by | Aug 23, 2017 | Press Release
Aug 23, 2017 • 9:00 am EDT
Star Quarterback to Appear in Global Men’s Footwear Campaign
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS (NYSE:SKX) continues to grow its roster of sports icons representing the top casual lifestyle footwear brand in the United States* with the announcement that recently retired superstar Dallas Cowboys quarterback Tony Romo will be wearing SKECHERS men’s footwear in a multi-platform global marketing campaign set to launch later this year.
Retired Dallas quarterback Tony Romo signs on with Skechers (Photo: Business Wire)
“After 14 years on the field with the Cowboys, it was time to hang up my cleats, but these comfortable SKECHERS shoes are perfect for my life and career after football,” said Tony Romo, who will be working with CBS Sports. “It’s an honor to follow in the footsteps of Joe Montana and Howie Long as a SKECHERS ambassador. I’m looking forward to retirement with SKECHERS!”
“Partnering with elite athletes has proven to be an effective way to reach sports fans of all ages and Tony Romo certainly fits the mold of the iconic stars who have represented our men’s footwear collection,” added Michael Greenberg, president of SKECHERS. “Not only was he great on the field, but Tony is a media superstar as well, and we know as his fans follow him to the broadcast side, his reach will help convey how our athletic and casual footwear delivers on style and comfort for men everywhere.”
After winning the Walter Payton Award in 2002 at the end of his collegiate career, Tony Romo signed as an undrafted free agent with the Cowboys in 2003 and became their starting quarterback during the 2006 season. Over the next decade, he guided the team to four postseason appearances and was named to the Pro Bowl four times. Romo is legendary in Dallas holding several team records, including passing touchdowns, passing yards, most games with at least 300 passing yards, and games with three or more touchdown passes and his 97.1 passer rating is the fourth all time for the league and the highest among retired players. Romo retired following the 2016 season and has transitioned to the broadcast booth where he will be the lead color analyst paired with Jim Nantz on CBS Sports coverage of the 2017 season.
Romo joins a roster of SKECHERS athletes that currently includes baseball slugger David Ortiz, boxer Sugar Ray Leonard plus football legends Joe Montana and Howie Long. SKECHERS has utilized sports icons when advertising its Men’s collection for 15 years with an alumni list featuring names like Pete Rose, Mariano Rivera, Ozzie Smith, Tommy Lasorda, Joe Namath, 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.
*SportsOneSource 52-week report 7/11/17
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 | Aug 9, 2017 | Press Release
Aug 9, 2017 • 9:00 am EDT
New Global Marketing Campaign to Launch in August 2017
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS (NYSE:SKX) announced that the global footwear brand is partnering with multi-platinum, chart-topping recording artist Camila Cabello for a worldwide SKECHERS marketing campaign for its women’s footwear collection. The 20-year-old singer/songwriter will launch her SKECHERS campaign later this month, followed by her debut solo album this fall.
Camila Cabello is the new face for SKECHERS global marketing campaign launching Fall 2017 (Photo: Business Wire)
“This year is the beginning of a totally new chapter for me, both in my music and my outlook on life – and I’m thrilled to step into SKECHERS as part of this journey,” said Camila Cabello. “Besides the style and comfort of SKECHERS shoes, I love their philanthropic efforts. SKECHERS is making a difference – whether it’s giving new shoes to millions of kids or saving shelter animals’ lives. It’s important for me to use my success to give back, and to partner with like-minded companies who also believe in paying it forward. I love that spirit of generosity – and I’m looking forward to sharing those positive messages with the world as SKECHERS’ newest ambassador.”
“Camila is a natural heir to our legacy of singing superstars – she’s already loved by millions, and is the one to watch this year and beyond,” added Michael Greenberg, president of SKECHERS. “She was one of Time’s ‘25 Most Influential Teens’ last year, has hit songs in both English and Spanish and reaches an elusive segment of the market – millennials and Generation Z fans. With her confidence and character, she’s a great global icon for our brand.”
Cuban born singer/songwriter Camila Cabello (Epic Records / SYCO) is no stranger to the spotlight. Beginning her official solo career after four years in Fifth Harmony, Cabello has already received five Teen Choice Awards nominations this year and earned a chart-topping smash with MGK on the recent double platinum-certified hit “Bad Things,” which generated over 270 million Spotify streams and established Cabello as the first female artist to hit #1 on Top 40 Radio with and without a group. She has also collaborated with J Balvin and Pitbull’s single “Hey Ma” for Fate of the Furious’ chart-topping soundtrack, as well as Shawn Mendes for the platinum-certified duet “I Know What You Did Last Summer,” which reached #10 at pop radio and #20 on The Hot 100 chart. Cabello is currently touring with Bruno Mars this summer on his 24K Magic World Tour.
SKECHERS’ current ambassadors include multi-platinum recording artist Meghan Trainor, actor Rob Lowe, model and actress Kelly Brook, TV personality Brooke Burke-Charvet, and athletic legends like David Ortiz, Joe Montana, Sugar Ray Leonard and Howie Long, along with elite athletes for the brand’s Skechers Performance Division.
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]
or
42West
Dvora Englefield / Marisa Martins
424-901-8725 / 212-697-2287
[email protected]
[email protected]
by | Jul 20, 2017 | Press Release
Jul 20, 2017 • 4:05 pm EDT
Record Second Quarter Net Sales of $1.026 Billion
Record First Six Months Net Sales of $2.099 Billion
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the second quarter and six months ended June 30, 2017.
Second Quarter and Six Month 2017 Highlights
- Record second quarter net sales of $1.026 billion, an increase of 16.9 percent
- Record six month net sales of $2.099 billion, an increase of 13.0 percent
- Gross margins of 47.6 percent for the second quarter and 46.0 percent for the six months
“Second quarter net sales exceeded our expectations setting another record quarter, and making the first half of 2017 a new record with sales surpassing $2 billion,” began 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 global Skechers retail business, and each of our international distributor, subsidiary and joint venture businesses, as well as a mid-single-digit increase in our domestic wholesale business. Further, in the second quarter of 2017 in our domestic wholesale business, we shipped 11.4 percent more pairs while our average price per pair decreased 4.5 percent.”
Second Quarter Financial Results
Quarterly net sales increased 16.9 percent to $1.026 billion compared to the second quarter 2016. The growth was the result of a 6.4 percent increase in the Company’s domestic wholesale business, an 18.6 percent increase in the Company’s international wholesale business, and a 28.0 percent increase in its Company-owned global retail business, which included comparable same store sales increases of 7.1 percent.
Gross profit for the second quarter was $488.3 million, or 47.6 percent of net sales, compared to $416.3 million, or 47.4 percent of net sales, for the second quarter of last year.
Second quarter selling expenses increased $24.0 million to $100.0 million, or 9.7 percent of sales, compared to $76.0 million, or 8.7 percent of sales, in the second quarter of the prior year. The increase was primarily due to increased domestic advertising of $5.2 million, additional international advertising expenses of $6.4 million, primarily to support the growth in its European subsidiaries as well as increases in Japan and South Korea, and an additional $4.2 million in selling commissions from its joint venture in South Korea.
General and administrativeexpenses for the second quarter increased $62.1 million to $305.3 million, or 29.8 percent of sales, compared to $243.2 million, or 27.7 percent of sales, in the second quarter of the prior year. The year-over-year quarterly increase was primarily due to Skechers’ focus on long-term global growth, including $22.3 million associated with the Company’s 68 additional domestic and international retail stores—31 of which were opened in the second quarter, and $26.2 million to support its international growth, of which $16.9 million was due to increased costs in China, $3.6 million for the transition of its South Korean distributor to a joint venture, and $2.4 million in Japan. Domestic wholesale general and administrative expenses in the second quarter increased $13.5 million year-over-year primarily due to increased headcount in the United States to support its brand worldwide, as well as the expansion into new categories and brands.
Mr. Weinberg added: “Investing in our brand and business is critical for both our short-term and long-term growth initiatives. This is evident in both the expansion of our Company-owned global retail business, which had the highest net sales dollar and percentage gain, followed by our international wholesale business. Given the increases in our international business, which for the first six months represented 48 percent of our total business, we believe the greatest opportunity for expansion is internationally, and we are investing in our infrastructure and marketing to support this progress.”
Earnings from operations were $86.3 million or 8.4 percent of sales, a decrease of 14.0 percent over the second quarter of 2016.
Net earnings decreased 19.7 percent to $59.5 million, and diluted net earnings per share were $0.38. The Company’s quarterly effective tax rate in the second quarter was 16.1 percent compared to 12.7 percent over the second quarter of 2016. The Company expects its effective tax rate to be between 14 percent and 19 percent for fiscal 2017.
Six Month Financial Results
Net sales were $2.099 billion, gross profit was $964.8 million or 46.0 percent of net sales, and earnings from operations were $210.7 million or 10.0 percent of net sales. Net earnings were $153.5 million and diluted net earnings per share were $0.98 per share.
Robert Greenberg, SKECHERS chief executive officer, commented: “Twenty-five years ago in May, we founded Skechers with a single line of men’s bootsavailable in the United States. Within a year, we were shipping to several international markets, and planning expansion into women’s and kids. We’ve come a very long way in a relatively short period of time—including our present position in the United States as the leader in walking, work, casual and comfort footwear, and second in all of footwear combined, and a leading brand in numerous countries around the world. Our domestic and international growth in the quarter and in recent years was the result of our continued focus on developing innovative, comfortable and stylish footwear; determination to build the brand through marketing; investment in operations and logistics for the present and future; and the dedication of our highly talented and creative team.”
Mr. Greenberg continued: “Domestically in the second quarter, we introduced a key new product, You by Skechers, delivered more of our heritage footwear collections, experienced strong sales in our sandal business, and saw continued strength in our kids’ lighted footwear. In the international markets, we achieved double-digit growth in many countries worldwide—including Germany, Chile, India, China, and Australia.Along with delivering strong product for men, women and kids to our wholesale partners, our international success was due to the expansion of Skechers retail stores around the world, which now includes 1,870 international stores of which 1,691 are third-party-owned locations. At quarter end, our total Skechers retail store count was 2,305, and included the opening of several key locations—Tokyo’s popular Shibuya district, the new Century City Mall in Los Angeles, a super store in Ontario Mills in Southern California, a store in New York’s SoHo, among others—and the relocation of our store on San Francisco’s Powell Street, which now has a much larger sales floor and better visibility. Based on our global meetings in May and June, and our on-going domestic key account meetings at our corporate offices, plus our July sell-throughs,we believe that the record sales we experienced in the first six months will continue in the second half.”
Balance Sheet
At June 30, 2017, cash and cash equivalents was $751.6 million, an increase of $122.8 million, or 19.5 percent over June 30, 2016.
Total inventory, including inventory in transit, was $669.7 million, an increase of $79.0 million or 13.4 percent over June 30, 2016, and a decrease of $30.8 million or 4.4 percent over December 31, 2016. The increase over last year was primarily due to the Company’s growth worldwide and is in line with the Company’s backlogs, and growing retail and international wholesale business.
Working capital was $1.359 billion at June 30, 2017 versus $1.155 billion at June 30, 2016.
Mr. Weinberg continued: “We ended the quarter with our three business channels showing continued growth, and low double-digit increases in backlog on a worldwide basis. With the investments we have made in our business globally, and our strong cash and inventory position as well as new product initiatives we are delivering, we believe we are well positioned for continued growth in the second half, and in the coming year.”
Outlook
Based on these key indicators, the Company believes it will achieve net sales in the third quarter in the range of $1.050 billion to $1.075 billion, which would represent a third quarter sales record, and earnings per share of $0.42 to $0.47. This projection includes flat sales increases in the Company’s domestic wholesale business, and double-digit increases in its international wholesale business, and its global Company-owned retail stores.
The Company expects its capital expenditures for the remainder of 2017 to be approximately $35.0 million to $40.0 million, which includes corporate office upgrades and an additional 35 to 40 Company-owned retail store openings and several store remodels.
Second 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 second 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 July 20, 2017, at 7:30 p.m. ET, through August 3, 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: 13666029.
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, 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 March 31, 2017. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
| SKECHERS U.S.A., INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited) |
| (In thousands) |
| |
|
|
June 30, |
|
December 31, |
|
|
2017 |
|
2016 |
| ASSETS |
|
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
751,581 |
|
$ |
718,536 |
| Trade accounts receivable, net |
|
|
494,683 |
|
|
326,844 |
| Other receivables |
|
|
24,884 |
|
|
19,191 |
| Total receivables |
|
|
519,567 |
|
|
346,035 |
| Inventories |
|
|
669,741 |
|
|
700,515 |
| Prepaid expenses and other current assets |
|
|
54,119 |
|
|
62,680 |
| Total current assets |
|
|
1,995,008 |
|
|
1,827,766 |
| Property, plant and equipment, net |
|
|
527,441 |
|
|
494,473 |
| Deferred tax assets |
|
|
33,517 |
|
|
26,043 |
| Other assets |
|
|
53,324 |
|
|
45,388 |
| Total non-current assets |
|
|
614,282 |
|
|
565,904 |
| TOTAL ASSETS |
|
$ |
2,609,290 |
|
$ |
2,393,670 |
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Current installments of long-term borrowings |
|
$ |
1,792 |
|
$ |
1,783 |
| Accounts payable |
|
|
528,251 |
|
|
520,437 |
| Short-term borrowings |
|
|
4,049 |
|
|
6,086 |
| Accrued expenses |
|
|
101,518 |
|
|
93,424 |
| Total current liabilities |
|
|
635,610 |
|
|
621,730 |
| Long-term borrowings, net of current installments |
|
|
68,271 |
|
|
67,159 |
| Deferred tax liabilities |
|
|
417 |
|
|
412 |
| Other long-term liabilities |
|
|
21,734 |
|
|
18,855 |
| Total non-current liabilities |
|
|
90,422 |
|
|
86,426 |
| Total liabilities |
|
|
726,032 |
|
|
708,156 |
| Stockholders’ equity: |
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
1,779,097 |
|
|
1,603,633 |
| Noncontrolling interests |
|
|
104,161 |
|
|
81,881 |
| Total equity |
|
|
1,883,258 |
|
|
1,685,514 |
| TOTAL LIABILITIES AND EQUITY |
|
$ |
2,609,290 |
|
$ |
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 June 30, |
|
Six Months Ended June 30, |
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
| Net sales |
|
$ |
1,025,934 |
|
|
$ |
877,810 |
|
|
$ |
2,098,742 |
|
|
$ |
1,856,604 |
|
| Cost of sales |
|
|
537,613 |
|
|
|
461,556 |
|
|
|
1,133,923 |
|
|
|
1,008,198 |
|
| Gross profit |
|
|
488,321 |
|
|
|
416,254 |
|
|
|
964,819 |
|
|
|
848,406 |
|
| Royalty income |
|
|
3,221 |
|
|
|
3,307 |
|
|
|
7,451 |
|
|
|
5,932 |
|
|
|
|
491,542 |
|
|
|
419,561 |
|
|
|
972,270 |
|
|
|
854,338 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| Selling |
|
|
99,950 |
|
|
|
75,966 |
|
|
|
173,759 |
|
|
|
129,844 |
|
| General and administrative |
|
|
305,283 |
|
|
|
243,240 |
|
|
|
587,779 |
|
|
|
485,589 |
|
|
|
|
405,233 |
|
|
|
319,206 |
|
|
|
761,538 |
|
|
|
615,433 |
|
| Earnings from operations |
|
|
86,309 |
|
|
|
100,355 |
|
|
|
210,732 |
|
|
|
238,905 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
| Interest, net |
|
|
(1,464 |
) |
|
|
(1,542 |
) |
|
|
(2,540 |
) |
|
|
(2,664 |
) |
| Other, net |
|
|
2,664 |
|
|
|
(2,604 |
) |
|
|
3,359 |
|
|
|
175 |
|
|
|
|
1,200 |
|
|
|
(4,146 |
) |
|
|
819 |
|
|
|
(2,489 |
) |
| Earnings before income tax expense |
|
|
87,509 |
|
|
|
96,209 |
|
|
|
211,551 |
|
|
|
236,416 |
|
| Income tax expense |
|
|
14,109 |
|
|
|
12,200 |
|
|
|
31,516 |
|
|
|
42,768 |
|
| Net earnings |
|
|
73,400 |
|
|
|
84,009 |
|
|
|
180,035 |
|
|
|
193,648 |
|
| Less: Net earnings attributable to noncontrolling interests |
|
|
13,865 |
|
|
|
9,902 |
|
|
|
26,505 |
|
|
|
21,929 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
59,535 |
|
|
$ |
74,107 |
|
|
$ |
153,530 |
|
|
$ |
171,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.38 |
|
|
$ |
0.48 |
|
|
$ |
0.99 |
|
|
$ |
1.12 |
|
| Diluted |
|
$ |
0.38 |
|
|
$ |
0.48 |
|
|
$ |
0.98 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
| Basic |
|
|
155,579 |
|
|
|
154,049 |
|
|
|
155,340 |
|
|
|
153,901 |
|
| Diluted |
|
|
156,174 |
|
|
|
155,023 |
|
|
|
156,016 |
|
|
|
154,912 |
|
Company Contact:
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 | Jul 13, 2017 | Press Release
Jul 13, 2017 • 12:35 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 second quarter 2017 financial results after market close on Thursday, July 20, 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 July 20, 2017, at 7:30 p.m. ET, through August 3, 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: 13666029.
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 2,055 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).
Addo Investor Relations
Andrew Greenebaum
310-829-5400
[email protected]
by | Jul 11, 2017 | Press Release
Jul 11, 2017 • 9:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) today announced the planned Back-to-School launch of a SKECHERS Kids footwear collection for girls featuring the popular Shopkins characters.
SPK by SKECHERS (Photo: Business Wire)
“We’re excited to expand our award-winning SKECHERS Kids line with styles featuring Shopkins characters, which are in demand by kids across the country,” said Michael Greenberg, president of SKECHERS. “Building on the success of our kids’ collection, we feel that adding Shopkins-branded shoes will be a perfect fit for the countless girls who already love wearing our playful, colorful and comfortable footwear.”
“It’s a thrill for us to welcome SKECHERS to the Shopkins-licensed consumer products program,” added Paul Solomon, Co-CEO of Moose Toys. “We want to bring our fans quality product extensions that best capture Shopkins’ fun and fashionable aesthetic. This deal is the beginning of a great partnership between two outstanding in-demand brands.”
Born two decades ago, the SKECHERS Kids collection offers great products for toddlers to tweens with fun, bright and lightweight designs that kids everywhere love for school and play. Popular characters like Twinkle Toes and Z-Strap have helped build awareness for the line which has expanded to include innovative lighted footwear styles. Additionally, SKECHERS Kids won the Excellence in Children’s Design awards from Footwear Plus in 2002 and 2013 and was named the Best Children’s Footwear Collection by Earnshaw’s in 2016.
Since launching in 2014, Shopkins has become a global phenomenon, offering over 100 different Shopkins characters each season, an animated webisode series with over 1 billion views on YouTube alone, and the Shopkins 12-Pack, which was the top-selling toy in the US in 2015, according to The NPD Group. In 2016, Shopkins finished the year with over $1 billion in retail sales as the No. 1 girls’ brand in nine categories in the United States, including apparel (basics and sleep), bedding, party, stationery, accessories, seasonal and home. Shopkins now has over 210 licensees and 18 agents globally supporting the growth of the brand.
The co-branded SPK by SKECHERS footwear collection will be available in young girls’ sizes at SKECHERS retail stores and online at www.skechers.com. Products in the line will be designed, developed and marketed through a multi-year licensing partnership between SKECHERS and Moose Toys.
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 2,055 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
About Moose Toys
Moose Toys has a simple mission – to make children happy! Over the last 15 years, the business has earned a solid reputation as a leader in innovation. Time and time again, Moose has shown an innate ability to respond to emerging trends and create brands that dominate the market.
Most recently this was proven with the success of the global phenomenon Shopkins! The brand continues to break all records in the collectable category; and with 900 million units sold to date, these pint size inanimate objects have reinvigorated how kids collect and play.
This family run business has seen tremendous growth over the past four years solidifying its position as the 5th biggest toy manufacturer in the US by year-end 2016. Success extends to the recent development of content, entertainment and global licensing deals for Shopkins and partnerships with Disney and Universal to co-create collectable lines.
Moose creates, manufactures and markets brands across the collectable, arts, activity, action figure, dolls and youth electronics categories featuring much-loved brands such as: Shopkins, Little Live Pets, Beados, Happy Places, The Grossery Gang, The Trash Pack and Mighty Beanz.
Moose Toys calls Australia home and has teams across Los Angeles, Hong Kong, China, London, Paris and Vietnam, employing more than 350 staff and distributing to over 100 countries.
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 March 31, 2017. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
SKECHERS USA
Jennifer Clay, 310-937-1326
[email protected]
by | Jun 27, 2017 | Press Release
Jun 27, 2017 • 12:00 pm EDT
New 24,000-Square-Foot Location is Footwear Brand’s Largest in a Mall
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the lifestyle and performance footwear industry, has opened its largest SKECHERS mall-based factory outlet store. At approximately 24,000 square feet, the massive superstore in Ontario, California, features dedicated shops for the various SKECHERS lifestyle and performance collections for Men and Women, an exciting Kids’ area complete with theater, as well as a shop dedicated to the brand’s growing apparel collection.
SKECHERS premium superstore at Ontario Mills (Photo: Business Wire)
“This amazing new store is a perfect reflection of the incredible position of our brand within the marketplace,” said Michael Greenberg, president of SKECHERS. “With footwear, accessories and apparel—we’re delivering SKECHERS products from head to toe, so we built a store that showcases our collection to customers in the finest retail experience possible. We look forward to introducing features debuting here in more stores throughout our retail network through the second half of this year and into 2018 to meet the needs of the consumers who are demanding our products worldwide.”
“We are thrilled that SKECHERS chose Ontario Mills for their supersize store,” added Marc Smith, vice president and general manager at Ontario Mills. “Ontario Mills prides itself on providing variety, value and great experiences for our shoppers and is confident that the SKECHERS superstore will be a huge attraction for the center.”
Located at California’s largest outlet destination—Ontario Mills—the SKECHERS superstore houses approximately 50,000 pairs, offering one of the widest assortments of SKECHERS lifestyle and performance products available under one roof. And unique to this location is a 5,000-square-foot apparel and accessories shop-in-shop that features a customer experience tailored to those shopping for clothing.
The store is segmented into departments including Women’s lifestyle and performance, Men’s lifestyle and performance, WORK footwear, the BOBS from SKECHERS charity collection, the premium Mark Nason collection for men, and a fun Kids’ area features a candy shop plus a theater space screening SKECHERS cartoons and characters to keep kids engaged while mom or dad shop. The new store format and design with state-of-the-art lighting and effects entices shoppers to enter and explore the collection.
The Ontario Mills SKECHERS superstore joins a retail portfolio that includes large format stores in Las Vegas and Gardena, CA, plus flagship stores in prime locations such as Los Angeles’ Hollywood & Highland, Times Square in New York, San Francisco’s Powell Street, London, Tokyo, Shanghai and countless cities around the world. At the end of the second quarter of 2017, SKECHERS had 2,055 stores worldwide, with 584 being Company owned.
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 2,055 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 March 31, 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
Jennifer Clay, 310-937-1326
[email protected]