by | Aug 16, 2012 | Press Release
Aug 16, 2012 • 9:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Skechers USA, Inc. announced today that it scored a major victory in a patent lawsuit filed against it in the United States District Court for the Central District of California. The lawsuit, Cancaribe Limited v. Cobra International Inc., Case No, 07-CV-4182-GAF, involved allegations by defendant and cross-claimant Cobra International, Inc. alleging that the circuit used in Skechers lighted footwear infringed Cobra’s patent on sequential lighting.
On June 6, 2012, Cobra and Skechers entered into a settlement agreement. Cobra agreed to dismiss its lawsuit against Skechers with prejudice and release all claims against Skechers. Skechers did not pay any money and is free to continue using its lighted footwear technology without modification and without any payment or obligations to Cobra.
The case settled after Skechers filed a summary judgment motion to invalidate Cobra’s patent. The terms of the settlement amounts to a complete victory for Skechers. The settlement agreement is publicly available on the Court’s database.
Skechers was represented in this case by Morgan Chu, Gary Frischling, Chris Vanderlaan, and Anthony Falcone of Irell & Manella in Los Angeles.
“We believe this settlement is a total victory for Skechers,” stated Philip G. Paccione, General Counsel of Skechers USA, Inc. “We have maintained that this lawsuit was frivolous since it was filed in 2007. Our message is clear: if someone asserts an overbroad and questionable patent against Skechers, they will not only lose their case but possibly their patent as well.”
Paccione continued, “We also believe that, had the Court issued a ruling invalidating Cobra’s patent, we would have been entitled to recover attorneys’ fees from Cobra and sanctions against counsel for failure to conduct an adequate pre-filing investigation of the claims asserted against Skechers. Nonetheless, after five years of litigation, we thought it was an opportune time to avoid the cost and distraction of further litigation and of defending a possible appeal.”
In an earlier development relating to this case, Skechers initiated reexamination proceedings before the United States Patent and Trademark Office, which resulted in the Patent and Trademark Office issuing a Final Office Action finding the patent invalid in September 2009. The patent was allowed only after Cobra made amendments to certain claims.
ABOUT SKECHERS USA, INC.
SKECHERS USA, Inc. (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 (www.facebook.com/SKECHERS) and Twitter (https://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 include 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, 2011 and its quarterly report on Form 10-Q for the three months ended June 30, 2012. 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.
Investor Relations:
Andrew Greenebaum
310-829-5400
by | Aug 9, 2012 | Press Release
Aug 9, 2012 • 9:05 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle product and innovator of performance footwear, today announced that Nickelodeon will serve as presenting sponsor for the SKECHERS Pier to Pier Friendship Walk. The annual event, held this year on October 28, raises funds for The Friendship Circle to support children with special needs, as well as educational foundations to ensure the quality of public schools.
SKECHERS president Michael Greenberg with Denise Austin, Brooke Burke-Charvet and Tommy Lasorda (Photo: Business Wire)
“As America’s top kids’ footwear brand, we’re thrilled to be partnering with a name that’s world famous in kids’ entertainment,” said Michael Greenberg, president of SKECHERS. “Nickelodeon is known to bring joy and laughter into so many families’ homes – and it brings a huge level of clout and attention to our already popular event. With the association of Nickelodeon, you can bet that this event will be bringing much more awareness to these very important causes and will impact more children than ever.”
“Nickelodeon puts kids first in everything we do, which is why we are thrilled to partner with SKECHERS for their Pier to Pier Friendship Walk, supporting remarkable organizations that provide support for kids with special needs and their families, and improved educational offerings for public schools,” said Jim Perry, Head of Sales, Nickelodeon Group.
The SKECHERS Pier to Pier Walk will feature celebrity appearances by Dancing with the Stars’ Brooke Burke-Charvet, Hall of Fame baseball legend Tommy Lasorda and fitness enthusiast Denise Austin. Since its 2009 launch, the walk has raised $1.2 million to help retain vital educational curricula, maintain smaller class sizes, upgrade technology and preserve high-quality programs, as well as support The Friendship Circle (www.gotfriends.com) – an organization that nurtures, inspires and includes children and young adults with special needs and their families through friendships with teen volunteers, valuable programs and events in their community.
In addition to Nickelodeon, the SKECHERS Pier to Pier Friendship Walk thanks its sponsors Wells Fargo, True Religion, Michael Stars, Kids Foot Locker, Ross, Body Glove, Marshalls, Chevron, Fresh Brothers, Union Bank, Equinox, Premier Displays and Exhibits, Viva International Group, Adjmi Apparel Group, Bel Air Investments, Dabsan International, Marc Steven Leather, O’Melveny & Myers, United Legwear and countless others who have provided funds and support to making a difference in children’s lives. For more information about the SKECHERS Pier to Pier Friendship Walk, please visit www.skechersfriendshipwalk.com.
ABOUT SKECHERS USA, INC.
SKECHERS USA, Inc., 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 (www.facebook.com/SKECHERS) and Twitter (https://twitter.com/SKECHERSUSA).
ABOUT NICKELODEON
Nickelodeon, now in its 33rd 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 company includes television programming and production in the United States and around the world, plus consumer products, online, recreation, books and feature films. Nickelodeon’s U.S. television network is seen in 100 million households and has been the number-one-rated basic cable network for 17 consecutive years. For more information or artwork, visit www.nickpress.com. Nickelodeon and all related titles, characters and logos are trademarks of Viacom Inc. (NASDAQ: VIA, VIAB).
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 include 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, 2011 and its quarterly report on Form 10-Q for the three months ended June 30, 2012. The risks included here are not exhaustive.SKECHERS and Nickelodeon operate 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50370142&lang=en
SKECHERS USA, Inc.
Jennifer Clay
310.937.1326
by | Aug 7, 2012 | Press Release
Aug 7, 2012 • 4:32 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS Foundation, a SKECHERS organization designed to support families and communities in need, announced that it partnered with Hall of Fame manager Tommy Lasorda to host a day at Dodger Stadium on August 1 for members of the Friendship Circle, an organization dedicated to nurturing and inspiring the special needs community. The event included 100 children with special needs and their families, and five children with special needs were given the opportunity to join Lasorda down on the field with the current Dodger players before the first pitch.
Tommy Lasorda and Friendship Circle member Caley Versfelt of Manhattan Beach meet at Dodger Stadium (Photo: Business Wire)
The Dodgers event launched a community-wide campaign for the fourth annual SKECHERS Pier to Pier Friendship Walk – a Nickelodeon-sponsored Southern California event that raises funds for The Friendship Circle and education. Lasorda has co-hosted the Walk since its launch in 2009 and will co-host the 2012 Walk on October 28.
“The Friendship Circle has a special place in my heart. These kids give such joy and love, they change people’s lives. I know they’ve changed mine,” said Lasorda. “I’m so excited to take them to the place I love – and I can’t wait to be part of our next walk. The Pier to Pier Friendship Walk makes such a big difference for these kids every year, and for education too. I’d love for everyone at our games to join us and walk for our kids!”
“Going to a baseball game was one of my favorite memories as a kid – and there’s nothing like doing it with Tommy himself!” added Michael Greenberg, president of SKECHERS. “This is a day that these kids will cherish for the rest of their lives – and I’m so grateful to Tommy for helping us make this a reality, as well as all the years he’s hosted the Walk. It’s such a great way to tell baseball fans and our community about this event.”
An extension of the SKECHERS Foundation, The SKECHERS Pier to Pier Walk gathers donations for Friendship Circle projects such as teen mentorships, support groups and programs for children with special needs and their families, as well as equipment, salaries and supporting materials for compromised schools. For more information about the SKECHERS Pier to Pier Friendship Walk and the SKECHERS Foundation, please visit http://www.skechersfriendshipwalk.com.
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 (www.facebook.com/SKECHERS) and Twitter (https://twitter.com/SKECHERSUSA).
ABOUT SKECHERS Foundation
A SKECHERS organization, the SKECHERS Foundation funds tax-exempt, 501(c)(3) nonprofit charities that provide education and job training, shoes, clothing, fitness and nutrition guidance to communities in need. The SKECHERS Foundation also develops community and afterschool programs for local students, including classes with SKECHERS shoe designers held at the SKECHERS corporate headquarters in Manhattan Beach.
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 include 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, 2011 and its quarterly report on Form 10-Q for the three months ended March 31, 2012. 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50369815&lang=en
SKECHERS USA, Inc.
Jennifer Clay, 310-937-1326
by | Jul 25, 2012 | Press Release
Jul 25, 2012 • 4:00 pm EDT
- Net Sales of $384.0 Million
- Net Loss of $1.8 Million
- Diluted Loss Per Share of $0.04
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced financial results for the second quarter ended June 30, 2012.
Second quarter 2012 net sales were $384.0 million compared to $434.4 million for the second quarter of 2011. Second quarter 2012 net loss was $1.8 million or a loss of $0.04 per diluted share based on 49,296,000 weighted average common shares outstanding compared to a net loss of $29.9 million or a loss of $0.62 per diluted share based on 48,341,000 weighted average common shares outstanding for the second quarter of 2011.
“Results for second quarter 2012 show continued sales improvements with growth in our company-owned retail stores and in many of our heritage lines, as well as the new Skechers Performance Division,” began David Weinberg, chief operating officer and chief financial officer. “The focus at this time last year was the clearing of excess toning inventory which is now substantially complete and allows us to capitalize on the strength of our brand by selling more full priced product while offering new lifestyle and performance looks. This has resulted in an increase in average selling price per pair in our domestic wholesale business. In our company-owned SKECHERS domestic concept stores, which are the first to receive our new products, we achieved low single-digit positive comp store sales and a high single-digit percentage pair increase.”
For the six months ending June 30, 2012, net sales were $735.3 million compared to net sales of $910.6 million in the first six months of 2011. Net loss was $5.4 million or a loss of $0.11 per diluted share based on 49,281,000 weighted average common shares outstanding as compared to net a loss of $18.1 million or a loss of $0.38 per diluted share based on 48,292,000 weighted average common shares outstanding for the first six months of 2011.
Gross profit for the second quarter of 2012 was $171.3 million or 44.6 percent of net sales compared to $143.3 million or 33.0 percent of net sales for the second quarter of last year. Gross profit for the first six months of 2012 was $327.0 million or 44.5 percent of net sales versus $335.9 million or 36.9 percent of net sales for the first six months of 2011.
Robert Greenberg, SKECHERS chief executive officer, commented: “During the second quarter, SKECHERS celebrated its 20th anniversary, which gave us the opportunity to reflect on our accomplishments over the last two decades. As we look ahead, each day, new line, and business channel presents not only new challenges, but also new opportunities for the Company. We have recently entered the performance running market and received “Most Innovative” awards from both Competitor and Women’s Running magazines for our first generation style. These are incredible achievements for our first performance style. We are supporting our Performance Division with the launch of new television and print campaigns, including the return of Mr. Quiggly, the French bulldog who starred in our Super Bowl commercial. We supported our kids’ and lifestyle brands with advertising this Spring, and will be back with a comprehensive targeted campaign for Back to School season. We are also looking forward to the July 31 DVD release of Twinkle Toes: The Movie, which features the namesake character of one of our most successful kids’ lines; the DVD will be available in our own stores as well as select major retailers nationwide. The enthusiasm for our product is being felt in our SKECHERS retail stores as our sales strengthen. The reaction has also been very positive to our Spring 2013 lifestyle and performance lines from our international distribution partners during our 20th Anniversary Conference in June, as well as from our domestic accounts. With a consistent focus on delivering fresh styles, we believe we will continue to find new opportunities to grow our business in the United States as well as around the world.”
Mr. Weinberg added: “We are continuing on the path we set last year of cleaning up our inventory and bringing forward new and relevant product in the diverse categories our brand represents. We believe that we will continue to see sales improvements in the second half of 2012, including in our international business, which was adversely affected by the Euro exchange rate in the quarter, as well as toning sales during this same period last year. Sales are strong in our retail business, and we are looking forward to new lines being delivered this quarter in our stores as well as to third party retailers. Our buy meetings we held throughout July with our largest accounts indicate we are on track for continued growth and expansion of shelf space. With improved gross margins, inventory levels in line with our expected sales levels, continued attention to managing our expenses, and a strong balance sheet, we expect a stronger second half as we build momentum into 2013.”
ABOUT SKECHERS USA, INC.
SKECHERS USA, Inc., 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 (www.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 include 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, 2011 and its quarterly report on Form 10-Q for the three months ended March 31, 2012. 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. |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited) |
| (In thousands) |
|
|
|
|
|
|
|
June 30,
2012
|
|
December 31,
2011
|
| ASSETS |
|
|
|
|
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
374,189 |
|
$ |
351,144 |
| Trade accounts receivable, net |
|
|
237,666 |
|
|
176,018 |
| Other receivables |
|
|
4,231 |
|
|
6,636 |
| Total receivables |
|
|
241,897 |
|
|
182,654 |
| Inventories |
|
|
258,125 |
|
|
226,407 |
| Prepaid expenses and other current assets |
|
|
31,494 |
|
|
88,005 |
| Deferred tax assets |
|
|
39,141 |
|
|
39,141 |
| Total current assets |
|
|
944,846 |
|
|
887,351 |
| Property and equipment, at cost less accumulated depreciation and amortization |
|
|
373,809 |
|
|
376,446 |
| Intangible assets, less applicable amortization |
|
|
3,695 |
|
|
4,148 |
| Deferred tax assets |
|
|
4,945 |
|
|
530 |
| Other assets, at cost |
|
|
13,371 |
|
|
13,413 |
| TOTAL ASSETS |
|
$ |
1,340,666 |
|
$ |
1,281,888 |
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Current installments of long-term borrowings |
|
$ |
10,229 |
|
$ |
10,059 |
| Short-term borrowings |
|
|
60,238 |
|
|
50,413 |
| Accounts payable |
|
|
285,402 |
|
|
231,000 |
| Accrued expenses |
|
|
19,391 |
|
|
16,994 |
| Total current liabilities |
|
|
375,260 |
|
|
308,466 |
| Long-term borrowings, excluding current installments |
|
|
71,285 |
|
|
76,531 |
| Deferred tax liabilities |
|
|
32 |
|
|
4,364 |
| Total liabilities |
|
|
446,577 |
|
|
389,361 |
| Equity: |
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
853,346 |
|
|
852,561 |
| Noncontrolling interests |
|
|
40,743 |
|
|
39,966 |
| Total equity |
|
|
894,089 |
|
|
892,527 |
| TOTAL LIABILITIES AND EQUITY |
|
$ |
1,340,666 |
|
$ |
1,281,888 |
|
|
|
|
|
|
|
| SKECHERS U.S.A., INC. |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| (In thousands, except per share data) |
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2012
|
|
|
|
2011
|
|
|
|
|
2012
|
|
|
|
2011
|
|
| Net sales |
$ |
384,001 |
|
|
$ |
434,351 |
|
|
|
$ |
735,275 |
|
|
$ |
910,585 |
|
| Cost of sales |
|
212,659 |
|
|
|
291,021 |
|
|
|
|
408,237 |
|
|
|
574,645 |
|
| Gross profit |
|
171,342 |
|
|
|
143,330 |
|
|
|
|
327,038 |
|
|
|
335,940 |
|
| Royalty income |
|
1,609 |
|
|
|
1,376 |
|
|
|
|
2,745 |
|
|
|
3,024 |
|
|
|
172,951 |
|
|
|
144,706 |
|
|
|
|
329,783 |
|
|
|
338,964 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| Selling |
|
39,100 |
|
|
|
53,099 |
|
|
|
|
69,449 |
|
|
|
90,659 |
|
| General and administrative |
|
135,382 |
|
|
|
139,781 |
|
|
|
|
266,259 |
|
|
|
281,208 |
|
|
|
174,482 |
|
|
|
192,880 |
|
|
|
|
335,708 |
|
|
|
371,867 |
|
| Loss from operations |
|
(1,531 |
) |
|
|
(48,174 |
) |
|
|
|
(5,925 |
) |
|
|
(32,903 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
| Interest, net |
|
(3,256 |
) |
|
|
(1,596 |
) |
|
|
|
(5,977 |
) |
|
|
(2,974 |
) |
| Other, net |
|
556 |
|
|
|
(1,128 |
) |
|
|
|
416 |
|
|
|
(1,335 |
) |
|
|
(2,700 |
) |
|
|
(2,724 |
) |
|
|
|
(5,561 |
) |
|
|
(4,309 |
) |
| Loss before income taxes |
|
(4,231 |
) |
|
|
(50,898 |
) |
|
|
|
(11,486 |
) |
|
|
(37,212 |
) |
| Income tax benefit |
|
(2,887 |
) |
|
|
(20,846 |
) |
|
|
|
(6,732 |
) |
|
|
(19,313 |
) |
| Net loss |
|
(1,344 |
) |
|
|
(30,052 |
) |
|
|
|
(4,754 |
) |
|
|
(17,899 |
) |
| Less: Net earnings (loss) attributable to noncontrolling interest |
|
438 |
|
|
|
(136 |
) |
|
|
|
694 |
|
|
|
209 |
|
| Net loss attributable to Skechers U.S.A., Inc. |
$ |
(1,782 |
) |
|
$ |
(29,916 |
) |
|
|
$ |
(5,448 |
) |
|
$ |
(18,108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
| Basic |
$ |
(0.04 |
) |
|
$ |
(0.62 |
) |
|
|
$ |
(0.11 |
) |
|
$ |
(0.38 |
) |
| Diluted |
$ |
(0.04 |
) |
|
$ |
(0.62 |
) |
|
|
$ |
(0.11 |
) |
|
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
|
| Weighted average shares used in calculating loss per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
|
|
|
| Basic |
|
49,296 |
|
|
|
48,341 |
|
|
|
|
49,281 |
|
|
|
48,292 |
|
| Diluted |
|
49,296 |
|
|
|
48,341 |
|
|
|
|
49,281 |
|
|
|
48,292 |
|
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 | Jul 19, 2012 | Press Release
Jul 19, 2012 • 9:00 am 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 fiscal 2012 second quarter financial results will be broadcast live over the internet on Wednesday, July 25, 2012 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 and will be archived for two weeks. For those unable to participate during the live broadcast, a replay will be available beginning July 25, 2012 at 7:30 p.m. ET, through August 8, 2012 at 11:59 p.m. ET. To access the replay, dial 877-870-5176 (U.S.) or 858-384-5517 (International) and use passcode: 4549979.
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, as well as under several uniquely branded names. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, as well as in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com.
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 | Jun 25, 2012 | Press Release
Jun 25, 2012 • 9:05 am EDT
Official Shoe of Top U.S. Marathoner Meb Keflezighi ReceivesMultiple Accolades from Running Press
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in the footwear industry, today announced that its groundbreaking Skechers GOrun performance footwear received Most Innovative accolades from two major running magazines. The “2012 Spring Shoe Review” in the April issue of Competitor named Skechers GOrun the Editor’s Pick for Most Innovative new running shoe. And the May/June issue of Women’s Running declared Skechers GOrun a “Most Innovative Award Winner.”
Elite distance runner Meb Keflezighi trains in Mammoth Lakes, California wearing Skechers GOrun performance footwear. (Photo: Business Wire)
“After investing three years of research and development into Skechers GOrun, we’re honored that the serious running community is recognizing the design of our first performance shoe as pioneering in this technical and elite world,” began Michael Greenberg, president of SKECHERS. “In the months ahead, our new Skechers Performance Division will leverage these innovations as a foundation for an expanded collection of products that will meet the needs of athletes at various skill and ability levels across multiple sports and activities.”
Skechers GOrun is the official shoe of America’s top marathon runner, Meb Keflezighi. Meb wore the shoes when setting new personal records as the first American to cross the finish line in the 2011 NYC Marathon and when winning the 2012 Houston Trials. Meb will once again be wearing Skechers GOrun footwear when he represents the United States on the world’s biggest stage in London this summer.
SKECHERS is building on its success in minimal running with launches this summer of Skechers GOrun Ride – a running line with enhanced cushioning, Skechers GOtrain – a workout shoe built for added stability and control, and Skechers GObionic – a zero-drop ultra-minimal running shoe. With these new lines, the Skechers Performance Division will equip athletes from the track to the gym, with additional categories planned for the trail and golf course.
Designed by the Company’s Advanced Concepts Team with consultation by elite runners like Meb, Skechers GOrun promotes a mid-foot strike and features GOimpulse sensors for a flexible and responsive running experience. The minimalistic line has a low 4mm heel drop and with Resalyte™ cushioning weighs in at just 6.9 ounces (size 9 men’s) and 4.9 ounces (size 6 women’s). Skechers GOrun is available in sporting goods, department and specialty athletic stores, and SKECHERS stores around the world.
About SKECHERS USA, Inc.
SKECHERS USA, Inc., 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 (www.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 include 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 Form 10-K for the year ended December 31, 2011 and its Form 10-Q for the quarter ended March 31, 2012. 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50321040&lang=en
SKECHERS USA, Inc.
Jennifer Clay
310.937.1326
