by | Jun 12, 2012 | Press Release
Jun 12, 2012 • 9:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– All references to Brooke Burke should be Brooke Burke-Charvet.
Brooke Burke-Charvet, celebrity ambassador for BOBS from SKECHERS, loads a truck with shoe donations to help children in need across the U.S. and around the world. (Photo: Business Wire)
The corrected release reads:
SKECHERS AND BROOKE BURKE-CHARVET PARTNER TO DONATE ONE MILLION PAIR OF NEW SHOES TO CHILDREN IN NEED
SKECHERS USA, Inc. (NYSE: SKX) today announced that the Company has donated its first million pair of kids’ shoes through its BOBS from SKECHERS program, which gives a new pair to a child in need for every BOBS footwear purchase. Through the Company’s non-profit charitable partners, the shoes have reached children across the United States and in Central America, Africa and Southeast Asia.
Building on the tremendous success of the BOBS donation program, SKECHERS has partnered with celebrity ambassador Brooke Burke-Charvet for a global awareness campaign including print, television and online media. The Company will also utilize Burke-Charvet’s social media power to further build awareness of the charitable shoe program.
Michael Greenberg, president of SKECHERS, said: “Brooke is a perfect fit for the BOBS from SKECHERS charitable campaign. As a mother of four, she is extremely passionate about causes that help children in need and has supported several of SKECHERS’ charitable endeavors. BOBS from SKECHERS is our largest charitable program to date, and we’re thrilled to partner with Brooke to give back and help millions of children in need around the world.”
BOBS unites people across the globe with a single goal: to help children affected by poverty, epidemics and life-changing events. With more than 300 million children worldwide in need of shoes, SKECHERS will continue to expand the BOBS donation program on an international scale. Numerous non-profit groups, charitable organizations, homeless shelters and education programs in the United States, Mexico, Honduras, Guatemala, Jamaica, Haiti and Uganda have received shoe donations from the BOBS program. In addition, tornado victims in Kentucky and Tennessee, and earthquake victims in Indonesia have also received BOBS shoes.
BOBS from SKECHERS launched a year ago for women, and expanded this Spring with men’s and children’s styles. The footwear is available in stores nationwide, and in key markets 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 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=50303988&lang=en
Media Contacts:
Janet Orsi, 323-874-4073
[email protected]
or
SKECHERS USA, Inc.
Jennifer Clay, 310-937-1326
by | Jun 5, 2012 | Press Release
Jun 5, 2012 • 9:00 am EDT
Skechers Performance campaign will again feature adorable French Bulldog, Mr. Quiggly
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in the footwear industry, today announced that it has purchased advertising to air on CBS during the 2013 Super Bowl. The Company is in the planning stages of next year’s campaign, but did indicate it plans to promote Skechers Performance footwear and utilize the talents of Mr. Quiggly—the adorable French Bulldog who won hearts around the globe when he raced wearing doggy-sized Skechers GOrun shoes in the Company’s 2012 commercial.
Mr. Quiggly will return to the Super Bowl in SKECHERS’ 2013 ad campaign. (Photo: Business Wire)
“2012 was our third year at the Big Game and thanks to Mr. Quiggly, we ranked third in the viewer polls. The spot generated massive awareness for our Skechers GOrun product,” began Michael Greenberg, president of SKECHERS. “Next year we’ll be celebrating our second anniversary as a performance brand and we already have Mr. Quiggly booked and back in training for his triumphant return. We’re aiming for the No. 1 Super Bowl commercial this time.”
Skechers GOrun exploded into the serious running scene in November 2011 when elite marathoner Meb Keflezighi wore the shoes to set a new personal record as the first American to cross the finish line in the 2012 NYC Marathon. Since then, the running community has followed Meb’s story and embraced Skechers GOrun with Competitor and Women’s Running naming it the “Most Innovative” new running line for 2012. Meb will be once again wearing Skechers GOrun footwear when he represents the United States on the world’s biggest stage in London this summer.
SKECHERS is building on this foundation of success in minimal running by expanding its Skechers Performance Division 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. From the track to the gym, with additional categories planned for the trail and golf course, Skechers Performance will leverage technologies and innovations developed for Skechers GOrun to offer a variety of Skechers GO lines that meet the needs of athletes at every level and ability across multiple sports and activities.
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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50297660&lang=en
SKECHERS USA, Inc.
Jennifer Clay
310.937.1326
by | May 16, 2012 | Press Release
May 16, 2012 • 11:05 am EDT
- The Company believes the settlement will result in substantial net savings over the exorbitant long-term cost of defending against multiple legal proceedings brought by federal and state regulators and private consumer class actions lawyers.
- The Company will not pay any fines or penalties.
- The Company continues to stand behind its toning technology.
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Skechers USA, Inc. (NYSE:SKX) today announced that it has settled all domestic legal proceedings relating to advertising claims made in connection with marketing its toning shoe products, including its Shape-ups® line of shoes. As discussed in the Company’s previous annual report filed with the Securities and Exchange Commission, the Company has been involved in legal proceedings brought by the United States Federal Trade Commission, multiple states’ Attorneys General and consumer class action lawyers, all investigating whether or alleging that the Company made unsupported advertising claims in connection with marketing its toning shoes. As previously disclosed in the Company’s annual and quarterly reports with the Securities and Exchange Commission, the Company will pay a one-time settlement of $45 million dollars plus $5 million in class action attorneys’ fees to settle the domestic advertising matters and related claims on a global basis.
Skechers denies the allegations and believes its advertising was appropriate, but has decided to settle these claims in order to avoid protracted legal proceedings. The one-time settlement is expected to result in substantial net savings for the Company compared to the significant long-term cost of defending against multiple regulatory and civil legal proceedings in numerous jurisdictions. The Company will not be paying any fines or penalties.
“While we vigorously deny the allegations made in these legal proceedings and looked forward to vindicating these claims in court, Skechers could not ignore the exorbitant cost and endless distraction of several years spent defending multiple lawsuits in multiple courts across the country,” said David Weinberg, the Company’s Chief Financial Officer. “This settlement will dispose once and for all of the regulatory and class action proceedings. While we believe we could have prevailed in each of these cases, to do so would have imposed an unreasonable burden on the Company regardless of the outcome.”
Mr. Weinberg continued: “Our Company’s goal has always been and will continue to be designing and selling quality, affordable shoes for our loyal customers. In short, we settled to avoid the cost and distraction of protracted legal battles so we could get back to doing what we do best.”
Shoes that employ toning technology have been sold in the United States for more than 15 years and have been the subject of numerous research projects with at least 19 reports published in peer-reviewed clinical and sports medicine journals. Researchers from around the world have analyzed various models of toning shoes and found demonstrable fitness benefits from walking and standing in such shoes, as compared to flat-bottomed athletic footwear.
The settlement strictly relates to certain advertising and related claims and does not prevent or prohibit Skechers from making and selling the toning shoes, which the Company will continue to do. “The Company fully stands behind its toning shoe products and technology and is permitted under the settlement to continue to advertise that wearing rocker-bottom shoes like Shape-ups can lead to increased leg muscle activation, increased calorie burn, improved posture and reduced back pain,” said Michael Greenberg, President of Skechers. Mr. Greenberg continued, “The Company has received overwhelmingly enthusiastic feedback from literally thousands of customers who have tried our toning shoes for themselves and have written unsolicited testimonials about their positive experiences—not just with our products’ exercise benefits, but also with their well known comfort and style. We remain committed to the continued development of our toning shoe products, and will continue to deliver quality products that our customers love.”
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 Canada, Brazil, 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 SKECHERS’ 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. SKECHERS operates in a very competitive and rapidly changing environment. New risks emerge from time to time and the companies cannot predict all such risk factors, nor can the companies assess the impact of all such risk factors on their respective businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer
Chief Financial Officer
310-318-3100
or
Investor Relations:
Andrew Greenebaum
310-829-5400
by | May 8, 2012 | Press Release
May 8, 2012 • 9:00 am EDT
LOS ANGELES–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) today announced that David Weinberg, the Company’s Chief Operating Officer and Chief Financial Officer, will present at the 13th Annual B. Riley Investor Conference on Tuesday May 22, 2012 at 2:30 PM PDT at the Loews Santa Monica Beach Hotel in Santa Monica, California.
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.
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, as well as in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, Japan, 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/Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Addo Communications
Andrew Greenebaum, (310) 829-5400
by | Apr 25, 2012 | Press Release
Apr 25, 2012 • 4:00 pm EDT
- Net Sales of $351.3 Million
- Net Loss of $3.7 Million
- Diluted Loss Per Share of $0.07
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in footwear, today announced financial results for the first quarter ended March 31, 2012.
First quarter 2012 net sales were $351.3 million compared to $476.2 million in the first quarter of 2011.Loss from operations for the first quarter of 2012 was $4.4 million compared to earnings from operations of $15.3 million in the first quarter of 2011. Net loss for the first quarter of 2012 was $3.7 million versus net earnings of $11.8 million in the first quarter of 2011. Diluted loss per share was $0.07 based on 49,265,000 weighted average shares outstanding as compared to diluted net earnings per share of $0.24 based on 49,280,000 weighted average shares outstanding.
“We believe our first quarter 2012 results represent a solid performance as we delivered more fresh product, which resulted in an increase in average price per pair of 5.8 percent compared to the first quarter of 2011. We also had a 40 percent decrease in total pairs sold in the first quarter of 2012 due to the clearing of excess toning inventory at reduced prices in the prior year period. In our company-owned SKECHERS concept stores, which are the first to receive new product across all of our divisions, we achieved positive comp store sales in dollars and a double digit percentage increase in pairs sold. With more full-price product at market, our gross margin percentage improved significantly compared to the first quarter of 2011,” stated David Weinberg, chief operating officer and chief financial officer.
Gross profit for the first quarter of 2012 was $155.7 million or 44.3 percent of net sales compared to $192.6 million or 40.4 percent of net sales in the first quarter of last year.
Robert Greenberg, SKECHERS chief executive officer, commented: “Twenty years ago next month we formed SKECHERS. Seven years later we went public, and today we are a billion-dollar plus global brand with successful lifestyle and active lines for men and women, a thriving work footwear business, a cast of animated characters that represent our multiple kids lines, and an emerging performance footwear business that is being embraced by enthusiasts worldwide. While we have faced challenges over the years, we are proud of our growth and many achievements – including the recent launch of Skechers GOrun. This quarter, elite runner Meb Keflezighi ran a personal best time and won the Olympic marathon trials while wearing custom Skechers GOrun footwear. We also returned to profitability in our retail stores, shipped one-million pairs of BOBS shoes to our charity partners to distribute to children in need through our giveaway program, and showcased our product to Japanese retailers as a wholly-owned subsidiary for the first time. We continued to support each of our divisions with multiple marketing campaigns, including more than a dozen television spots and a new Super Bowl campaign, which was named a Top 5 commercial by several media outlets during this coveted program. On the eve of our 20th anniversary, we are excited about the coming year and what the future will hold. Our goal when we started this company may have been modest, but we are now determined to profitably grow and continue to be a relevant, in-demand lifestyle brand to men, women and kids, and an innovator in the performance market.”
Mr. Weinberg continued: “Our first quarter 2012 sales are in line with our expectations given the continued challenging global economic retail environment and changes in retail trends. With strong sales in our company owned retail stores, new offerings delivering across all of our product divisions, including the launch of several new performance lines this quarter and in the third quarter of 2012, targeted marketing support, improved gross margins, a continued focus on reducing our operating expenses and significantly lower inventory levels and a strong cash position of approximately $392 million, we believe we will return to profitability later this year.”
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, as well as in over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com.
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. Forward-looking statements in this announcement include, among other things, our expectation to return to profitability. 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 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. 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) |
|
|
|
|
|
|
|
March 31,
2012
|
|
December 31,
2011
|
| ASSETS |
|
|
|
|
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
391,616 |
|
$ |
351,144 |
| Trade accounts receivable, net |
|
|
228,922 |
|
|
176,018 |
| Other receivables |
|
|
4,869 |
|
|
6,636 |
| Total receivables |
|
|
233,791 |
|
|
182,654 |
| Inventories |
|
|
214,577 |
|
|
226,407 |
| Prepaid expenses and other current assets |
|
|
36,526 |
|
|
88,005 |
| Deferred tax assets |
|
|
39,141 |
|
|
39,141 |
| Total current assets |
|
|
915,651 |
|
|
887,351 |
| Property and equipment, at cost less accumulated depreciation and amortization |
|
|
379,223 |
|
|
376,446 |
| Intangible assets, less applicable amortization |
|
|
3,922 |
|
|
4,148 |
| Deferred tax assets |
|
|
530 |
|
|
530 |
| Other assets, at cost |
|
|
13,186 |
|
|
13,413 |
| TOTAL ASSETS |
|
$ |
1,312,512 |
|
$ |
1,281,888 |
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Current installments of long-term borrowings |
|
$ |
10,145 |
|
$ |
10,059 |
| Short-term borrowings |
|
|
54,552 |
|
|
50,413 |
| Accounts payable |
|
|
252,131 |
|
|
231,000 |
| Accrued expenses |
|
|
20,255 |
|
|
16,994 |
| Total current liabilities |
|
|
337,083 |
|
|
308,466 |
| Long-term borrowings, excluding current installments |
|
|
73,941 |
|
|
76,531 |
| Deferred tax liabilities |
|
|
4,366 |
|
|
4,364 |
| Total liabilities |
|
|
415,390 |
|
|
389,361 |
| Equity: |
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
856,747 |
|
|
852,561 |
| Noncontrolling interests |
|
|
40,375 |
|
|
39,966 |
| Total equity |
|
|
897,122 |
|
|
892,527 |
| TOTAL LIABILITIES AND EQUITY |
|
$ |
1,312,512 |
|
$ |
1,281,888 |
|
|
|
|
|
|
|
|
|
|
| SKECHERS U.S.A., INC. |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| (In thousands, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2012 |
|
|
|
2011 |
|
| Net sales |
|
$ |
351,274 |
|
|
$ |
476,234 |
|
| Cost of sales |
|
|
195,578 |
|
|
|
283,624 |
|
| Gross profit |
|
|
155,696 |
|
|
|
192,610 |
|
| Royalty income |
|
|
1,136 |
|
|
|
1,648 |
|
|
|
|
156,832 |
|
|
|
194,258 |
|
| Operating expenses: |
|
|
|
|
| Selling |
|
|
30,349 |
|
|
|
37,560 |
|
| General and administrative |
|
|
130,877 |
|
|
|
141,427 |
|
|
|
|
161,226 |
|
|
|
178,987 |
|
| Earnings (loss) from operations |
|
|
(4,394 |
) |
|
|
15,271 |
|
| Other (expense): |
|
|
|
|
| Interest, net |
|
|
(2,721 |
) |
|
|
(1,378 |
) |
| Other, net |
|
|
(140 |
) |
|
|
(207 |
) |
|
|
|
(2,861 |
) |
|
|
(1,585 |
) |
| Earnings (loss) before income taxes |
|
|
(7,255 |
) |
|
|
13,686 |
|
| Income tax expense (benefit) |
|
|
(3,845 |
) |
|
|
1,533 |
|
| Net earnings (loss) |
|
|
(3,410 |
) |
|
|
12,153 |
|
| Less: Net earnings (loss) attributable to noncontrolling interest |
|
|
256 |
|
|
|
345 |
|
| Net earnings (loss) attributable to Skechers U.S.A., Inc. |
|
$ |
(3,666 |
) |
|
$ |
11,808 |
|
|
|
|
|
|
|
|
|
|
|
| Net earnings (loss) per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
| Basic |
|
$ |
(0.07 |
) |
|
$ |
0.24 |
|
| Diluted |
|
$ |
(0.07 |
) |
|
$ |
0.24 |
|
|
|
|
|
|
| Weighted average shares used in calculating earnings (loss) per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
| Basic |
|
|
49,265 |
|
|
|
48,243 |
|
| Diluted |
|
|
49,265 |
|
|
|
49,280 |
|
|
|
|
|
|
|
|
|
|
SKECHERS USA, Inc.
Company Contact:
David Weinberg
Chief Operating Officer
Chief Financial Officer
310-318-3100
or
Investor Relations:
Andrew Greenebaum
310-829-5400
by | Apr 19, 2012 | Press Release
Apr 19, 2012 • 8:00 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 first quarter financial results will be broadcast live over the internet on Wednesday, April 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 April 25, 2012 at 7:30 p.m. ET, through May 9, 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: 4531561.
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 Inc.
Andrew Greenebaum, 310-829-5400
[email protected]
