by Zach | Nov 26, 2024 | Press Release
Nov 26, 2024 • 4:05 pm EST
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (“Skechers” or the “Company”) (NYSE: SKX), The Comfort Technology Company™ and a global footwear leader, today announced that John Vandemore, Chief Financial Officer, will participate in a fireside chat at the Morgan Stanley Global Consumer & Retail Conference in New York City on Tuesday, December 3, 2024, at 5:45 a.m. PT / 8:45 a.m. ET.
The audio portion of the fireside chat will be available live and on replay for 90 days on the Company’s website at investors.skechers.com.
About Skechers USA, Inc.
Skechers, The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in approximately 180 countries and territories through third-party retailers, marketplaces, and direct to consumers through skechers.com and approximately 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
Investor Relations
Sonia Reback
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers USA, Inc.
by Zach | Nov 25, 2024 | Press Release
Nov 25, 2024 • 9:00 am EST
Reid Now Starring in Skechers Hands Free Slip-ins Campaign with More to Come as He Brings the Brand’s Comfort and Convenience into the Postseason
LOS ANGELES–(BUSINESS WIRE)–
Coach Andy Reid takes his championship-winning focus and drive to another champion in its field: Skechers Hands Free Slip-ins®. As the latest Skechers ambassador, the Kansas City Chiefs leader is now appearing in a Skechers Hands Free Slip-ins print campaign that illustrates the comfort and convenience of the brand’s innovative and effortless signature footwear collection. As the Chiefs continue their dominance on the field this season, Reid will be leading both his team, as well as the next phase of his Skechers campaign to be announced in 2025.
Coach Andy Reid stars in campaign for Skechers Hands Free Slip-ins®. (Photo: Business Wire)
Coach Andy Reid stars in campaign for Skechers Hands Free Slip-ins®. (Photo: Business Wire)
“I tell our players to never get too comfortable mentally, but after standing on NFL sidelines for more than 30 years I can very much appreciate being able to kick off—or slip in—to my shoes comfortably,” said Andy Reid. “Skechers knows comfort better than anyone and these Skechers Hands Free Slip-ins are the best thing to ever happen in footwear! Who has time to worry about tying laces when we have games to win!”
“Coaching championship-caliber teams takes everything you’ve got, so anyone will understand exactly why Coach Reid appreciates the comfort and ease of Skechers Hands Free Slip-ins,” said Michael Greenberg, president of Skechers. “Only Skechers has the signature hands-free technology to help one of the most recognizable and successful active coaches in the league stay comfortable during downtime—so he’s always ready to go hands free. Plus, our innovative Skechers Slip-ins collection is perfect for fans—just step in and head to the tailgate.”
Now in the midst of his 12th season as head coach of the Kansas City Chiefs, Andy Reid previously spent 14 seasons as head coach of the Philadelphia Eagles. With a career head coaching record of 294-161-1, Reid is the only NFL coach to achieve key milestones with two different franchises: more than 100 wins as well as appearing in four consecutive conference championship games. He’s a three-time Super Bowl champion (LIV, LVII, LVIII), 2002 AP NFL Coach of the Year and three-time Sporting News Coach of the Year (2000, 2002, 2018).
Andy Reid joins a team of global Skechers ambassadors—from music icon Snoop Dogg, lifestyle legend Martha Stewart, comedian Howie Mandel, and TV and fitness personalities Amanda Kloots and Brooke Burke to former professional athletes such as Tony Romo, Howie Long, and Sugar Ray Leonard. The roster of elite pros around the world currently competing in Skechers footwear includes basketball stars Joel Embiid, Julius Randle, Terance Mann, Jabari Walker, and Rickea Jackson; golfers Matt Fitzpatrick and Brooke Henderson; soccer players Harry Kane, Mohammed Kudus and Oleksandr Zinchenko; baseball players Clayton Kershaw, Aaron Nola, Chris Taylor, Brendan Donovan, Aaron Nola, and Wade Miley; and pickleball pros Tyson McGuffin and Catherine Parenteau.
Skechers offers its complete range of footwear at Skechers retail stores and skechers.com, as well as at department stores and footwear retailers around the globe.
About Skechers U.S.A., Inc.
Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “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 disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. 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 we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business 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.
Media Contact:
Jennifer Clay
Skechers U.S.A., Inc.
[email protected]
Source: Skechers U.S.A., Inc.
by Zach | Nov 12, 2024 | Press Release
Nov 12, 2024 • 8:00 am EST
BRUSSELS–(BUSINESS WIRE)–
Skechers, The Comfort Technology Company®, announced the planned relocation of its European Distribution Center (EDC) operations to a larger, single-structure, state-of-the-art facility in Liège to strategically expand its business throughout the continent.
Skechers will relocate its European Distribution Center to a 200,000-square-meter facility in Liège to support the brand’s strategic expansion across Europe. (Photo: Business Wire)
Skechers will relocate its European Distribution Center to a 200,000-square-meter facility in Liège to support the brand’s strategic expansion across Europe. (Photo: Business Wire)
“Over nearly three decades of business in Europe, Skechers has established strong brand awareness and enthusiastic support for our innovative comfort technologies. The demand in EMEA for our product across channels and regions led to a 30 percent sales increase in the third quarter of 2024,” said David Weinberg, chief operating officer of Skechers. “We expect our momentum will continue as we develop more styles and make them available where consumers want to shop in Europe—be it at our more than 500 Skechers stores, e-commerce sites or our network of third-party retailers. We believe increased infrastructure and personnel will be required at our European Distribution Center as the territories serviced by the facility are expected to play a key role in our anticipated near- and long-term growth.”
“Our planned 200,000-square-meter, state-of-the-art logistics center in Belgium will allow us to increase the volume of goods shipped to meet our expected demand in the coming decade while substantially improving efficiencies—a win for consumers, customers and our workforce,” added Paul Galliher, senior vice president of global distribution. “We look forward to scaling up our operations as we launch a new era for Skechers, the third largest footwear brand in the world.”
To ensure seamless, uninterrupted operations, the Skechers EDC will start its gradual move in 2028 to the new site—which will be located minutes from Liège Airport, adjacent to major highways and just 12km from the Company’s current center. The building is being designed to be BREEAM: Excellent, and will include renewable energy features. Skechers is anticipating the need for additional employees at the facility with the planned expansion of its business and logistic capabilities.
“Skechers has been a valuable partner in Wallonia since 2002, and its announcement to relocate its European distribution center to Liège confirms Wallonia’s status as a major logistics hub in Europe. This is also good news for the economic development of our region and is expected to create direct and indirect jobs,” stated Minister of Economics HE Pierre-Yves Jeholet.
Added Yves Weerts, owner of Weerts Logistics: “Skechers will grow its current partnership with Weerts Group to develop the new site and building; it is a successful continuation of the collaboration that we have developed with Skechers over the past years.”
The EDC distributes product to Skechers-managed businesses throughout Europe, including direct to consumers through e-commerce and Skechers retail stores, third-party retailers and the Company’s regional distribution partners. The expansion is the latest advancement in Skechers’ extensive global distribution network, which includes a regional U.K. facility and centers in North and South America, China, Japan and India.
About Skechers U.S.A. Benelux B.V. and Skechers U.S.A., Inc.
Skechers U.S.A. Benelux B.V. is a subsidiary of Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology Company® based in Southern California. Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and YouTube.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “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 disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. 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 we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business 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.
Media Contact:
Jennifer Clay
Skechers Global
[email protected]
Team Lewis
Belgium Media
Mailien Nguyen
[email protected]
+32472384951
Source: Skechers U.S.A., Inc.
by Zach | Oct 30, 2024 | Press Release
Oct 30, 2024 • 9:00 am EDT
The Skechers Foundation and Presenting Sponsor Nickelodeon partnered with Brooke Burke, Sugar Ray Leonard and nearly 22,000 registrants to support children with special needs and education
LOS ANGELES–(BUSINESS WIRE)–
The 2024 Skechers Pier to Pier Friendship Walk broke all fundraising and attendance records in its 16-year history—blowing past its $2.5 million fundraising goal to raise more than $3.4 million for kids. Together with returning presenting sponsor Nickelodeon, Brooke Burke, Sugar Ray Leonard and nearly 22,000 registrants, last Sunday’s event reached a new Walk milestone—raising more than $27 million to date for children with special needs, public schools and national college scholarships.
Skechers Pier to Pier Friendship Walk co-founder Michael Greenberg celebrates with nearly 22,000 registrants at its largest-ever event for children with special needs and education in Manhattan Beach, CA. (Photo: Business Wire)
Skechers Pier to Pier Friendship Walk co-founder Michael Greenberg celebrates with nearly 22,000 registrants at its largest-ever event for children with special needs and education in Manhattan Beach, CA. (Photo: Business Wire)
“Like so many memorable sweet 16 celebrations, this year was one for the ages—all thanks to our incredible co-sponsor Nickelodeon, generous companies and passionate community,” said Michael Greenberg, co-founder of the Skechers Pier to Pier Friendship Walk. “It takes a village to raise a child—and our village has nurtured this event from an enthusiastic neighborhood movement to one of California’s most impactful walks for youth—one that just keeps getting bigger and having a greater and greater impact on our kids.”
Greenberg continued: “Every year, we take this day to rally for our children—and every other day of the year, they’re experiencing its impact: from building new memories at our thriving Friendship Foundation and public schools, to building dreams as we deliver a new year of scholarships to our talented students and construct our world-class Friendship Campus to transform the lives of young neurodiverse adults. We’re so grateful for Nickelodeon, committed supporters like Kinecta, and the many other companies and thousands of volunteers and families who keep putting our kids first.”
“In all of the years I’ve supported this event, I’ve never seen anything like this. This year’s energy and excitement was on another level,” added Brooke Burke, who joined the Walk for the 13th time. “It’s really hit a point where every participant is now as deeply engaged and invested in the Walk as its founders. Everyone has seen the incredible good this has done for an entire generation of children, and they’re taking its message to the streets—bringing new friends and families to support this great cause.”
The Skechers Pier to Pier Friendship Walk’s donations support the future Friendship Campus (The Greenberg Family / Skechers Center)—a $55 million, 3.25-acre campus that will offer a life-changing community for friendship and learning. Slated to open its doors in 2026, the facility will include numerous vocational programs including a Creative Arts Center, Culinary Institute, Recreation Center, Life Skills programming, and early education and mentoring opportunities, giving young adults the tools to transition to the workforce and find lifelong passion and purpose.
The Campus will also house the new headquarters for the Friendship Foundation, which offers companionship, celebrates uniqueness and encourages acceptance for all with diverse abilities. The organization offers 60+ in-person programs such as art, music, fitness, sign language, science, social emotional wellness and yoga, as well as pop-up programs like virtual scavenger hunts and talent shows that are free for anyone to attend locally and across the United States.
Academically, Walk funds have enabled public school education foundations to reduce class sizes; update labs, libraries and facilities; and protect teachers’ jobs. The Skechers Foundation’s national college scholarship program also gives a portion of Walk proceeds to students with financial need and proven excellence in academics, athletics and leadership, donating more than $1.1 million in scholarships to date.
The Skechers Pier to Pier Friendship Walk included appearances by Dani Bowman, Abbey Romeo, David Isaacman, Subodh Garg and Jake Woodruff from the show Love on the Spectrum and the cast of Greenwood Grove; performances from Homescool and Raized Wrong; America’s Got Talent Golden Buzzer winner Madison Taylor Baez; and a pet adoption event in partnership with Petco Love and The Lovejoy Foundation.
In addition to Brooke Burke and Sugar Ray Leonard, the Walk has long been supported by many celebrities and athletes, including Mr. T, Amanda Kloots, Tony Romo, Howie Long, Meb Keflezighi, Jimmy Kimmel, Denise Austin, Kelly Brooke, Ellen K, Camila Alves-McConaughey, and dozens of Young Hollywood celebrities from Nickelodeon, Disney, Netflix, Apple TV+ and Hulu, including Logan Shroyer, Lily Brooks O’Briant and more.
The Skechers Pier to Pier Friendship Walk thanks Presenting Sponsor Nickelodeon and all of its sponsors, including Kinecta Federal Credit Union, Rare Beauty, Schwartz Family Foundation, Steel Sports, Mattel, United Legwear & Apparel Co., Stand Strong, Team One, Big 5 Sporting Goods, Petco Love, TJX Companies, Chevron, Bank of America, Ross Stores, Barco, Dakine, Vertra, Fossil Group, KPMG, LA Kings, LA Dodgers, McCarthy, LA Angels, Continental Development, Morgan’s Jewelers, WSS, Top Golf, Turkish Airlines, Beach Cities Health District, Raising Cane’s, Cushman & Wakefield and many more companies dedicated to supporting our children.
Interested participants can learn more about the 2024 Skechers Pier to Pier Friendship Walk and future events at skechersfriendshipwalk.com and on Facebook, X and Instagram.
About Skechers Foundation
Established in 2010 to help children in need, the Skechers Foundation is dedicated to strengthening communities to ensure the health, success and well-being of youth worldwide. We invest in a global network of charitable organizations dedicated to embracing individuals with diverse abilities, improving education, empowering disadvantaged families and providing humanitarian, disaster and economic relief. By supporting millions through our products and services, we aspire to make a valiant effort in creating stronger, self-sufficient individuals for future generations.
About Skechers USA, Inc.
Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
About Nickelodeon
Nickelodeon, now in its 45th year, is the number-one entertainment brand for kids. It has built a diverse, global business by putting kids first in everything it does. The brand includes television programming and production in the United States and around the world, plus consumer products, digital, location-based experiences, publishing and feature films. For more information or artwork, visit http://www.nickpress.com. Nickelodeon is a part of Paramount’s (Nasdaq: PARA, PARAA) global portfolio of multimedia entertainment brands.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “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 disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States, and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. 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 we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business 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.
Media Contact:
Jennifer Clay
SKECHERS U.S.A., Inc.
[email protected]
(310) 937-1326
Source: Skechers Foundation
by Zach | Oct 24, 2024 | Press Release
Oct 24, 2024 • 4:05 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology CompanyTM and a global footwear leader, today announced financial results for the third quarter ended September 30, 2024.
Third Quarter Highlights
“Strong consumer demand for Skechers across all distribution channels resulted in a new quarterly sales record of $2.35 billion,” began David Weinberg, Chief Operating Officer of Skechers. “Despite challenging market conditions in certain countries, we achieved 21% Wholesale growth, 10% Direct-to-Consumer growth, as well as 16% internationally and 15% domestically. By region, sales grew 30% in EMEA driven by double-digit growth across all countries; 14% in the Americas, reflecting particularly strong sales in the United States and Canada; and 7% in Asia Pacific with double-digit increases in many countries. With the growing awareness and broad acceptance of our comfort technology products by our partners and consumers, we believe each of these regions represent continued growth opportunities for Skechers. We continue to invest in our operational capabilities and improve the customer experience, while meeting the increased global demand for our products and positioning Skechers for profitable growth now and in the future.”
“Skechers’ significant growth in the third quarter can be attributed to offering the right product at the right price and ensuring availability at locations where consumers want to shop – whether it’s in our own direct-to-consumer channels or with our network of key retailers,” began Robert Greenberg, Chief Executive Officer of Skechers. “Our product line up offers a unique value proposition for partners and consumers – style, comfort, quality, and innovation at a reasonable price. The combination of these attributes sets Skechers apart. As more consumers view our comfort features as essential, the importance of newness and advancing our designs with our signature technologies across core and new product offerings remains vital. Raising awareness of our technologies, such as Skechers Hands Free Slip-ins, has been integral to our global growth. We achieve this through both technology-focused marketing campaigns and by leveraging our strong team of ambassadors and athletes. Earlier this quarter, Snoop Dogg and Philadelphia 76ers basketball star Joel Embiid both achieved golden moments wearing Skechers during the Paris Games. Most recently, we signed television host Howie Mandel and launched a campaign with him. In our Skechers Performance Division, we have a strong history of delivering comfort that performs in technical running and golf footwear, and an established solid business with pickleball footwear. We are in the early stages of team sports with the global roll-out of Skechers court, football (soccer), basketball and cleated styles with a growing roster of Olympians and elite athletes competing in our footwear. We believe there are significant opportunities to build on our technical performance business. While continued investment in product and marketing drove record quarterly sales, it is our commitment to deliver what consumers want that inspires us as we strive to bring innovation to people from all walks of life.”
Third Quarter 2024 Financial Results
Three Months Ended September 30,
Change
(in millions, except per share data)
2024
2023
$
%
Sales
$
2,347.7
$
2,025.0
322.7
15.9
Gross profit
1,223.0
1,071.9
151.1
14.1
Gross margin
52.1
%
52.9
%
(80) bps
Operating expenses
989.6
858.7
130.9
15.2
As a % of sales
42.2
%
42.4
%
(30) bps
Earnings from operations
233.4
213.2
20.2
9.5
Operating margin
9.9
%
10.5
%
(60) bps
Net earnings attributable to Skechers U.S.A., Inc.
193.2
145.4
47.8
32.9
Diluted earnings per share
$
1.26
$
0.93
0.33
35.5
Third quarter sales increased 15.9% as a result of a 16.4% increase internationally and a 15.3% increase domestically. Wholesale increased 20.6% and Direct-to-Consumer increased 9.6%. On a constant currency basis, sales increased 15.9%.
Wholesale sales grew $241.4 million, or 20.6%, including increases in AMER of 21.6%, EMEA of 30.9%, and APAC of 5.1%. Wholesale volume increased 21.2% and average selling price declined 0.5%.
Direct-to-Consumer sales grew $81.3 million, or 9.6%, including increases in EMEA of 28.0%, APAC of 10.0%, and AMER of 5.0%. Direct-to-Consumer volume increased 10.7% and average selling price declined 1.0%.
Gross margin was 52.1%, a decrease of 80 basis points, due to lower average selling prices.
Operating expenses increased $130.9 million, or 15.2%, and as a percentage of sales decreased 30 basis points to 42.2%. Selling expenses increased $32.9 million, or 18.4%, and as a percentage of sales increased 20 basis points to 9.0%. The increase was due to higher demand creation expenditures. General and administrative expenses increased $98.0 million, or 14.4%, and as a percentage of sales decreased 40 basis points to 33.2%. Increased expenses were primarily driven by increased labor and facility costs, including rent and depreciation.
Earnings from operations increased $20.2 million, or 9.5%, to $233.4 million.
Net earnings were $193.2 million and diluted earnings per share were $1.26 compared with prior year net earnings of $145.4 million and diluted earnings per share of $0.93.
In the third quarter, the Company’s effective income tax rate was 14.7%. The decrease was due to the release of certain allowances and other provision adjustments.
“Skechers’ record third-quarter financial performance underscores the strength of our global diversification and demand for our distinctive value proposition,” stated John Vandemore, Chief Financial Officer of Skechers. “We delivered impressive international sales growth coupled with continued momentum in our domestic wholesale business. These results reinforce our confidence in achieving our goal of $10 billion in sales by 2026 and continued growth thereafter. As we move forward, we remain committed to investing in our brand, expanding our global presence, and meeting the evolving needs of our consumers.”
Nine Months 2024 Financial Results
Nine Months Ended September 30,
Change
(in millions, except per share data)
2024
2023
$
%
Sales
$
6,756.9
$
6,039.4
717.5
11.9
Gross profit
3,589.1
3,111.0
478.1
15.4
Gross margin
53.1
%
51.5
%
160 bps
Operating expenses
2,850.4
2,456.5
393.9
16.0
As a % of sales
42.2
%
40.7
%
150 bps
Earnings from operations
738.8
654.5
84.3
12.9
Operating margin
10.9
%
10.8
%
10 bps
Net earnings attributable to Skechers U.S.A., Inc.
540.1
458.6
81.5
17.8
Diluted earnings per share
$
3.50
$
2.93
0.57
19.5
Year-to-date sales increased 11.9%, reflecting a 12.9% increase in international sales and a 10.3% increase domestically. Wholesale increased 12.1% and Direct-to-Consumer increased 11.6%. On a constant currency basis, sales increased 12.7%.
Wholesale sales increased $427.6 million, or 12.1%, due to increases in AMER of 12.5%, EMEA of 15.5%, and APAC of 6.1%. Wholesale volume increased 12.5% and average selling price declined 0.3%.
Direct-to-Consumer sales grew $289.9 million, or 11.6%, due to increases in EMEA of 40.3%, APAC of 10.5%, and AMER of 6.2%. Direct-to-Consumer volume increased 11.8% and average selling price declined 0.2%.
Gross margin was 53.1%, an increase of 160 basis points, due to lower costs per unit, driven by lower freight.
Operating expenses increased $393.9 million or 16.0%. As a percentage of sales, operating expenses increased 150 basis points to 42.2%. Selling expenses increased $109.6 million or 22.2%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $284.3 million or 14.5%, primarily driven by labor and increased facility costs, including rent and depreciation.
Earnings from operations increased $84.3 million to $738.8 million, resulting in an operating margin of 10.9%.
Net earnings were $540.1 million and diluted earnings per share were $3.50, an increase of 19.5% over the prior year.
The Company’s effective income tax rate was 17.8%.
Balance Sheet
Cash, cash equivalents and investments totaled $1.60 billion, an increase of $211.8 million, or 15.3% from December 31, 2023, due to earnings and proceeds from borrowings of $342.4 million, partially offset by capital expenditures of $283.4 million and $210.1 million of share repurchases.
Inventory was $1.71 billion, an increase of $181.4 million or 11.9% from December 31, 2023.
Share Repurchases
During the third quarter, the Company repurchased 1.4 million shares of its Class A common stock at a cost of $90.0 million. As of September 30, 2024, $910.0 million remained available under the Company’s share repurchase program.
Outlook
For the fourth quarter of 2024, the Company believes it will achieve sales between $2.165 and $2.215 billion and diluted earnings per share of between $0.70 and $0.75. Further, the Company believes that for the fiscal year 2024, it will achieve sales between $8.925 and $8.975 billion and diluted earnings per share of between $4.20 and $4.25.
Store Count
Number of Stores
December 31, 2023
Opened
Closed
September 30, 2024
Domestic stores
563
42
(13
)
592
International stores
1,085
149
(83
)
1,151
Distributor, licensee and franchise stores
3,520
315
(246
)
3,589
Total Skechers stores
5,168
506
(342
)
5,332
Third Quarter 2024 Conference Call
The Company will host a conference call at 4:30 p.m. ET / 1:30 p.m. PT on October 24, 2024 to discuss its third quarter 2024 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning October 24, 2024, at 7:30 p.m. ET, through November 7, 2024, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13748553.
About Skechers U.S.A., Inc.
Skechers, The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in approximately 180 countries and territories through third-party retailers, marketplaces, and direct to consumers through skechers.com and approximately 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “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 disruption of business and operations due to` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2023 and its quarterly reports on Form 10-Q in 2024. Taking these and other risk factors, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. 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 we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business 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)
As of
As of
(in thousands)
September 30, 2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents
$
1,354,054
$
1,189,910
Short-term investments
113,795
72,595
Trade accounts receivable, net
1,187,033
860,300
Other receivables
98,272
82,253
Inventory
1,706,842
1,525,409
Prepaid expenses and other
238,512
222,137
Total current assets
4,698,508
3,952,604
Property, plant and equipment, net
1,782,606
1,506,690
Operating lease right-of-use assets
1,354,811
1,276,171
Deferred tax assets
443,571
450,574
Long-term investments
130,470
123,996
Goodwill
99,774
101,230
Other assets, net
136,301
136,086
Total non-current assets
3,947,533
3,594,747
TOTAL ASSETS
$
8,646,041
$
7,547,351
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
1,190,194
$
1,008,001
Accrued expenses
331,335
320,105
Operating lease liabilities
295,591
274,296
Current installments of long-term borrowings
371,438
46,571
Short-term borrowings
208,098
11,894
Total current liabilities
2,396,656
1,660,867
Long-term operating lease liabilities
1,169,488
1,108,110
Long-term borrowings
49,351
242,944
Deferred tax liabilities
11,177
12,594
Other long-term liabilities
106,855
122,794
Total non-current liabilities
1,336,871
1,486,442
Total liabilities
3,733,527
3,147,309
Redeemable noncontrolling interest
91,979
89,832
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
132
133
Class B Common Stock
19
20
Additional paid-in capital
110,350
295,847
Accumulated other comprehensive loss
(88,366
)
(73,388
)
Retained earnings
4,336,875
3,796,730
Skechers U.S.A., Inc. equity
4,359,010
4,019,342
Noncontrolling interests
461,525
290,868
Total stockholders’ equity
4,820,535
4,310,210
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
$
8,646,041
$
7,547,351
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands, except per share data)
2024
2023
2024
2023
Sales
$
2,347,705
$
2,024,958
$
6,756,935
$
6,039,402
Cost of sales
1,124,659
953,040
3,167,818
2,928,381
Gross profit
1,223,046
1,071,918
3,589,117
3,111,021
Operating expenses
Selling
211,162
178,286
603,534
493,964
General and administrative
778,460
680,449
2,246,830
1,962,564
Total operating expenses
989,622
858,735
2,850,364
2,456,528
Earnings from operations
233,424
213,183
738,753
654,493
Other income (expense)
11,891
(7,055
)
8,189
5,660
Earnings before income taxes
245,315
206,128
746,942
660,153
Income tax expense
36,006
40,202
132,731
122,360
Net earnings
209,309
165,926
614,211
537,793
Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest
16,088
20,511
74,066
79,176
Net earnings attributable to Skechers U.S.A., Inc.
$
193,221
$
145,415
$
540,145
$
458,617
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
1.27
$
0.94
$
3.54
$
2.96
Diluted
$
1.26
$
0.93
$
3.50
$
2.93
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
151,831
154,525
152,409
154,876
Diluted
153,662
156,200
154,412
156,496
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
Segment Information
Three Months Ended September 30,
Change
(in millions)
2024
2023
$
%
Wholesale sales
$
1,416.0
$
1,174.6
241.4
20.6
Gross profit
605.4
510.0
95.4
18.7
Gross margin
42.8
%
43.4
%
(70) bps
Direct-to-Consumer sales
$
931.7
$
850.4
81.3
9.6
Gross profit
617.6
561.9
55.7
9.9
Gross margin
66.3
%
66.1
%
20 bps
Total sales
$
2,347.7
$
2,025.0
322.7
15.9
Gross profit
1,223.0
1,071.9
151.1
14.1
Gross margin
52.1
%
52.9
%
(80) bps
Nine Months Ended September 30,
Change
(in millions)
2024
2023
$
%
Wholesale sales
$
3,969.8
$
3,542.2
427.6
12.1
Gross profit
1,738.5
1,453.6
284.9
19.6
Gross margin
43.8
%
41.0
%
280 bps
Direct-to-Consumer sales
$
2,787.1
$
2,497.2
289.9
11.6
Gross profit
1,850.6
1,657.4
193.2
11.7
Gross margin
66.4
%
66.4
%
0 bps
Total sales
$
6,756.9
$
6,039.4
717.5
11.9
Gross profit
3,589.1
3,111.0
478.1
15.4
Gross margin
53.1
%
51.5
%
160 bps
Additional Sales Information
Three Months Ended September 30,
Change
(in millions)
2024
2023
$
%
Geographic sales
Domestic
Wholesale
$
514.6
$
407.7
106.9
26.2
Direct-to-Consumer
401.4
386.9
14.5
3.7
Total domestic sales
916.0
794.6
121.4
15.3
International
Wholesale
901.4
766.9
134.5
17.5
Direct-to-Consumer
530.3
463.5
66.8
14.4
Total international sales
1,431.7
1,230.4
201.3
16.4
Total sales
$
2,347.7
$
2,025.0
322.7
15.9
Regional sales
Americas (AMER)
$
1,156.1
$
1,017.5
138.6
13.6
Europe, Middle East & Africa (EMEA)
625.6
480.4
145.2
30.2
Asia Pacific (APAC)
566.0
527.1
38.9
7.4
Total sales
$
2,347.7
$
2,025.0
322.7
15.9
China sales
$
252.4
$
267.6
(15.2
)
(5.7
)
Distributor sales
$
128.1
$
120.5
7.6
6.4
Nine Months Ended September 30,
Change
(in millions)
2024
2023
$
%
Geographic sales
Domestic
Wholesale
$
1,437.5
$
1,240.4
197.1
15.9
Direct-to-Consumer
1,141.2
1,096.9
44.3
4.0
Total domestic sales
2,578.7
2,337.3
241.4
10.3
International
Wholesale
2,532.3
2,301.8
230.5
10.0
Direct-to-Consumer
1,645.9
1,400.3
245.6
17.5
Total international sales
4,178.2
3,702.1
476.1
12.9
Total sales
$
6,756.9
$
6,039.4
717.5
11.9
Regional sales
Americas (AMER)
$
3,276.5
$
2,990.4
286.1
9.6
Europe, Middle East & Africa (EMEA)
1,745.7
1,448.2
297.5
20.5
Asia Pacific (APAC)
1,734.7
1,600.8
133.9
8.4
Total sales
$
6,756.9
$
6,039.4
717.5
11.9
China sales
$
884.7
$
852.0
32.7
3.8
Distributor sales
$
366.9
$
324.2
42.7
13.1
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures
(Unaudited)
Constant Currency Adjustment (Non-GAAP Financial Measure)
We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results.
Three Months Ended September 30,
2024
2023
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
2,347.7
$
0.1
$
2,347.8
$
2,025.0
322.8
15.9
Cost of sales
1,124.7
2.1
1,126.8
953.1
173.7
18.2
Gross profit
1,223.0
(2.0
)
1,221.0
1,071.9
149.1
13.9
Operating expenses
989.6
(0.9
)
988.7
858.7
130.0
15.1
Earnings from operations
233.4
(1.1
)
232.3
213.2
19.1
9.0
Other (expense) income
11.9
(6.6
)
5.3
(7.1
)
12.4
n/m
Income tax expense
36.0
0.5
36.5
40.2
(3.7
)
(9.3
)
Less: Noncontrolling interests and redeemable noncontrolling interest
16.1
–
16.1
20.5
(4.4
)
(21.3
)
Net earnings attributable to Skechers U.S.A., Inc.
$
193.2
$
(8.2
)
$
185.0
$
145.4
39.6
27.2
Diluted earnings per share
$
1.26
$
(0.06
)
$
1.20
$
0.93
0.27
29.0
Nine Months Ended September 30,
2024
2023
Change
(in millions, except per share data)
Reported GAAP Measure
Constant Currency Adjustment
Adjusted for Non-GAAP Measures
Reported GAAP Measure
$
%
Sales
$
6,756.9
$
47.7
$
6,804.6
$
6,039.4
765.2
12.7
Cost of sales
3,167.8
20.5
3,188.3
2,928.4
259.9
8.9
Gross profit
3,589.1
27.2
3,616.3
3,111.0
505.3
16.2
Operating expenses
2,850.4
20.5
2,870.9
2,456.5
414.4
16.9
Earnings from operations
738.7
6.7
745.4
654.5
90.9
13.9
Other income
8.2
3.8
12.0
5.7
6.3
110.5
Income tax expense
132.7
1.9
134.6
122.4
12.2
10.0
Less: Noncontrolling interests and redeemable noncontrolling interest
74.1
1.7
75.8
79.2
(3.4
)
(4.3
)
Net earnings attributable to Skechers U.S.A., Inc.
$
540.1
$
6.9
$
547.0
$
458.6
88.4
19.3
Diluted earnings per share
$
3.50
$
0.04
$
3.54
$
2.93
0.61
20.8
Investor Relations
Sonia Reback
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers USA, Inc.
by Zach | Sep 26, 2024 | Press Release
Sep 26, 2024 • 4:05 pm EDT
LOS ANGELES–(BUSINESS WIRE)–
Skechers USA, Inc. (NYSE: SKX), The Comfort Technology Company™ and a global footwear leader, today announced that the Company will release its third quarter 2024 financial results after market close on Thursday, October 24, 2024. Following the press release, David Weinberg, Chief Operating Officer, and John Vandemore, Chief Financial Officer, will review the results during a conference call at approximately 4:30 p.m. ET / 1:30 p.m. PT.
The conference call will be broadcast live over the Internet and accessible on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to listen to the live broadcast, a replay will be available at the same location and archived on the site for one year.
About Skechers USA, Inc.
Skechers, The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,200 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, and TikTok.
Investor Relations
Sonia Reback
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers USA, Inc.