by | Apr 18, 2014 | Press Release
Apr 18, 2014 • 4:18 pm EDT
Skechers Performance Division to also release a new ad campaign, GO MEB, GO!, which highlights Meb’s top accomplishments leading in to the Boston Marathon
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Skechers Performance Division announces brand ambassador and elite athlete, Meb, will be racing in a new shoe in Boston—debuting the all-new SkechersGOmeb Speed 3—the latest evolution of his namesake racing shoe. This is the first time the public will see the GOmeb Speed 3. This also coincides with the launch of a new ad campaign titled “GO MEB, GO!” debuting in Boston in support of Meb.
Skechers GOmeb Speed 3 (Photo: Business Wire)
“I’m excited to be racing in Boston this year, and the strong support from Skechers Performance Division with this new campaign and the encouragement from the fans and the crowd on the course always inspires me,” said Meb. “I’ve felt good training and the new GOmeb Speed 3 that I’ll be racing in has felt great—I’m looking forward to debuting the shoe at this notable race.”
The new Skechers GOmeb Speed 3 will be available for purchase in fall 2014 and features an updated design on the upper for a more streamlined look, newly engineered materials on the upper for a lighter, more breathable, comfortable feel and repositioned GOimpulse sensors on the outsole. Additional details on the GOmeb Speed 3 will be released later this year.
The GO, MEB GO! ad campaign highlights Meb’s top accomplishments since joining the Skechers Performance Division in 2011, including first U.S. finisher in the London Games in 2012 and winner of the 2014 U.S. Half Marathon Championships in Houston, TX. The campaign launches with outdoor advertising in bus shelters in the Boston area as well as print ads in select running magazines.
“Boston is a pinnacle race this year, and as we developed this campaign, it was important to us to not only support Meb and his accomplishments as a champion marathoner, but we also wanted to encourage those in Boston and those watching the race at home to cheer for America’s top marathoner,” said Michael Greenberg, President, SKECHERS. “Unity is definitely the sentiment for Boston 2014 and we applaud all those who are participating in this year’s race.”
Skechers Performance Division will be exhibiting at the John Hancock Sports and Fitness Expo in Boston, April 18th – April 20th at booth 2626.
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]
by | Apr 16, 2014 | Press Release
Apr 16, 2014 • 4:58 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle footwear, announced today that the Company’s conference call to review its first quarter fiscal 2014 financial results will be broadcast live over the internet on Tuesday, April 22, 2014, 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 April 22, 2014, at 7:30 p.m. ET, through May 6, 2014, at 11:59 p.m. ET. To access the replay, dial 877-870-5176 (U.S.) or 858-384-5517 (International) and use passcode: 13578816.
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 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 and Chief Financial Officer
310-318-3100
or
Investor Relations:
Addo Communications
Andrew Greenebaum
310-829-5400
[email protected]
by | Mar 3, 2014 | Press Release
Mar 3, 2014 • 3:16 pm EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The SKECHERS Foundation celebrated its fifth annual SKECHERS Pier to Pier Friendship Walk with a check presentation ceremony on Thursday, February 27 at the Company’s world headquarters in Manhattan Beach, California. The Foundation presented its largest donation totals in the history of the walk: $318,000 for The Friendship Circle – a non-profit organization that assists children with special needs and their families – and $492,000 dedicated to six education foundations.
SKECHERS president Michael Greenberg presents a $318,000 donation to The Friendship Circle (Photo: Business Wire)
“I am taken aback by the amount of support we have received from presenting sponsor Nickelodeon and dozens of national corporations including Steel Partners, Wells Fargo, Chevron and many more,” said SKECHERS president Michael Greenberg. “Because of them, the help of celebrity supporters Jimmy Kimmel, Brooke Burke-Charvet and Tommy Lasorda, plus over 10,000 walkers, we were able to surpass our fundraising goal for the fifth consecutive year. It’s amazing to have raised $1 million and make such a sizable donation to both The Friendship Circle and education.”
The Friendship Circle (gotfriends.com) unites children with special needs and teen volunteers through one-on-one peer mentoring and social recreational activities, creating emotional bonds that improve the lives of kids and their families. “Donation funds from the SKECHERS Foundation have helped expand our current programs, including Camp Got Friends – a two-week summer retreat which serves 90 children with special needs,” said Yossi Mintz, executive director of The Friendship Circle. “With SKECHERS’ support, we have nearly doubled our monthly programs and will be able to increase sports and after-school enrichment activities through our 30 clubs for The Friendship Circle members.”
The SKECHERS Pier to Pier Friendship Walk has become California’s largest charity event supporting children with special needs and education. Since its inception in 2009, the walk has united 34,000 participants and raised nearly $3 million to support The Friendship Circle and education foundations committed to saving teachers’ jobs, retaining vital academic programs, maintaining smaller class sizes, improving libraries and upgrading school technology.
The SKECHERS Pier to Pier Friendship Walk is an extension of the SKECHERS Foundation, an organization that was founded to provide families around the world with the necessities and skills to succeed in life. Specifically, the SKECHERS Foundation funds tax-exempt, 501(c)(3) nonprofit organizations that provide education and job training, shoes, clothing, fitness and nutrition guidance to communities in need. The SKECHERS Foundation also develops community and after-school programs for local students, including classes with SKECHERS shoe designers held at the SKECHERS corporate headquarters in Manhattan Beach.
In addition to presenting sponsor Nickelodeon, the SKECHERS Pier to Pier Friendship Walk thanks sponsors that include: Steel Partners, Wells Fargo, Zappos.com, Ross, Rack Room, DSW, United Legwear, Marshalls, Toyota, WSS, Journeys, Chevron, Premiere Displays & Exhibits, Body Glove, Dealer.com, DirecTV, Equinox, Union Bank, Michael Stars, Microsoft, Viva International Group, Northrop Grumman, Honda, Fresh Brothers, Shade Hotel, Murad, Finish Line, Fair Fashion Media, Foot Locker, OK! Magazine and many others who have provided funds and support to create a better future for children. For more information about the SKECHERS Pier to Pier Friendship Walk, please visit skechersfriendshipwalk.com or facebook.com/SKECHERSFriendshipWalk.
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.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, 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 USA, Inc.
Stacey Held
310.318.3100
by | Feb 26, 2014 | Press Release
Feb 26, 2014 • 9:00 am EST
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 present at the 2014 Bank of America Merrill Lynch Consumer and Retail Conference on Tuesday, March 11, 2014, at 10:30 AM ET at the New York Palace Hotel in New York, NY.
The audio portion of the presentation 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).
Company Contact:
SKECHERS USA, Inc.
David Weinberg, 310-318-3100
Chief Operating Officer/Chief Financial Officer
or
Investor Relations:
Addo Communications
Andrew Greenebaum, 310-829-5400
by | Feb 12, 2014 | Press Release
Feb 12, 2014 • 4:00 pm EST
- Fourth Quarter 2013 Net Sales Increased 13.9 Percent to $450.7 Million
- Fourth Quarter 2013 Net Earnings of $14.2 Million
- Fourth Quarter 2013 Diluted Earnings Per Share of $0.28
- Fiscal Year 2013 Net Sales Increased 18.3 Percent to $1.846 Billion
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2013.
Net sales for the fourth quarter of 2013 were $450.7 million compared to $395.6 million in the fourth quarter of 2012. Gross profit for the fourth quarter of 2013 was $200.6 million or 44.5 percent of net sales compared to $168.5 million or 42.6 percent of net sales in the fourth quarter of 2012. Earnings from operations in the fourth quarter of 2013 were $17.1 million compared to earnings from operations of $8.0 million in the fourth quarter of 2012. The Company’s effective tax rate for the year-ended December 31, 2013, was 26.0 percent, which was down from the forecasted rate of 31.9 percent at the close of the third quarter 2013. This was due to increased international and slightly decreased domestic profitability. The Company expects improved international sales and profitability to continue to have a positive impact on its 2014 effective tax rate, which is expected to be between 25 percent and 30 percent.
“The momentum we experienced in the first nine months of 2013 continued in the fourth quarter, which resulted in the second highest fourth quarter sales in the Company’s history and a 13.9 percent net sales increase for the period on top of last year’s fourth quarter net sales gain of 39.7 percent,” began David Weinberg, SKECHERS chief operating officer and chief financial officer. “The growth is related to the strong product successes we are experiencing across our men’s, women’s, and kids’ categories, which resulted in double-digit increases in our Company-owned retail and domestic wholesale businesses, and single-digit increases in our international and e-commerce businesses. Further indication of the strength of our product is the 12.8 percent comp store sales increases in our worldwide Company-owned retail stores during the fourth quarter.”
Net earnings for the fourth quarter of 2013 were $14.2 million compared to net earnings of $4.0 million in the fourth quarter of 2012. Net earnings per diluted share in the fourth quarter of 2013 were $0.28 based on 50.7 million weighted average shares outstanding compared to $0.08 based on 50.3 million weighted average shares outstanding in the fourth quarter of 2012.
Fiscal year 2013 net sales were $1.846 billion compared to net sales of $1.560 billion in 2012. Gross profit for 2013 was $818.8 million or 44.4 percent of net sales compared to $683.3 million or 43.8 percent of net sales in 2012. Earnings from operations for 2013 were $93.6 million compared to $22.3 million in 2012.
Net earnings for 2013 were $54.8 million compared to $9.5 million in 2012. Net earnings per diluted share for fiscal year 2013 were $1.08 based on 50.6 million weighted average shares outstanding versus $0.19 based on 49.9 million weighted average shares outstanding in the prior year.
Robert Greenberg, SKECHERS chief executive officer, commented: “Skechers has always been a product focused company, but in 2013, we challenged ourselves to deliver key styles from every one of our divisions. This more diversified product approach resulted in strong sales across our distribution channels. With our broad assortment of products, we weathered the unseasonably cold winter in the Midwest and Northeast thanks to one of our strongest boot collections, and the unseasonably warm weather in the West thanks to one of our strongest Sport collections. We were also honored as Brand of the Year for Skechers GO from Footwear News, and received the 2013 Excellence in Design Awards for Running and Kids footwear from Footwear Plus—two significant recognitions from leading trade magazines. The momentum we have been experiencing in the United States reached multiple markets around the world, resulting in sales improvements in Europe, Asia, the Middle East, Australia and South America. We supported our many divisions with a multi-level marketing campaign centered around television advertising. In the fourth quarter, these included campaigns with Brooke Burke-Charvet for both Relaxed Fit from Skechers and Bobs from Skechers campaigns, and two spots featuring sports icons Joe Montana and Mark Cuban for our men’s Relaxed Fit by Skechers footwear. This quarter, we launched a new commercial for Skechers GOrun Ride 3 featuring elite runner and Olympic medalist Meb, who won the Houston Half Marathon last month. Our focus is to continue to deliver innovative, in-demand footwear that consumers around the globe will seek out, and support our product with impactful marketing. We are confident we can achieve this efficiently and continue to profitably grow our business through 2014.”
David Weinberg continued: “We believe 2013, with our second highest annual net sales ever, was the beginning of a growth trend for SKECHERS that we see continuing through 2014. Key performance indicators of this momentum are the approximately 30 percent increase in our combined worldwide backlogs at year-end, and our healthy January 2014 sales, including mid-single-digit comp store sales increases in our worldwide retail stores—in spite of the weather impacting a large portion of the United States. We are committed to maintaining this positive trend through product development, growth in our emerging and established international markets, deeper penetration in key domestic accounts, and the planned opening of 60 to 70 new Company-owned stores this year. With $372.0 million in cash as of year-end, in-line inventory and strong double-digit backlogs, we believe the momentum we experienced since the end of 2012 will continue through 2014, and we are comfortable with the consensus numbers currently reported for the first quarter and full year.”
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, as amended, on Forms 10-K and Form 10-K/A for the year ended December 31, 2012 and its quarterly report on Form 10-Q for the three months and nine months ended September 30, 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.
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|
|
|
|
|
|
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
|
$ |
372,011 |
|
|
|
|
|
|
|
|
|
|
$ |
325,826 |
| Trade accounts receivable, net |
|
|
|
|
|
|
225,941 |
|
|
|
|
|
|
|
|
|
|
|
213,697 |
| Other receivables |
|
|
|
|
|
|
10,599 |
|
|
|
|
|
|
|
|
|
|
|
7,491 |
| Total receivables |
|
|
|
|
|
|
236,540 |
|
|
|
|
|
|
|
|
|
|
|
221,188 |
| Inventories |
|
|
|
|
|
|
358,168 |
|
|
|
|
|
|
|
|
|
|
|
339,012 |
| Prepaid expenses and other current assets |
|
|
|
|
|
|
26,094 |
|
|
|
|
|
|
|
|
|
|
|
27,755 |
| Deferred tax assets |
|
|
|
|
|
|
22,115 |
|
|
|
|
|
|
|
|
|
|
|
26,531 |
| Total current assets |
|
|
|
|
|
|
1,014,928 |
|
|
|
|
|
|
|
|
|
|
|
940,312 |
| Property, plant and equipment, at cost, less accumulated depreciation and amortization |
|
|
|
|
|
|
361,755
|
|
|
|
|
|
|
|
|
|
|
|
362,446
|
| Goodwill and other intangible assets, less applicable amortization |
|
|
|
|
|
|
2,377 |
|
|
|
|
|
|
|
|
|
|
|
3,242 |
| Deferred tax assets |
|
|
|
|
|
|
9,950 |
|
|
|
|
|
|
|
|
|
|
|
16,387 |
| Other assets, at cost |
|
|
|
|
|
|
19,560 |
|
|
|
|
|
|
|
|
|
|
|
17,833 |
| Total non-current assets |
|
|
|
|
|
|
393,642 |
|
|
|
|
|
|
|
|
|
|
|
399,908 |
| TOTAL ASSETS |
|
|
|
|
|
$ |
1,408,570 |
|
|
|
|
|
|
|
|
|
|
$ |
1,340,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current installments of long-term borrowings |
|
|
|
|
|
$ |
12,028 |
|
|
|
|
|
|
|
|
|
|
$ |
11,668 |
| Short-term borrowings |
|
|
|
|
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
2,425 |
| Accounts payable |
|
|
|
|
|
|
258,183 |
|
|
|
|
|
|
|
|
|
|
|
241,525 |
| Accrued expenses |
|
|
|
|
|
|
40,124 |
|
|
|
|
|
|
|
|
|
|
|
36,923 |
| Total current liabilities |
|
|
|
|
|
|
310,422 |
|
|
|
|
|
|
|
|
|
|
|
292,541 |
| Long-term borrowings, excluding current installments |
|
|
|
|
|
|
116,488 |
|
|
|
|
|
|
|
|
|
|
|
128,517 |
| Other long-term liabilities |
|
|
|
|
|
|
1,740 |
|
|
|
|
|
|
|
|
|
|
|
73 |
| Total non-current liabilities |
|
|
|
|
|
|
118,228 |
|
|
|
|
|
|
|
|
|
|
|
128,590 |
| Total liabilities |
|
|
|
|
|
|
428,650 |
|
|
|
|
|
|
|
|
|
|
|
421,131 |
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
|
|
|
|
930,322 |
|
|
|
|
|
|
|
|
|
|
|
875,969 |
| Noncontrolling interests |
|
|
|
|
|
|
49,598 |
|
|
|
|
|
|
|
|
|
|
|
43,120 |
| Total equity |
|
|
|
|
|
|
979,920 |
|
|
|
|
|
|
|
|
|
|
|
919,089 |
| TOTAL LIABILITIES AND EQUITY |
|
|
|
|
|
$ |
1,408,570 |
|
|
|
|
|
|
|
|
|
|
$ |
1,340,220 |
|
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|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
|
|
2013 |
|
|
|
2012 |
|
|
|
2013 |
|
|
|
2012 |
| Net sales |
|
|
|
$ |
450,737 |
|
|
|
|
$ |
395,617 |
|
|
|
|
$ |
1,846,361 |
|
|
|
|
$ |
1,560,321 |
|
| Cost of sales |
|
|
|
|
250,092 |
|
|
|
|
|
227,153 |
|
|
|
|
|
1,027,569 |
|
|
|
|
|
876,995 |
|
| Gross profit |
|
|
|
|
200,645 |
|
|
|
|
|
168,464 |
|
|
|
|
|
818,792 |
|
|
|
|
|
683,326 |
|
| Royalty income |
|
|
|
|
2,890 |
|
|
|
|
|
2,601 |
|
|
|
|
|
7,734 |
|
|
|
|
|
7,104 |
|
|
|
|
|
|
203,535 |
|
|
|
|
|
171,065 |
|
|
|
|
|
826,526 |
|
|
|
|
|
690,430 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling |
|
|
|
|
33,496 |
|
|
|
|
|
31,086 |
|
|
|
|
|
153,491 |
|
|
|
|
|
134,920 |
|
| General and administrative |
|
|
|
|
151,699 |
|
|
|
|
|
132,142 |
|
|
|
|
|
577,214 |
|
|
|
|
|
532,373 |
|
| Legal settlements (recoveries) |
|
|
|
|
1,278 |
|
|
|
|
|
(123 |
) |
|
|
|
|
2,212 |
|
|
|
|
|
818 |
|
|
|
|
|
|
186,473 |
|
|
|
|
|
163,105 |
|
|
|
|
|
732,917 |
|
|
|
|
|
668,111 |
|
| Income from operations |
|
|
|
|
17,062 |
|
|
|
|
|
7,960 |
|
|
|
|
|
93,609 |
|
|
|
|
|
22,319 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest, net |
|
|
|
|
(2,696 |
) |
|
|
|
|
(3,450 |
) |
|
|
|
|
(11,049 |
) |
|
|
|
|
(12,765 |
) |
| Gain (loss) on disposal of assets |
|
|
|
|
602 |
|
|
|
|
|
(14 |
) |
|
|
|
|
447 |
|
|
|
|
|
(216 |
) |
| Other, net |
|
|
|
|
1,509 |
|
|
|
|
|
2,138 |
|
|
|
|
|
(792 |
) |
|
|
|
|
1,135 |
|
|
|
|
|
|
(585 |
) |
|
|
|
|
(1,326 |
) |
|
|
|
|
(11,394 |
) |
|
|
|
|
(11,846 |
) |
| Earnings before income taxes |
|
|
|
|
16,477 |
|
|
|
|
|
6,634 |
|
|
|
|
|
82,215 |
|
|
|
|
|
10,473 |
|
| Income tax expense (benefit) |
|
|
|
|
376 |
|
|
|
|
|
2,968 |
|
|
|
|
|
21,347 |
|
|
|
|
|
(39 |
) |
| Net earnings |
|
|
|
|
16,101 |
|
|
|
|
|
3,666 |
|
|
|
|
|
60,868 |
|
|
|
|
|
10,512 |
|
| Less: Net earnings (loss) attributable to noncontrolling interest |
|
|
|
|
1,936 |
|
|
|
|
|
(290 |
) |
|
|
|
|
6,080 |
|
|
|
|
|
1,000 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
|
|
|
$ |
14,165 |
|
|
|
|
$ |
3,956 |
|
|
|
|
$ |
54,788 |
|
|
|
|
$ |
9,512 |
|
|
|
|
|
|
|
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|
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|
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|
|
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|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
|
$ |
0.28 |
|
|
|
|
$ |
0.08 |
|
|
|
|
$ |
1.09 |
|
|
|
|
$ |
0.19 |
|
| Diluted |
|
|
|
$ |
0.28 |
|
|
|
|
$ |
0.08 |
|
|
|
|
$ |
1.08 |
|
|
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
|
|
50,463 |
|
|
|
|
|
49,980 |
|
|
|
|
|
50,363 |
|
|
|
|
|
49,495 |
|
| Diluted |
|
|
|
|
50,653 |
|
|
|
|
|
50,271 |
|
|
|
|
|
50,563 |
|
|
|
|
|
49,942 |
|
|
|
|
|
|
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|
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 | Feb 6, 2014 | Press Release
Feb 6, 2014 • 4:00 pm EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle footwear, announced today that the Company’s conference call to review its fourth quarter and full year fiscal 2013 financial results will be broadcast live over the internet on Wednesday, February 12, 2014, 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 February 12, 2014, at 7:30 p.m. ET, through February 26, 2014, at 11:59 p.m. ET. To access the replay, dial 877-870-5176 (U.S.) or 858-384-5517 (International) and use passcode: 13574770.
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 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 and Chief Financial Officer
310-318-3100
or
Investor Relations:
Addo Communications
Andrew Greenebaum
310-829-5400
[email protected]
