by | Aug 27, 2015 | Press Release
Aug 27, 2015 • 8:45 am EDT
Global Leader in Performance Footwear Signs Multi-Year Agreement Commencing with the 2016 Skechers Performance Los Angeles Marathon
LOS ANGELES–(BUSINESS WIRE)– LA MARATHON LLC and Skechers Performance, which is a division of Skechers USA, Inc. (NYSE:SKX), today announced a multi-year partnership, with Skechers Performance becoming the official title sponsor of the Los Angeles Marathon. The two Los Angeles-based companies have teamed up for the city’s biggest running event, now the Skechers Performance Los Angeles Marathon, which will be held on Sunday, February 14, 2016. Registration for the race will open on Tuesday, September 1, 2015.
Skechers Performance Los Angeles Marathon Finish Line (Artist Rendering) (Photo: Business Wire)
As title sponsor of the race, Skechers Performance will have a prominent presence at all marathon week activities including the Los Angeles Marathon Health & Fitness Expo, where Skechers Performance will sell official race merchandise featuring the newly created Skechers Performance Los Angeles Marathon event logo. Additionally, Skechers Performance will outfit course volunteers and staff, and provide finishers’ shirts for all runners. Comprehensive and integrated Skechers Performance Los Angeles Marathon marketing and communications initiatives leading up to and during the race will include the Skechers Performance Los Angeles Marathon website (lamarathon.com) and app.
“Partnering with the Los Angeles Marathon is a strategic step forward for our company and the Performance Division,” said Michael Greenberg, president of SKECHERS. “As a Los Angeles-based business, we have always wanted to be a part of this iconic race since we began developing our performance footwear division and we could not be more thrilled to join the Los Angeles Marathon as title sponsor.”
“Much like the City of Los Angeles itself, Skechers is an iconic, global, and stylish brand and we are extremely pleased to announce this new partnership on the Skechers Performance Los Angeles Marathon,” said Tracey Russell, Chief Executive of LA MARATHON LLC. “Skechers has achieved prominence across the global endurance sports market and we look forward to delivering a world-class marathon experience together here in Los Angeles and to collaborating on exciting new initiatives across the U.S. and around the world.”
The Skechers Performance title sponsorship comes on the heels of the historic 30th edition Los Angeles Marathon in 2015. Not only did registration sell out for the third straight year, but the race also played host to the 2015 USA Track & Field Marathon Championships, where top American elite athletes vied for a record prize purse of $150,000. The iconic “Stadium to the Sea” course continues to surge in popularity both nationally and internationally, attracting runners from all 50 states and more than 55 countries all over the world, bringing the race to prominence as one of the five largest marathons in the U.S. and one of the 10 largest worldwide.
The title sponsorship of the Los Angeles Marathon builds upon Skechers Performance’s U.S. marathon portfolio. Currently, the brand serves as the official footwear and apparel sponsor for the Chevron Houston Marathon and sponsors elite marathon runners Meb Keflezighi and Kara Goucher. Meb has raced in several high-profile events wearing Skechers Performance footwear, including his monumental win at the 2014 Boston Marathon racing in his namesake shoe, the Skechers GOmeb Speed 3. Next year, Meb will compete in Los Angeles wearing the new Skechers GOmeb Speed 3 – 2016 at the 2016 U.S. Olympic Team Trials for Men’s and Women’s Marathon on Saturday, February 13, 2016, the day before the Skechers Performance Los Angeles Marathon.
For more information on the 2016 Skechers Performance Los Angeles Marathon, please visit www.lamarathon.com. For additional information on Skechers Performance, please visit www.GOskechers.com or follow the brand on Facebook (facebook.com/SkechersPerformance), Twitter (twitter.com/skechersGO) and Instagram (instagram.com/skechersperformance).
About LA MARATHON LLC
LA MARATHON LLC, a subsidiary of McCourt Global, creates world-class experiences that ignite passion in athletes and connect communities through the transformative power of sport. The Skechers Performance Los Angeles Marathon is among the largest marathons in the country with more than 26,000 participants, thousands of volunteers and hundreds of thousands of spectators. The “Stadium to the Sea” course, starting at Dodger Stadium and finishing near the Santa Monica Pier, is one of the most scenic in the world, taking runners on a tour of Los Angeles past every major landmark. LA MARATHON LLC will host the 2016 Olympic Team Trials for Men’s and Women’s Marathon, awarded by USA Track & Field and the United States Olympic Committee, which will take place in Los Angeles February 13, 2016. For more information, please visit www.lamarathon.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 120 countries and territories worldwide via department and specialty stores, more than 1,050 Skechers retail stores, and Skechers’ e-commerce website. Skechers manages its international business through a network of global distributors, joint venture partners in Asia, and 12 wholly-owned subsidiaries in Brazil, Canada, Chile, Japan 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, Skechers’ future growth, financial results and operations, its development of new products, future demand for its products and growth opportunities, its planned opening of new stores, advertising and marketing initiatives, and the expansion plans for Skechers’ European Distribution Center. 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 Skechers’ annual report on Form 10-K for the year ended December 31, 2014 and its quarterly report on Form 10-Q for the three months ended June 30, 2015. 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.
For SKECHERS USA, Inc.
Molly Biddiscombe, 212-796-9826
[email protected]
or
Jolene Abbott, 310-318-3100 x 4839
[email protected]
by | Aug 21, 2015 | Press Release
Aug 21, 2015 • 8:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in footwear, today announced that its Board of Directors has approved a three-for-one split of the Company’s Class A and Class B common stock that will be distributed in the form of a stock dividend.
The stock split is subject to stockholder approval of an amendment to the Company’s Certificate of Incorporation to increase the authorized number of Class A and Class B shares. The stockholder vote is expected to take place at a special meeting of stockholders currently scheduled for September 24, 2015. If the Company’s stockholders approve the authorization of additional shares, the stock dividend will be distributed to the stockholders of record as of the close of business on October 2, 2015, with a payment date of October 15, 2015.
“Our decision to adopt this stock split is another indication of our confidence in our business model worldwide, which we believe will continue to generate profitable growth and strong cash flows,” stated Robert Greenberg, Skechers chief executive officer. “We are looking forward to continuing to deliver our broad-based collection of men’s, women’s and kids’ footwear to the global market. Personally, I have never been more confident and excited about the future of Skechers.”
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 120 countries and territories worldwide via department and specialty stores, more than 1,100 SKECHERS 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 12 wholly-owned subsidiaries in Brazil, Canada, Chile, Japan 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 growth and financial results and operations. 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, 2014 and its quarterly report on Form 10-Q for the three months ended June 30, 2015. 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.
Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer,
Chief Financial Officer
310-318-3100
or
Investor Relations:
Addo Communications
Andrew Greenebaum
310-829-5400
by | Aug 11, 2015 | Press Release
Aug 11, 2015 • 9:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in the lifestyle and performance footwear industry, today announced that the Company is transitioning its business in Latin America from a third-party distributor to a wholly-owned subsidiary, SKECHERS Latin America LLC. The subsidiary will oversee more than 30 countries in the region, including the four key markets of Panama, Peru, Colombia and Costa Rica.
Building on its nearly 20 years of business in Latin America, SKECHERS plans to grow its operations and footprint – transitioning 21 SKECHERS stores in the region to subsidiary-owned and -operated locations, looking at new retail destinations and expanding its account distribution base.
“SKECHERS’ strategic business model has established a strong framework for our brand to grow in many parts of the world – and we see Latin America as the next natural destination for us to employ this vision,” said David Weinberg, chief operating officer of SKECHERS. “Over the years, our distributor in the region, Dabsan International, established an extensive retail and wholesale network in Latin America, and at one point became our largest distributor. Latin America and its key markets remain an important part of our international business, especially given our current growth in the Americas – including the United States, Canada, Brazil and Mexico.”
Weinberg continued: “With the increased demand for our brand and incredible growth that SKECHERS has experienced over the last few years – including our international wholesale business, which has grown more than 60 percent in the second quarter of 2015 year over year – we see an opportunity to drive our Latin America business to the next level. We believe that we can use the strengths of our marketing, advertising, capital and infrastructure to significantly grow this key market, helping it reach its full potential.”
Key executives at Dabsan International, including Dabsan company president Daniel Bassan, will help manage SKECHERS’ subsidiary business in Latin America.
Based in Panama City, SKECHERS Latin America LLC will oversee the Company’s business with regional showrooms in Panama, Peru, Colombia and Costa Rica. Additional regions under the new subsidiary include the Caribbean, Ecuador, Guatemala, El Salvador, Honduras and Nicaragua.
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 120 countries and territories worldwide via department and specialty stores, more than 1,100 SKECHERS 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 13 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 growth, financial results and operations, its development of new products, future demand for its products and growth opportunities, its planned opening of new stores, advertising and marketing initiatives, and the expansion plans for the Company’s European Distribution Center. 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, 2014 and its quarterly report on Form 10-Q for the three months ended June 30, 2015. 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
or
SKECHERS Latin America LLC
Sandra Chiam, 011-507-214-2222
by | Jul 29, 2015 | Press Release
Jul 29, 2015 • 4:01 pm EDT
Record Net Sales of $800.5 Million, an Increase of 36.4 Percent
Record Earnings from Operations of $112.3 Million
Record Net Earnings of $79.8 Million
Record Diluted Earnings per Share of $1.55
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in footwear, today announced financial results for the second quarter ended June 30, 2015.
Second quarter 2015 net sales were $800.5 million compared to $587.1 million for the second quarter of 2014. Gross profit for the second quarter of 2015 was $374.6 million, or 46.8 percent of net sales, compared to $269.4 million, or 45.9 percent of net sales, for the second quarter of last year. Earnings from operations for the second quarter of 2015 were $112.3 million, or 14.0 percent of net sales, compared to net earnings from operations of $53.8 million, or 9.2 percent of net sales for the second quarter of 2014.
Net earnings in the second quarter of 2015 were $79.8 million compared to net earnings of $34.8 million for the second quarter of 2014. Diluted net earnings per share in the second quarter of 2015 were $1.55 based on 51.3 million weighted average shares outstanding compared to diluted net earnings per share of $0.68 based on 50.9 million weighted average shares outstanding for the same period last year.
“The continued strong demand for our product worldwide led to record quarterly financial results for the second quarter—including net sales, earnings from operations and earnings per share. Our second quarter net sales of more than $800 million combined with record sales in the first quarter resulted in the Company achieving $1.57 billion in sales for the first half of 2015,” began David Weinberg, chief operating officer and chief financial officer. “Driving this growth were double-digit increases in our three main business channels: domestic wholesale with an average price per pair increase of 9.0 percent; international wholesale, which includes 665 third-party-owned Skechers retail stores; and Company-owned Skechers domestic and international retail stores with a total comp store sales increase of 12.9 percent for the quarter. Furthermore, the second quarter benefitted from both pent up demand resulting from U.S. port issues in the first quarter as well as a shift in back-to-school shipments due to increased demand in both domestic and international markets. Our international subsidiary business also remained strong with double-digit increases despite currency headwinds in several key markets.”
For the six months ended June 30, 2015, net sales were $1.57 billion compared to net sales of $1.13 billion in the first six months of 2014. Gross profit for the first six months of 2015 was $707.1 million, or 45.1 percent of net sales, compared to $509.8 million, or 45.0 percent of net sales, for the first six months of 2014. Earnings from operations for the first six months of 2015 were $200.5 million, or 12.8 percent of net sales, compared to earnings from operations of $101.9 million, or 9.0 percent of net sales, for the first six months of 2014.
Net earnings in the first six months of 2015 were $135.9 million compared to net earnings of $65.8 million in the same period last year. For the first six months of 2015, diluted net earnings per share were $2.65 based on 51.3 million weighted average common shares outstanding compared to diluted net earnings per share of $1.29 based on 50.9 million weighted average common shares outstanding for the first six months of 2014.
Robert Greenberg, SKECHERS chief executive officer, commented: “Skechers is clearly in the midst of the most exciting time in the Company’s 23-year history. The present has never looked as colorful, comfortable and successful thanks to our product and marketing, and resulting record sales, shipments and earnings. We just announced the signing of global pop singer Meghan Trainor, and together with Demi Lovato we are capturing the attention of 12 to 24 year olds worldwide. During the second quarter, we announced that boxing great Sugar Ray Leonard joined our team of accomplished athletes and brand ambassadors, including Pete Rose and his #PeteintheHall campaign. Together, they and legendary musician Ringo Starr are speaking to Generation X and Baby Boomers with their humorous television commercials for Skechers Relaxed Fit footwear. Our numerous other impactful lifestyle campaigns along with our targeted marketing for Skechers Performance and Skechers Kids lines are resonating with our diverse consumer base. Our efforts in product and marketing also resulted in Skechers becoming the No. 2 athletic footwear brand and the No. 1 walking brand in the United States. While domestic wholesale remains the largest piece of our business at 42 percent, the highest channel increase in the second quarter came from our international segment, which improved by 60 percent and now represents 30 percent of our total sales. With 1,126 Skechers retail stores worldwide, including the new markets of Czech Republic, Nigeria and Alaska, our global footprint is expanding steadily with additional Skechers stores already opened in the third quarter by our international distribution partners in Russia, Australia, Taiwan and Ireland, a joint venture store in India, and another six domestic and international Company-owned stores. The demand for Skechers footwear in markets worldwide continues, and we are excited for several new product introductions coming later this year—including Star Wars® from Skechers shoes for boys and men, along with some developments in our Skechers Performance and athletic lifestyle divisions. We believe that our accelerated growth trend will remain through 2015 and into 2016.”
Mr. Weinberg added: “Our record first half of 2015 follows a record 2014, and is a result of the universal demand for our wide assortment of diverse footwear collections for men, women and kids. At no other time in the history of our company have so many product lines resonated with consumers, giving us a broad base to continue to build upon and grow. With increased year-over-year backlogs at the end of June, strong incoming order rates and July sales, as well as the positive sell-through reports from wholesale and an additional 125 to 135 Company-owned and third-party-owned Skechers retail stores planned to open later this year, we believe that we will continue to achieve new sales and profit records through 2015. With $513.9 million in cash, inventories in line with sales, and improved efficiencies and capacity in both our North American and European distribution centers, we believe we are well prepared for our planned growth. We remain comfortable with the analysts’ current consensus estimates for the back half of 2015.”
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 120 countries and territories worldwide via department and specialty stores, more than 1,100 SKECHERS 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 12 wholly-owned subsidiaries in Brazil, Canada, Chile, Japan 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 growth, financial results and operations, its development of new products, future demand for its products and growth opportunities, its planned opening of new stores, advertising and marketing initiatives, and the expansion plans for the Company’s European Distribution Center. 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, 2014 and its quarterly report on Form 10-Q for the three months ended March 31, 2015. 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 U.S.A., INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited) |
| (In thousands) |
| |
|
|
|
June 30,
2015
|
|
|
December 31,
2014
|
| ASSETS |
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
$ |
513,902 |
|
|
$ |
466,685 |
| Trade accounts receivable, net |
|
|
|
434,191 |
|
|
|
272,103 |
| Other receivables |
|
|
|
15,314 |
|
|
|
16,510 |
| Total receivables |
|
|
|
449,505 |
|
|
|
288,613 |
| Inventories |
|
|
|
470,640 |
|
|
|
453,837 |
| Prepaid expenses and other current assets |
|
|
|
51,633 |
|
|
|
57,015 |
| Deferred tax assets |
|
|
|
18,866 |
|
|
|
18,864 |
| Total current assets |
|
|
|
1,504,546 |
|
|
|
1,285,014 |
| Property, plant and equipment, net |
|
|
|
381,853 |
|
|
|
373,183 |
| Other assets |
|
|
|
26,126 |
|
|
|
16,721 |
| Total non-current assets |
|
|
|
407,979 |
|
|
|
389,904 |
| TOTAL ASSETS |
|
|
$ |
1,912,525 |
|
|
$ |
1,674,918 |
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
| Current installments of long-term borrowings |
|
|
$ |
109,290 |
|
|
$ |
101,407 |
| Accounts payable |
|
|
|
430,422 |
|
|
|
352,815 |
| Short-term borrowings |
|
|
|
1,340 |
|
|
|
1,810 |
| Accrued expenses |
|
|
|
53,626 |
|
|
|
49,705 |
| Total current liabilities |
|
|
|
594,678 |
|
|
|
505,737 |
| Long-term borrowings, net of current installments |
|
|
|
1,592 |
|
|
|
15,081 |
| Other long-term liabilities |
|
|
|
24,400 |
|
|
|
19,993 |
| Total non-current liabilities |
|
|
|
25,992 |
|
|
|
35,074 |
| Total liabilities |
|
|
|
620,670 |
|
|
|
540,811 |
| Stockholders’ equity: |
|
|
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
|
1,222,210 |
|
|
|
1,075,249 |
| Noncontrolling interests |
|
|
|
69,645 |
|
|
|
58,858 |
| Total equity |
|
|
|
1,291,855 |
|
|
|
1,134,107 |
| TOTAL LIABILITIES AND EQUITY |
|
|
$ |
1,912,525 |
|
|
$ |
1,674,918 |
| |
| |
| 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, |
|
|
|
2015 |
|
2014 |
|
|
2015 |
|
2014 |
| Net sales |
|
|
$ |
800,464 |
|
|
$ |
587,051 |
|
|
|
$ |
1,568,461 |
|
|
$ |
1,133,569 |
|
| Cost of sales |
|
|
|
425,856 |
|
|
|
317,676 |
|
|
|
|
861,313 |
|
|
|
623,791 |
|
| Gross profit |
|
|
|
374,608 |
|
|
|
269,375 |
|
|
|
|
707,148 |
|
|
|
509,778 |
|
| Royalty income |
|
|
|
3,630 |
|
|
|
1,836 |
|
|
|
|
5,512 |
|
|
|
4,858 |
|
|
|
|
|
378,238 |
|
|
|
271,211 |
|
|
|
|
712,660 |
|
|
|
514,636 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
| Selling |
|
|
|
64,875 |
|
|
|
53,839 |
|
|
|
|
113,967 |
|
|
|
90,581 |
|
| General and administrative |
|
|
|
201,021 |
|
|
|
163,616 |
|
|
|
|
398,162 |
|
|
|
322,139 |
|
|
|
|
|
265,896 |
|
|
|
217,455 |
|
|
|
|
512,129 |
|
|
|
412,720 |
|
| Earnings from operations |
|
|
|
112,342 |
|
|
|
53,756 |
|
|
|
|
200,531 |
|
|
|
101,916 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| Interest, net |
|
|
|
(2,884 |
) |
|
|
(3,459 |
) |
|
|
|
(5,534 |
) |
|
|
(6,052 |
) |
| Other, net |
|
|
|
2,990 |
|
|
|
148 |
|
|
|
|
(1,771 |
) |
|
|
(934 |
) |
|
|
|
|
106 |
|
|
|
(3,311 |
) |
|
|
|
(7,305 |
) |
|
|
(6,986 |
) |
| Earnings before income tax expense |
|
|
|
112,448 |
|
|
|
50,445 |
|
|
|
|
193,226 |
|
|
|
94,930 |
|
| Income tax expense |
|
|
|
25,383 |
|
|
|
12,232 |
|
|
|
|
44,503 |
|
|
|
23,669 |
|
| Net earnings |
|
|
|
87,065 |
|
|
|
38,213 |
|
|
|
|
148,723 |
|
|
|
71,261 |
|
| Less: Net earnings attributable to noncontrolling interests |
|
|
|
7,283 |
|
|
|
3,411 |
|
|
|
|
12,861 |
|
|
|
5,494 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
|
|
$ |
79,782 |
|
|
$ |
34,802 |
|
|
|
$ |
135,862 |
|
|
$ |
65,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
$ |
1.57 |
|
|
$ |
0.69 |
|
|
|
$ |
2.67 |
|
|
$ |
1.30 |
|
| Diluted |
|
|
$ |
1.55 |
|
|
$ |
0.68 |
|
|
|
$ |
2.65 |
|
|
$ |
1.29 |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
|
50,904 |
|
|
|
50,565 |
|
|
|
|
50,855 |
|
|
|
50,562 |
|
| Diluted |
|
|
|
51,342 |
|
|
|
50,914 |
|
|
|
|
51,259 |
|
|
|
50,879 |
|
Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer and Chief Financial Officer
310-318-3100
or
Investor Relations:
Addo Communications
Andrew Greenebaum
310-829-5400
by | Jul 23, 2015 | Press Release
Jul 23, 2015 • 9:00 am EDT
To Represent the Brand’s Exciting New Styles
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Grammy-nominated singer and songwriter Meghan Trainor is teaming up with hot lifestyle footwear company Skechers. She will appear in the Company’s global marketing and social media campaigns through 2017. Trainor, who became a pop sensation last summer with her six-times platinum single “All About That Bass,” will complement Demi Lovato’s ongoing Skechers Colorful Comfort campaign when she makes her first official appearance in a new Skechers television commercial set to launch later this year.
Meghan Trainor for Skechers (Photo: Business Wire)
“I’m very excited to work with Skechers!” exclaimed Meghan Trainor. “I’m proud to get behind a company that celebrates style and being true to yourself! The shoes are SO comfortable and stylish too. I know my fans will love this campaign.”
“We couldn’t be more thrilled to partner with Meghan Trainor on a new bright and colorful women’s campaign that will be ‘all about the shoes,’” began Michael Greenberg, president of Skechers. “From her beautiful voice to her fun, carefree image, Meghan is an amazing talent who engages with millions of teens and young women around the globe. A true original, Meghan is a perfect fit for Skechers and our super successful, fashionable and comfortable footwear.”
The multi-instrumentalist independently released three albums by the time she turned 17. While still in high school, she was discovered by a Nashville publishing company and started writing tracks for hot country artists like Rascal Flatts and Hunter Hayes. Now signed with Epic Records, Trainor followed last year’s mega-hit single “All About That Bass” with her debut album, Title, which entered the Billboard 200 album chart at #1 when it was released earlier this year. The album’s second single, “Lips Are Movin,” has been certified two-times Platinum, and the third single, “Dear Future Husband,” is platinum. Meghan’s songwriting is fueled by a no-holds-barred but breezy authenticity that is loved by fans spanning over a million on Twitter and Facebook and over two million on Instagram. And cementing her role as an influencer at just 21 years old, Trainor’s video for “All About That Bass” has over 900 million views and more than 360,000 comments on YouTube. Meghan Trainor can currently be seen performing live at dates across the United States on her MTRAIN Tour.
The global Skechers footwear marketing campaign featuring Meghan Trainor will extend across all platforms, including television, print, online, outdoor and point of purchase. Skechers has a long history working with popular female artists evidenced by an alumni list that includes Britney Spears, Christina Aguilera and Carrie Underwood.
About SKECHERS USA, Inc.
SKECHERS USA, Inc. (NYSE:SKX), 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 120 countries and territories worldwide via department and specialty stores, more than 1,050 Skechers 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 12 wholly-owned subsidiaries in Brazil, Canada, Chile, Japan 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 growth, financial results and operations, its development of new products, future demand for its products and growth opportunities, its planned opening of new stores, advertising and marketing initiatives, and the expansion plans for the Company’s European Distribution Center. 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 quarterly report on Form 10-Q for the three months ended March 31, 2015. 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 Contact:
SKECHERS USA, Inc.
Jennifer Clay
310-937-1326
or
Meghan Trainor Contact:
Epic Records
Darren Baber
Vice President, Publicity
310-272-2463
[email protected]
by | Jul 22, 2015 | Press Release
Jul 22, 2015 • 1:00 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in footwear, today announced that it will release its second quarter 2015 financial results after market close on Wednesday, July 29, 2015. 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 29, 2015, at 7:30 p.m. ET, through August 12, 2015, at 11:59 p.m. ET. To access the replay, dial 877-870-5176 (U.S.) or 858-384-5517 (International) and use passcode: 13612567.
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 120 countries and territories worldwide via department and specialty stores, more than 1,050 SKECHERS 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 12 wholly-owned subsidiaries in Brazil, Canada, Chile, Japan and throughout Europe. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
Contact Information:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer and Chief Financial Officer
310-318-3100
or
Investor Relations:
Addo Communications
Andrew Greenebaum
310-829-5400
[email protected]
