by | May 6, 2014 | Press Release
May 6, 2014 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX) today announced that David Weinberg, the Company’s Chief Operating Officer and Chief Financial Officer, will participate in two upcoming investor conferences in May.
- The 15th Annual B. Riley & Co. Investor Conference to be held at the Loews Santa Monica Beach Hotel. Skechers is scheduled to present on Tuesday, May 20, 2014, at 10:00 a.m. PT/1:00 p.m. ET.
- The Citi 2014 Global Consumer Conference to be held at the Hilton New York Hotel in New York City. Skechers is scheduled to participate in a round table discussion on Thursday, May 29, 2014, at 7:25 a.m. PT/10:25 a.m. ET.
The audio portion of both presentations will be available live by visiting the ‘Investor Relations’ section of the Company’s Website at www.skx.com. A replay of the audio will be accessible on the site for 90 days following the live presentation.
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 via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, and in over 100 countries and territories through the Company’s international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world. For more information, please visit www.skechers.com, and follow us on Facebook (www.facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
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 | May 5, 2014 | Press Release
May 5, 2014 • 10:15 am EDT
Skechers Performance Division Partners with American Long-Distance Runner, Kara Goucher, in a Multi-Year Agreement as Goucher’s Official Footwear Sponsor
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Skechers Performance Division today announced the signing of long-distance runner, Kara Goucher, to the Skechers Performance Elite Team. The multi-year agreement names Skechers Performance Division as Goucher’s official footwear sponsor and will feature the world-class female runner in global marketing and advertising campaigns.
American long-distance runner Kara Goucher in the Skechers GOmeb Speed 2 (Image courtesy of Kara Goucher)
Goucher’s achievements as an elite long-distance runner include winning the bronze medal in the 2007 World Championships in the 10,000 meter, competing on the U.S. Olympic team in 2012 and 2008, placing first in the 2012 USA Half Marathon Championships and placing third in the 2012 Olympic marathon trials in Houston, Texas.
“We know Kara will make a fantastic addition to our team,” stated Michael Greenberg, president of SKECHERS. “This partnership strengthens our commitment to the Skechers Performance brand and adds tremendous credibility to what we are accomplishing. Integral to our strategy is working with top runners to develop performance shoes that exceed expectations. We believe elite athletes like Kara and Meb competing in Skechers Performance footwear further drives growth in this key division of our company.”
“I am excited to be joining the Skechers Performance Division,” said Kara Goucher. “The team is dedicated to making the best shoes possible for runners of all levels. They take direct feedback from athletes and apply it to their shoe development. Skechers Performance is willing to think outside the box in an effort to put their athletes first. I am honored to be joining this team and I look forward to a great relationship on and off the roads.”
“When our team first met with Kara you could sense immediately that this was a partnership both parties wanted to make happen,” said Rick Higgins, vice president of merchandising and marketing for Skechers Performance Division. “Kara’s passion and desire to win coupled with our design team’s determination to build the best running shoes make for a great partnership. We view this as another major leap forward in building product that resonates with athletes and those wanting comfortable technical footwear.”
A competitive runner for over 20 years, Goucher grew up in Duluth, Minnesota and attended the University of Colorado in Boulder. After taking a brief break from competing to have a child, Goucher returned to competition in January 2011 and is currently training in Boulder, Colorado with her coaches Mark Wetmore and Heather Burroughs.
SKECHERS is one of the top five athletic footwear companies in the United States and the Performance Division designs award-winning, innovative footwear for athletes such as 2014 Boston Champion, Meb, as well as fitness enthusiasts and consumers around the globe. Learn more about Skechers Performance Division on our new custom YouTube channel, SkechersGOrun.com and follow us on Facebook (facebook.com/SkechersPerformance), Twitter (twitter.com/skechersGO) and Instagram (instagram.com/skechersperformance).
For more information and interview opportunities, please contact Jolene Abbott at 310.318.3100 x4839 or [email protected].
ABOUT SKECHERS USA, INC.
SKECHERS USA, Inc. (NYSE: SKX), based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name. SKECHERS footwear is available in the United States via department and specialty stores, company-owned SKECHERS retail stores and its e-commerce website, and over 100 countries and territories through the company’s global network of distributors and subsidiaries in Brazil, Canada, Chile, Japan and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com and follow us on Facebook (Facebook.com/SKECHERS) and Twitter (Twitter.com/SKECHERSUSA).
This announcement may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and 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 includethe resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; 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, 2013. 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.
Jolene Abbott, 310-318-3100 x4839
[email protected]
by | May 2, 2014 | Press Release
May 2, 2014 • 8:55 am EDT
Footwear Company Sees a Natural Fit to Leverage Both Brands
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in footwear, today announced that it will explore acquiring an interest in the Los Angeles Clippers basketball team. The Company is consulting with its advisors about leading an investment group to acquire an interest in the team.
“As one of the five largest athletic footwear companies in the United States and with roots deep in Southern California, we believe acquiring an interest in the Los Angeles Clippers is a natural fit for Skechers,” said Robert Greenberg, Skechers Chief Executive Officer. “With numerous accolades for the Skechers Performance Division, Skechers has become a serious player in the athletic performance footwear market globally. Like Skechers, the Clippers are a great Los Angeles brand with a loyal following and recognition that extends way beyond Southern California.”
Skechers has a long association with professional sports. Most recently, elite athlete and Olympic medalist Meb Keflezighi won the 2014 Boston Marathon and broke his personal record wearing the new Skechers GOmeb Speed 3 shoes, becoming the first American male to win this event since 1983, and the first American since 1985. Meb has endorsed Skechers running shoes since 2011 when the Company launched the Skechers Performance Division and line of Skechers GO footwear. Skechers has also signed many athletic superstars and icons to endorsements over the past twenty years including Joe Montana, Larry Bird, Wayne Gretzky, Evander Holyfield, Karl Malone, Mark Cuban, Tommy Lasorda, and Rick Fox.
Mr. Greenberg continued: “We believe this presents us with a tremendous opportunity to leverage and cross-promote both the Skechers and Clippers brands. The Clippers play in the second biggest media market in the country, and Skechers is an advertising-driven consumer brand that markets and promotes its products worldwide via print, television, digital, radio, in-store, and in malls, stadiums and transportation hubs. We hope that Skechers can be part of giving the Clippers organization and fans a fresh start.”
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 via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, and in over 100 countries and territories through the Company’s international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world. For more information, please visit www.skechers.com, and follow us on Facebook (www.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, and its planned opening of new stores, 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 no assurance that the Clippers will in fact be sold, no assurance that the Company will be able to effect the referenced transaction, no assurance that the Company could form the necessary investment group to effect the referenced transactions, no assurance that the NBA would approve the referenced transaction, the resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; 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, 2013. 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
by | Apr 25, 2014 | Press Release
Apr 25, 2014 • 2:20 pm EDT
LONDON–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) today announced that it was named Fashion Footwear Brand of the Year at The Footwear Industry Awards. This achievement follows a year when SKECHERS won multiple industry awards in the United States, including: Running Design Excellence and Children’s Design Excellence from Footwear Plus magazine and Footwear News Brand of the Year for the Skechers GO collection. The most recent honor is SKECHERS’ second consecutive win at The Footwear Industry Awards; the Skechers Performance Division was previously named Sports Brand of the Year in 2013.
Peter Youell, Managing Director of SKECHERS UK and Ireland commented: “This achievement reaffirms SKECHERS’ heritage as a leading lifestyle and fashion footwear brand, and reflects the strong foundation of our business. We are extremely proud to receive this recognition from The Footwear Industry Awards, especially amongst such notable brands that were nominated in our categories. Building on this momentum into 2014, SKECHERS will continue to develop fashionable, on-trend footwear across our women’s, men’s and kids divisions.”
The prestigious annual awards event was held in February during the Moda Footwear Show and organized by Datateam Business Media with the support of the British Footwear Association (BFA), Independent Footwear Retailers Association (IFRA), Society of Shoe Fitters and Footwear Today.
Cheryl Taylor, Editor of Footwear Today Magazine commented: “I was delighted that Skechers won the Fashion Forward Brand Of The Year Award at the Footwear Industry Awards event in February 2014. Skechers has one of the widest and most exciting fashion ranges currently on offer in the UK, offering cutting edge designs for all the family. Take the (SKECHERS) GoWalk for example, they’re smooth, they’re streamlined and really rather radical. Many styles come in deliciously bright colours and wouldn’t look out of place on the catwalk, yet they are incredibly light and boy, are they comfortable! Good job Skechers!”
The Footwear Industry Awards recognize excellence at every level, and SKECHERS won over a strong competitive field that included Clarks, Fly London and Gabor. In addition, SKECHERS was highly commended in the Comfort and Wellness footwear category alongside Clarks and Ecco.
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 via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, and in over 100 countries and territories through the Company’s international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world. For more information, please visit skechers.co.uk, and follow us on Facebook (facebook.com/SKECHERS) and Twitter (https://twitter.com/SKECHERS_UK).
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, and its planned opening of new stores, 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 the resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; consumer preferences and rapid changes in technology in 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, 2013. 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 UK/Ireland
Nicola Zachariades, 01707655955
[email protected]
by | Apr 22, 2014 | Press Release
Apr 22, 2014 • 4:05 pm EDT
- Net Sales of $546.5 Million, an Increase of 21.0 Percent
- Earnings from Operations of $48.2 Million
- Diluted Earnings Per Share of $0.61
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in footwear, today announced financial results for the first quarter ended March 31, 2014.
First quarter 2014 net sales were $546.5 million compared to $451.6 million in the first quarter of 2013.Gross profit for the first quarter of 2014 was $240.4 million, or 44.0 percent of net sales, compared to $192.7 million, or 42.7 percent of net sales, in the first quarter of 2013. Earnings from operations for the first quarter of 2014 were $48.2 million compared to earnings from operations of $15.3 million for the first quarter of 2013. Due to Easter falling later in Spring, the Company shifted a portion of its advertising expenses into the second quarter 2014, reducing its media expenses in the first quarter 2014.
“The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations. The result was net sales of over $546 million, a 21 percent increase over last year’s first quarter and a first quarter record as well as the second highest quarterly revenues in the company’s 22-year history,” began David Weinberg, chief operating officer and chief financial officer. “The improvements were achieved despite Easter falling late in April and the extreme cold weather experienced in most of the United States throughout the quarter. The sales results are attributable to double-digit increases in our domestic and international wholesale business, as well as increases in our worldwide company-owned retail business, which achieved a 5.6 percent comparable quarter net sales increase. With multiple product success stories in our lifestyle, performance and kids’ footwear, the positive reaction to our current products resulted in a gross margin of 44.0 percent and an operating margin of 8.8 percent.”
Net earnings in the first quarter of 2014 were $31.0 million compared to net earnings of $6.7 million for the first quarter of 2013. Net earnings per diluted share in the first quarter 2014 were $0.61 based on 50.8 million weighted average shares outstanding compared to a diluted net earnings per share of $0.13 based on 50.5 million weighted average shares outstanding for the same period in the prior year. The Company’s effective tax rate for the first quarter of 2014 was 25.7 percent as a result of certain discrete items recorded in the first quarter. The Company currently estimates its effective tax rate for 2014 to be 25 percent to 28 percent.
Robert Greenberg, SKECHERS chief executive officer, commented: “The combination of the simultaneous success of multiple product categories in the United States and the broad global acceptance of these same initiatives allowed us to expand our assortment of styles and create a unified product message around the world. We believe this is because we’re on target for current trends with the most relevant and exciting footwear offering in the company’s history, including our Spring 2014 collection which we began to deliver in February. The record first quarter sales are evidence that our product initiatives are working and our on-going efforts to elevate our product offering with fresh innovative footwear styles is resonating with consumers. The innovation has also lead to remarkable accomplishments in our Skechers Performance Division with two editorial awards in the first quarter for our Skechers GO running footwear, and yesterday’s incredible Boston Marathon win for elite runner and Olympian Meb, who achieved a personal best in Skechers GOmeb Speed 3 at the event. Meb continues to appear in SKECHERS Performance Division marketing campaigns, while The Voice winner Danielle Bradbery, television celebrity Brooke Burke-Charvet, and sport icons Joe Montana, Mark Cuban and Tommy Lasorda appear in our campaigns for our lifestyle division. In addition, print ads are running in magazines and on billboards and kiosks, and we have a strong online and in-store marketing presence. We are also running many of our product and lifestyle focused campaigns around the world, further creating global synergy between product and marketing. We have seen the benefits of leveraging the strength of our brand, product and marketing across international markets as first quarter sales achieved double-digits growth in Europe, Canada, Asia, including China, and many other regions. We believe this positive trend will continue as the demand for our brand remains strong globally. We are looking forward to delivering the remainder of our Spring footwear collection, and introducing new innovative product for Back-to-School 2014.”
Mr. Weinberg continued: “April has started off very strong in terms of order rates, revenues and backlogs, all which have accelerated since year end. This was achieved without impacting our at-once business which remains at the same levels as last year. We believe this positive trend will continue through the second quarter and back half of the year as the demand for our key product initiatives in the United States, Asia, Europe, the Middle East and South America remains very high. We believe we are well positioned to maintain this growth with the combination of $329.4 million in cash, an additional 50 to 60 company-owned SKECHERS stores opening later this year in addition to the 10 opened in the first quarter, and more in-line product deliveries in the second quarter and throughout 2014. Though we believe there may be some upside with the second quarter sales numbers, we remain comfortable with the analysts’ consensus earnings estimates currently reported for the quarter even with the shift of media expenses previously discussed.”
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 via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, and in over 100 countries and territories through the Company’s international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world. For more information, please visit www.skechers.com, and follow us on Facebook (www.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, and its planned opening of new stores, 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 the resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; 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, 2013. 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) |
|
|
|
|
|
|
|
March 31,
2014
|
|
December 31,
2013
|
| ASSETS |
|
|
|
|
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
329,448 |
|
$ |
372,011 |
| Trade accounts receivable, net |
|
|
312,325 |
|
|
225,941 |
| Other receivables |
|
|
9,558 |
|
|
10,599 |
| Total receivables |
|
|
321,883 |
|
|
236,540 |
| Inventories |
|
|
312,201 |
|
|
358,168 |
| Prepaid expenses and other current assets |
|
|
27,447 |
|
|
26,094 |
| Deferred tax assets |
|
|
22,115 |
|
|
22,115 |
| Total current assets |
|
|
1,013,094 |
|
|
1,014,928 |
| Property, plant and equipment, at cost, less accumulated depreciation and amortization |
|
|
362,575
|
|
|
361,755
|
| Goodwill and other intangible assets, less applicable amortization |
|
|
2,144 |
|
|
2,377 |
| Deferred tax assets |
|
|
1,492 |
|
|
9,950 |
| Other assets, at cost |
|
|
19,519 |
|
|
19,560 |
| Total non-current assets |
|
|
385,730 |
|
|
393,642 |
| TOTAL ASSETS |
|
$ |
1,398,824 |
|
$ |
1,408,570 |
| LIABILITIES AND EQUITY |
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Current installments of long-term borrowings |
|
$ |
12,123 |
|
$ |
12,028 |
| Short-term borrowings |
|
|
87 |
|
|
87 |
| Accounts payable |
|
|
215,428 |
|
|
258,183 |
| Accrued expenses |
|
|
42,105 |
|
|
40,124 |
| Total current liabilities |
|
|
269,743 |
|
|
310,422 |
| Long-term borrowings, excluding current installments |
|
|
113,422 |
|
|
116,488 |
| Other long-term liabilities |
|
|
2,386 |
|
|
1,740 |
| Total non-current liabilities |
|
|
115,808 |
|
|
118,228 |
| Total liabilities |
|
|
385,551 |
|
|
428,650 |
| Stockholders’ equity: |
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
962,997 |
|
|
930,322 |
| Noncontrolling interests |
|
|
50,276 |
|
|
49,598 |
| Total equity |
|
|
1,013,273 |
|
|
979,920 |
| TOTAL LIABILITIES AND EQUITY |
|
$ |
1,398,824 |
|
$ |
1,408,570 |
|
|
|
|
|
|
|
|
| SKECHERS U.S.A., INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
| (Unaudited) |
| (In thousands, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2014 |
|
|
|
2013 |
|
| Net sales |
|
$ |
546,518 |
|
|
$ |
451,621 |
|
| Cost of sales |
|
|
306,115 |
|
|
|
258,889 |
|
| Gross profit |
|
|
240,403 |
|
|
|
192,732 |
|
| Royalty income |
|
|
3,022 |
|
|
|
1,770 |
|
|
|
|
243,425 |
|
|
|
194,502 |
|
| Operating expenses: |
|
|
|
|
| Selling |
|
|
36,742 |
|
|
|
37,696 |
|
| General and administrative |
|
|
158,523 |
|
|
|
141,468 |
|
|
|
|
195,265 |
|
|
|
179,164 |
|
| Earnings from operations |
|
|
48,160 |
|
|
|
15,338 |
|
| Other expense: |
|
|
|
|
| Interest, net |
|
|
(2,593 |
) |
|
|
(2,549 |
) |
| Other, net |
|
|
(1,082 |
) |
|
|
(2,923 |
) |
|
|
|
(3,675 |
) |
|
|
(5,472 |
) |
| Earnings before income taxes |
|
|
44,485 |
|
|
|
9,866 |
|
| Income tax expense |
|
|
11,437 |
|
|
|
2,278 |
|
| Net earnings |
|
|
33,048 |
|
|
|
7,588 |
|
| Less: Net earnings attributable to noncontrolling interest |
|
|
2,083 |
|
|
|
908 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
30,965 |
|
|
$ |
6,680 |
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
| Basic |
|
$ |
0.61 |
|
|
$ |
0.13 |
|
| Diluted |
|
$ |
0.61 |
|
|
$ |
0.13 |
|
|
|
|
|
|
| Weighted average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
| Basic |
|
|
50,558 |
|
|
|
50,295 |
|
| Diluted |
|
|
50,844 |
|
|
|
50,492 |
|
|
|
|
|
|
Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer
Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Andrew Greenebaum
(310) 829-5400
by | Apr 21, 2014 | Press Release
Apr 21, 2014 • 5:40 pm EDT
Top American Elite Runner Sets New Personal Record at Emotional Boston Strong Event
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The Skechers Performance Division congratulates elite athlete and Olympic medalist Meb as the men’s winner of the 2014 Boston Marathon. Wearing the new Skechers GOmeb Speed 3 shoes, Meb broke his personal record with a time of 2:08:37, and is the first American male to win the Boston Marathon since 1983, and the first American since 1985.
Meb crossing the finish line in his signature Skechers GOmeb Speed 3 shoes for the win at the 2014 Boston Marathon. (Jim Rogash / Getty Images)
“A year ago I decided I wanted to win the 2014 Boston Marathon for the people of Boston and for the U.S.,” said Meb. “When the Red Sox put the World Series trophy at the Boston Marathon finish line during the victory parade last year, I was inspired more than ever to come back and win. With the support of the Skechers Performance Division by my side every step of the way, today I have won for the city of Boston, and for the entire U.S.”
“This is a very significant win for both Meb and the Skechers Performance Division, but also, and more importantly, for Boston and America,” said Rick Higgins, Vice President of Merchandising & Marketing for the Skechers Performance Division. “We are so proud of Meb and his monumental accomplishment on what was clearly a very emotional day. We could not think of a better Skechers Performance brand ambassador than Meb.”
The Skechers Performance Division first signed Meb in 2011 to represent the Skechers Performance Division as it launched its new footwear line. Since that time, Meb has won more than five key races, including the U.S. Half Marathon Championship in Houston in January 2014, and the U.S. Olympic Trials in Houston in 2012. This past fall, Meb extended his contract with the Skechers Performance Division through 2016.
Skechers Performance Division athletic shoes are available for men and women at SKECHERS retail stores, select specialty run retailers and online at Skechers.com. The new GOmeb Speed 3 will be available in fall 2014. Learn more about our products, athletes and much more on our new custom YouTube channel, SkechersGOrun.com and follow us on Facebook (facebook.com/SkechersPerformance), Twitter (twitter.com/skechersGO) and Instagram (instagram.com/skechersperformance).
For more information and interview opportunities, please contact Jolene Abbott at 310-318-3100 x4839 or [email protected].
ABOUT SKECHERS USA, INC.
SKECHERS USA, Inc. (NYSE: SKX), based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name. SKECHERS footwear is available in the United States via department and specialty stores, company-owned SKECHERS retail stores and its e-commerce website, and over 100 countries and territories through the company’s global network of distributors and subsidiaries in Brazil, Canada, Chile, Japan and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com and follow us on Facebook (Facebook.com/SKECHERS) and Twitter (Twitter.com/SKECHERSUSA).
This announcement may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements, and 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 includethe resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; 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, 2013. 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.
Jolene Abbott, 310-318-3100 x4839
[email protected]
