which was led by double-digit sales increases in our Skechers Kids footwear. As with our adult offering, we focused on innovation, comfort and lightweight features, creating a collection that resonated with kids and their parents. The success of our product was most evident in the continued growth of our international business as we achieved strong double-digit growth in the majority of our subsidiary and joint venture managed countries in the third quarter. Further, we are focusing on marketing campaigns that resonate globally—including the signing of singing sensation Camila Cabello, who is known by young women around the world. We believe that with our focus on product, marketing and logistics from a domestic and international perspective, we will continue to see strong growth on a global scale.”
Balance Sheet
At quarter end, cash and cash equivalents was $802.9 million, an increase of $137.6 million, or 20.7 percent over September 30, 2016.
Total inventory, including inventory in transit, was $697.7 million, a $174.3 million increase, or 33.3 percent over September 30, 2016, and a decrease of $2.9 million or 0.4 percent when compared to December 31, 2016.
Working capital was $1.48 billion versus $1.23 billion at September 30, 2016.
Mr. Weinberg continued: “Three consecutive record quarters in 2017 and continued growth across our three distribution channels, including double-digit gains in international and an additional ten stores opened in the fourth quarter to date, are a testament to the strength of our brand. With the investments we have made in our infrastructure, our strong cash position, healthy low double-digit increases in backlog on a worldwide basis, and new product delivering for holiday as well as Spring 2018, we believe the momentum we are experiencing will continue this year and in the coming year.”
Outlook
Based on these key indicators, the Company believes it will achieve net sales in the fourth quarter in the range of $860 million to $885 million, and diluted earnings per share of $0.09 to $0.14.
The Company expects its capital expenditures for the fourth quarter to be approximately $20.0 million to $25.0 million, which includes corporate office upgrades and an additional 12 to 15 Company-owned retail store openings and several store remodels.
Third Quarter 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 third quarter 2017 financial results. The call can be accessed on the Investor Relations section of the Company’s the website at www.skx.com. For those unable to participate during the live broadcast, a replay will be available beginning October 19, 2017, at 7:30 p.m. ET, through November 2, 2017, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13671505.
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 six months ended June 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 U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
|
|
|
|
|
|
September 30,
2017
|
|
December 31,
2016
|
| ASSETS |
|
|
|
| Current Assets: |
|
|
|
| Cash and cash equivalents |
$ |
802,932 |
|
$ |
718,536 |
| Trade accounts receivable, net |
|
485,277 |
|
|
326,844 |
| Other receivables |
|
23,184 |
|
|
19,191 |
| Total receivables |
|
508,461 |
|
|
346,035 |
| Inventories |
|
697,659 |
|
|
700,515 |
| Prepaid expenses and other current assets |
|
65,306 |
|
|
62,680 |
| Total current assets |
|
2,074,358 |
|
|
1,827,766 |
| Property, plant and equipment, net |
|
532,482 |
|
|
494,473 |
| Deferred tax assets |
|
30,744 |
|
|
26,043 |
| Other assets |
|
55,676 |
|
|
45,388 |
| Total non-current assets |
|
618,902 |
|
|
565,904 |
| TOTAL ASSETS |
$ |
2,693,260 |
|
$ |
2,393,670 |
| LIABILITIES AND EQUITY |
|
|
|
| Current Liabilities: |
|
|
|
| Current installments of long-term borrowings |
$ |
1,797 |
|
$ |
1,783 |
| Accounts payable |
|
501,332 |
|
|
520,437 |
| Short-term borrowings |
|
10,629 |
|
|
6,086 |
| Accrued expenses |
|
85,224 |
|
|
93,424 |
| Total current liabilities |
|
598,982 |
|
|
621,730 |
| Long-term borrowings, net of current installments |
|
71,390 |
|
|
67,159 |
| Deferred tax liabilities |
|
418 |
|
|
412 |
| Other long-term liabilities |
|
22,773 |
|
|
18,855 |
| Total non-current liabilities |
|
94,581 |
|
|
86,426 |
| Total liabilities |
|
693,563 |
|
|
708,156 |
| Stockholders’ equity: |
|
|
|
| Skechers U.S.A., Inc. equity |
|
1,882,804 |
|
|
1,603,633 |
| Noncontrolling interests |
|
116,893 |
|
|
81,881 |
| Total equity |
|
1,999,697 |
|
|
1,685,514 |
| TOTAL LIABILITIES AND EQUITY |
$ |
2,693,260 |
|
$ |
2,393,670 |
|
|
|
|
|
|
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2017
|
|
|
2016
|
|
|
|
2017
|
|
|
2016
|
|
| Net sales |
$ |
1,094,829 |
|
$ |
942,417 |
|
|
$ |
3,193,571 |
|
$ |
2,799,021 |
|
| Cost of sales |
|
574,842 |
|
|
512,439 |
|
|
|
1,708,765 |
|
|
1,520,637 |
|
| Gross profit |
|
519,987 |
|
|
429,978 |
|
|
|
1,484,806 |
|
|
1,278,384 |
|
| Royalty income |
|
2,917 |
|
|
2,970 |
|
|
|
10,368 |
|
|
8,902 |
|
|
|
522,904 |
|
|
432,948 |
|
|
|
1,495,174 |
|
|
1,287,286 |
|
| Operating expenses: |
|
|
|
|
|
| Selling |
|
89,559 |
|
|
67,782 |
|
|
|
263,318 |
|
|
197,627 |
|
| General and administrative |
|
316,852 |
|
|
261,815 |
|
|
|
904,631 |
|
|
747,403 |
|
|
|
406,411 |
|
|
329,597 |
|
|
|
1,167,949 |
|
|
945,030 |
|
| Earnings from operations |
|
116,493 |
|
|
103,351 |
|
|
|
327,225 |
|
|
342,256 |
|
| Other income (expense): |
|
|
|
|
|
| Interest, net |
|
(780 |
) |
|
(948 |
) |
|
|
(3,321 |
) |
|
(3,612 |
) |
| Other, net |
|
2,147 |
|
|
(1,485 |
) |
|
|
5,507 |
|
|
(1,310 |
) |
|
|
1,367 |
|
|
(2,433 |
) |
|
|
2,186 |
|
|
(4,922 |
) |
| Earnings before income tax expense |
|
117,860 |
|
|
100,918 |
|
|
|
329,411 |
|
|
337,334 |
|
| Income tax expense |
|
11,030 |
|
|
24,376 |
|
|
|
42,546 |
|
|
67,144 |
|
| Net earnings |
|
106,830 |
|
|
76,542 |
|
|
|
286,865 |
|
|
270,190 |
|
| Less: Net earnings attributable to noncontrolling interests |
|
14,520 |
|
|
11,432 |
|
|
|
41,025 |
|
|
33,361 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
$ |
92,310 |
|
$ |
65,110 |
|
|
$ |
245,840 |
|
$ |
236,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
$ |
0.59 |
|
$ |
0.42 |
|
|
$ |
1.58 |
|
$ |
1.54 |
|
| Diluted |
$ |
0.59 |
|
$ |
0.42 |
|
|
$ |
1.57 |
|
$ |
1.53 |
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
|
155,824 |
|
|
154,211 |
|
|
|
155,502 |
|
|
154,006 |
|
| Diluted |
|
156,741 |
|
|
155,203 |
|
|
|
156,276 |
|
|
154,999 |
|
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer,
Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Addo Investor Relations
Andrew Greenebaum, (310) 829-5400
by | Oct 17, 2017 | Press Release
Warren Lichtenstein, Michael Greenberg, Brooke Burke-Charvet, Tommy Lasorda, Robert Greenberg, Camila Alves, Denise Austin, Sugar Ray Leonard, and David Weinberg after the 2016 opening ceremony. (Photo: Business Wire)
Friendship Foundation volunteers celebrate the 2016 Skechers Pier to Pier Friendship Walk. (Photo: Business Wire)
Oct 17, 2017 • 2:34 pm EDT
Sugar Ray Leonard, Brooke Burke-Charvet and Other Celebrities Return to Support Children with Special Needs and Education at Annual Charity Event on October 29
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The SKECHERS Foundation today announced that the organization believes that it will raise over $1.6 million to support children with special needs and education at its ninth SKECHERS Pier to Pier Friendship Walk. Supported by presenting sponsor Nickelodeon and media sponsor NBC4 Southern California, the Manhattan Beach event on October 29 will feature a team of new and returning entertainment, sport, fitness and kids’ celebrities including Sugar Ray Leonard, Brooke Burke-Charvet, Tommy Lasorda, and Denise Austin.
Warren Lichtenstein, Michael Greenberg, Brooke Burke-Charvet, Tommy Lasorda, Robert Greenberg, Camila Alves, Denise Austin, Sugar Ray Leonard, and David Weinberg after the 2016 opening ceremony. (Photo: Business Wire)
“This event has been a growing movement for nine incredible years, each one better and bigger than the last,” said Michael Greenberg, president of SKECHERS and the SKECHERS Foundation. “All of our kids should be celebrated for their unique abilities, and that’s why we gather every year at the SKECHERS Pier to Pier Friendship Walk – to come together and make a difference for thousands. When you look back, the results have been phenomenal – our annual donations have grown from $200,000 in year one to $1.6 million last year, from 1,000 participants to more than 12,000. We’re thrilled, humbled, and can’t wait to do it again this year.”
“The SKECHERS Pier to Pier Friendship Walk has its heart in the right place – from improving education to helping children with special needs,” said legendary boxer and SKECHERS ambassador Sugar Ray Leonard. “For nearly a decade, this event has been about one thing: nurturing and educating our kids. This single event can change their entire year and help shape them into the grown-ups they’ll become – it supports their schools, their activities, builds friendships and builds their confidence. 2017 will make my third year at the Walk, and I’m truly honored to be part of this.”
“We’re back to support the SKECHERS Pier to Pier Friendship Walk because we’re a firm believer in the positive impact it has on children with special needs and our schools,” said Steve Carlston, president and general manager of NBC4 Southern California. “It’s a wonderful chance for us to spotlight this incredible movement that has changed the tide on how we view and support children throughout our community.”
Since 2009, the SKECHERS Pier to Pier Friendship Walk has educated and inspired thousands to support children with special needs and education. The Walk is a primary source of funding for The Friendship Foundation, which assists children with special needs and their families through one-on-one peer mentoring and social recreational programming such as field trips, summer camps and music classes. The Walk has also helped education foundations rehabilitate and improve schools: updating technology, science labs and libraries; revamping music programs; reducing class sizes; and saving teachers’ jobs. Additionally, the SKECHERS Foundation gives $100,000 in annual scholarships to children, awarding students who have shown financial need and academic, athletic and leadership excellence.
The 2017 Walk will include special performances by NBC’s Little Big Shots’ Kieran Tamondong, America’s Got Talent duo Artyon and Paige, Nickelodeon star Ciara Wilson and dance sensation Larsen Thompson. The 3.4-mile route will begin at the Manhattan Beach Pier at 9AM, where participants will walk to the Hermosa Beach Pier and back.
To register or make a donation, visit skechersfriendshipwalk.com or follow SKECHERS on Facebook (facebook.com/SKECHERSFriendshipWalk) and Twitter (twitter.com/SkechersP2PWalk).
In addition to headlining sponsor Nickelodeon and media sponsor NBC4 Southern California, the SKECHERS Pier to Pier Friendship Walk thanks its sponsors that include: Nickelodeon, NBC4 Southern California, Wells Fargo, Steel Sports, Vertra, The Claudette and Ethan Rickett Care Foundation, Ross, Mattel, Kids Foot Locker, United Legwear, Marshalls, Cushman & Wakefield, Moose Toys, WSS, Caskey & Caskey, Siltanen & Partners Advertising, Continental Development, Northrop Grumman, Equinox, Chevron, and a myriad of other companies who have shown their support to the organization.
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.
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 2,305 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 June 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.
Jennifer Clay, 310-937-1326
[email protected]
by | Oct 12, 2017 | Press Release
Oct 12, 2017 • 1:15 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 third quarter 2017 financial results after market close on Thursday, October 19, 2017. 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 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 October 19, 2017, at 7:30 p.m. ET, through November 2, 2017, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13671505.
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 2,305 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]
by | Oct 5, 2017 | Press Release
Oct 5, 2017 • 9:00 am EDT
Despite Weather Delays and Poor Course Conditions, Henderson Holds On to Capture Second LGPA Tour Title of the Season.
LOS ANGELES–(BUSINESS WIRE)– Skechers Performance, a division of SKECHERS USA, Inc. (NYSX:SKX), celebrates golf pro Brooke Henderson‘s win at the New Zealand Women’s Open on Monday, October 2, 2017. The win marks the Skechers Performance elite athlete’s second LGPA Tour win of the season and the fifth of her career. Henderson led by four shots after six holes on Sunday when play of the final round was suspended until Monday due to severe weather.
Skechers Performance™ GO GOLF® Elite Athlete Brooke Henderson Wins New Zealand Women’s Open. (Photo: Business Wire)
“I’m just so happy. To be able to play this well on this golf course really gives me a lot of confidence going forward.” said Henderson. “The conditions were really tough and I could not have done this without my whole team behind me, especially my Skechers Performance GO GOLF shoes, which gave me the stability I needed to stay focused and perform.”
Henderson, a native of Canada, has quickly become a prominent face of women’s golf since turning professional in December 2014. She won her first LGPA Tour event in 2015 at the Cambria Portland Classic, a title she would defend with her second career win in 2016. She then went on to become the second youngest player to capture a major championship with her win at the 2016 KPMG Women’s PGA Championship. In 2016, Brooke also represented Canada at the 2016 Olympic games in Brazil, where she tied for seventh place.
“We’re fortunate to have Brooke on the Skechers Performance team and celebrate this win with her and all of her fans,” said Michael Greenberg, Skechers President, “Brooke’s relentless dedication to perfecting her game is an inspiration to us all and we’re proud to have been part of this amazing achievement so early in her exciting career.”
Henderson joined the Skechers Performance team in 2016. She is outfitted in Skechers GO GOLF footwear and apparel on tour and has been featured in ongoing marketing campaigns for the brand.
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.
For updates on the collection, visit GOSkechers.com and follow @SkechersGOGOLF on Facebook, Instagram and 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 160 countries and territories worldwide via department and specialty stores, more than 2,305 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 June 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
[email protected]
(310) 424-8366SKECHERS USA, Inc.
by | Oct 4, 2017 | Press Release
Oct 4, 2017 • 9:00 am EDT
Footwear Company Committed to Helping Those Impacted by Storms and Floods in Texas, Florida and Puerto Rico
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS (NYSE:SKX) is giving back through efforts on several fronts in support of those impacted by the floods in Texas following Hurricane Harvey and in Florida following Hurricane Irma, with additional efforts in planning stages to assist victims of Hurricane Maria in Puerto Rico. The Company is donating tens of thousands of pairs of SKECHERS shoes and socks, along with other goods to meet the immediate needs of families impacted by these disasters.
“Skechers operates retail stores in Texas, Florida and Puerto Rico, we’re sponsors of the Houston Marathon, and we have several key accounts in each of the affected regions,” stated Michael Greenberg, president of SKECHERS. “Our ties to these communities and the surrounding regions go back two decades with many friends and extended family impacted by the storms, so we have heard first-hand reports about the widespread need and have been working to lend our support. We’re already on the ground in Texas and our first shipments are delivering in Florida today, and plans are underway to also help Puerto Rico after conditions allow.”
As there will be an ongoing need in all impacted regions, SKECHERS is orchestrating donations in multiple phases. Immediate local product donations in Texas were organized through SKECHERS retail stores in the region and Children’s Hunger Fund. Additional product was distributed through the city of Manhattan Beach and the city’s new sister town of Cleveland, Texas. And going forward, SKECHERS is working with Delivering Good (formerly K.I.D.S./Fashion Delivers) and Children’s Hunger Fund to partner with Stage Stores (parent company of PALAIS ROYAL, STAGE and BEALLS) on a local BOBS from SKECHERS donation event for kids in the greater Houston area on October 7. At this event, kids will receive school supplies donated by Stage Stores, in addition to BOBS from SKECHERS. SKECHERS is also helping dogs and cats in the region through a $10,000 donation to Best Friends Animal Society via the BOBS for Dogs charity program.
To help those impacted by Hurricane Irma in Florida, SKECHERS is partnering with Neighbors 4 Neighbors, a charity founded by CBS television following Hurricane Andrew, as well as Farm Share, and the Entercom Miami Radio Stations. The Company is again donating thousands of pairs of socks and shoes for men, women, and kids to be distributed in hard-hit areas throughout Homestead and The Keys.
Further, the Company is in the early stages of planning a large-scale donation event in Puerto Rico following the island-wide devastation of Hurricane Maria with expectations to be on the ground in late 2017 or early 2018 after infrastructure is back in place to support an event.
Since the program’s inception in 2011, more than 14 million pairs of BOBS shoes have been distributed to children in need around the world, and more than 7.6 million of that total has so far been distributed through Delivering Good.
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 2,305 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 June 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
Jennifer Clay
(310) 937-1326
[email protected]
by | Sep 6, 2017 | Press Release
Sep 6, 2017 • 9:00 am EDT
Winningest male athlete in NCAA history partners with Performance footwear and apparel brand.
LOS ANGELES–(BUSINESS WIRE)– Skechers Performance™, a division of SKECHERS USA, Inc. (NYSE:SKX), announces today that 17-time NCAA National Champion, Edward Cheserek, will join the roster of Skechers Performance elite athletes. The former University of Oregon Track and Cross Country Champion signed a multi-year global deal with Skechers Performance and will be featured in marketing campaigns for Skechers GO RUN footwear and apparel.
(Photo: Business Wire)
“I am so happy to be joining the Skechers Performance team as I start this next chapter of my career,” said Cheserek, who will make his professional debut on September 10, 2017 in New York City at the 5th Avenue Mile. “I have big goals and dreams and know that Skechers Performance product will help me get where I want to go…I am excited for what is ahead.”
Originally from Kenya, Cheserek attended Saint Benedict’s Preparatory School in New Jersey, where he was named the Gatorade 2013 National Cross Country Runner of the Year, before choosing to continue his collegiate career at distance running powerhouse, University of Oregon. In 2013, Cheserek became the first freshman in school history to win the NCAA National Cross Country Championships, and would then go on to repeat as cross country champion in his sophomore and junior years. Now at 23 years old, Cheserek begins his professional career, having left behind an incredible collegiate legacy by becoming the winningest male athlete in NCAA Division 1 athletics’ history, winning a combined 17 national championships in cross country and indoor and outdoor track and field.
“Edward has already accomplished so much in his young career and proven he is among the best of his sport,” said Michael Greenberg, Skechers President. “We are thrilled to have him on the Skechers Performance team and to be part of his journey as he embarks on his professional career.”
Cheserek will be wearing Skechers Performance GO RUN footwear and apparel as part of the sponsorship. Known for its innovative and award winning designs, Skechers Performance GO RUN offers performance product featuring the latest innovative and technical properties, enabling athletes of all levels to perform at their best.
As Skechers Performance enters its eighth year with the GO RUN line, Edward Cheserek will join a roster of running’s elite, including Meb Keflezighi, Kara Goucher, and Tara Welling, who are all Skechers Performance ambassadors. Cheserek will be the youngest running athlete on the Skechers Performance roster and signifies the brand’s commitment to investing in the future of the running business.
Skechers Performance GO RUN is available at Skechers retail stores, select retail partners including specialty run stores, and online at Skechers.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 160 countries and territories worldwide via department and specialty stores, more than 1,410 SKECHERS Company-owned and third-party retail stores, and the Company’s e-commerce website. The Company manages its international business through a network of global distributors, joint venture partners in Asia, and wholly-owned subsidiaries in Brazil, Canada, Chile, Japan, Latin America and throughout Europe. 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 and opening of new stores, 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; entry into the highly competitive performance footwear market; 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; 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, 2015 and its quarterly report on Form 10-Q for the three months ended June 30, 2016. 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]