by | Jan 10, 2012 | Press Release
Jan 10, 2012 • 6:50 pm EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) announced today that its upcoming Skechers GOrun commercial premiering during SUPER BOWL XLVI is creating massive media excitement for the spot’s surprising co-star—a scrappy French bulldog named Mr. Quiggly.
A French Bulldog named Mr. Quiggly stars in the upcoming Skechers GOrun Super Bowl campaign with Mark Cuban. (Photo: Business Wire)
Mr. Quiggly steps into the spotlight as the representative of SKECHERS’ underdog image in the performance arena. The new campaign stars Dallas Mavericks owner Mark Cuban and will use humor to illustrate how SKECHERS now produces performance footwear that’s exceeding expectations and impressing runners and athletes everywhere. SKECHERS will run its spot in the coveted position right before the two minute warning in the first half of the game.
Designed by the Company’s Advanced Concepts Team after three years of research working with elite runners, the radically lightweight Skechers GOrun minimal running shoe features mid-foot strike technology and GOimpulse sensors for enhanced sensory feedback. 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, 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, 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, 2010 and its Form 10-Q for the quarter ended September 30, 2011. 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50129744&lang=en
SKECHERS USA, Inc.
Jennifer Clay, 310-937-1326
by | Jan 10, 2012 | Press Release
Jan 10, 2012 • 10:17 am EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX) today announced that sports and technology mogul Mark Cuban has thrown his support behind the launch of SKECHERS’ innovative new performance running line, Skechers GOrun. The owner of the NBA Champion Dallas Mavericks will play a key role in the Company’s third consecutive Super Bowl commercial, which will premiere during the coveted two minute warning in the first half.
A behind-the-scenes preview of Mark Cuban in SKECHERS’ upcoming Super Bowl commercial featuring Skechers GOrun performance running footwear. (Photo: Business Wire)
“I pride myself on identifying technological breakthroughs and I have been wearing SKECHERS mid-foot strike products since they were introduced and felt the difference after standing on the court for hours at a time,” stated Mark Cuban. “Now SKECHERS has built the Skechers GOrun, which I consider the ultimate running shoe. I even have our team’s trainers checking them out so we can benefit our players with this technological breakthrough. SKECHERS is coming to the running game with a star player, a real winner, and I am happy to be backing this exceptional product.”
Because the billionaire businessman is a true believer in the brand, he agreed to “buy into” the SKECHERS brand by committing to a host of television, print, outdoor, in-store, online and viral marketing campaigns, the first of which is the Skechers GOrun Super Bowl commercial.
“Until just a few years ago, SKECHERS was known purely as a lifestyle company. We are now building breakthrough performance product and with Skechers GOrun, we are entering the estimated $13 billion dollar global running business,” began Michael Greenberg, president of SKECHERS. “Our success in this market depends first on designing a stellar, relevant product, which we have done, and second on getting the word out. I can’t imagine a better spokesman than Mark Cuban—one of the most talked about, charismatic and media-savvy pro-team owners in the world today.”
In addition to the Mavs, Cuban owns Landmark Theaters as well as the HDNet cable network, is a best-selling author with his 2011 ebook How to Win at the Sport of Business: If I Can Do It, You Can Do It, and his face is a constant fixture on television. He competed on the fifth season of ABC’s Dancing With The Stars, recently had a recurring role playing himself on HBO’s Entourage, and is once again starring in ABC’s hit show Shark Tank, which begins airing later this month.
For its third consecutive Super Bowl spot, the footwear company will use humor to highlight the features and benefits of Skechers GOrun, its innovative new minimalistic running line. Leonard Armato, SKECHERS Fitness president, explains: “Success in the Super Bowl advertising world is dependent upon one of two things: either being sexy, which we did last year with Kim Kardashian’s ‘Break Up’ spot, or being humorous. You’ll see that by partnering with Mark in this spot we are focusing on humor – and embracing our position as an underdog as SKECHERS launches a new lightweight, flexible running shoe with revolutionary mid-foot strike technology.”
Skechers GOrun launched globally in Holiday 2011 with an extensive multimedia campaign that began with elite runner, 2009 NYC marathon champion, and 2004 Olympic silver medalist Meb Keflezighi achieving a personal record while wearing Skechers GOrun footwear at the 2011 NYC Marathon on November 6. Skechers GOrun television, print, outdoor, online, in-store, and grass roots marketing ran through the year, and will continue again after the new Super Bowl campaign.
Designed by the Company’s Advanced Concepts Team after three years of research working with elite runners, Skechers GOrun is appealing to runners at all levels because of its revolutionary mid-foot strike technology and GOimpulse sensors for enhanced sensory feedback. In addition, the flexible line features a 4mm heel drop that brings the runner 66 percent closer to the ground than traditional running shoes for a natural barefoot experience and is ultra-lightweight 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.
Skechers GOrun kicked off an expanding collection of ultra-lightweight performance products featuring GOimpulse sensors. The recently released Skechers GOwalk and Skechers GOplay lines bring this technology into the casual world for an everyday recovery experience. In 2012, the Company will introduce Skechers GOtrain—a line featuring lateral support for the gym developed through testing with New England Patriots running back (and SKECHERS athlete) Danny Woodhead; Skechers GOtrail, a line designed specifically for trail runners constructed with a tough new compound called Resagrip; and Skechers GObionic, a groundbreaking zero drop minimal running shoe featuring an innovative biomimic design.
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, 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 September 30, 2011. 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50128140&lang=en
SKECHERS USA, Inc.
Jennifer Clay, 310-937-1326
by | Jan 5, 2012 | Press Release
Jan 5, 2012 • 7:21 pm EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the footwear industry, today announced that it raised more than $120,000 for military families through its nationwide network of SKECHERS retail stores. The 2011 fundraising drive was in support of Iraq War veteran Troy Yocum’s Hike for Heroes campaign, which raised awareness and funds for military families in need as the former soldier walked across America.
SKECHERS president Michael Greenberg presents Iraq War veteran and Hike for Heroes founder Troy Yocum with a donation check at the SKECHERS flagship store in Manhattan Beach, California. (Photo: Business Wire)
“I’m extremely grateful that SKECHERS stepped up to provide vast exposure to this important cause,” began Troy Yocum, who was joined by his wife Mareike for part of his 7,880 mile journey. “Many military families in need will benefit from the donations made by the SKECHERS Foundation and SKECHERS customers across the country—many of whom may not have known about this cause if they hadn’t been informed about the donation opportunity in SKECHERS’ retail stores.”
“Troy Yocum is an inspiration to men and women of all ages,” began Michael Greenberg, president of SKECHERS. “After bravely serving his country in Iraq, this selfless man is now devoting his life to helping the families of his fellow soldiers who risk their lives to protect our freedom. I was extremely moved by Troy’s story, and felt compelled to help his cause through SKECHERS’ vast network of retail stores. Our loyal customers felt inspired to make donations to Troy’s campaign, and we’re extremely proud that SKECHERS raised such a large amount of funds to support military families.”
The SKECHERS Foundation will mark this fundraising achievement by presenting a $122,285 check to Yocum for the Active Heroes charity foundation at the footwear company’s flagship retail store in Manhattan Beach, Calif. on Thursday, January 5.
Since the Hike for Heroes campaign began in April 2010, Troy has raised more than a million dollars for the Active Heroes foundation. His journey will continue as long as U.S. military families require assistance. Troy and Mareike plan to hike another 1,500 miles in 2012 through National Forests and at special events from coast to coast, with the ultimate goal of raising $5 million to directly benefit military families in need.
SKECHERS has a long history of supporting and leading charitable efforts around the globe. The annual SKECHERS Pier to Pier Friendship Walk benefits children with special needs and education. In addition, the Company’s BOBS from SKECHERS footwear line donates a pair of new shoes to a child in need for every pair of BOBS sold.
ABOUT THE SKECHERS FOUNDATION
The SKECHERS Foundation was established to provide families around the world with the necessities and skills to succeed in life. In addition to organizing the SKECHERS Pier to Pier Friendship Walk, the SKECHERS Foundation funds tax-exempt, 501(c)(3) nonprofit organizations that provide education and job training, shoes, clothing, fitness and nutrition guidance to communities in need.
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, 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 September 30, 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50124578&lang=en
SKECHERS USA, Inc.
Jennifer Clay, 310-937-1326
by | Oct 26, 2011 | Press Release
Oct 26, 2011 • 4:00 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the third quarter ended September 30, 2011.
Net sales for the third quarter of 2011 were $412.2 million, compared to a record $554.6 million in the third quarter of 2010, and income from operations was $2.3 million, compared to $55.6 million in the third quarter of 2010. Net earnings for the quarter were $8.3 million compared to net earnings of $36.4 million in the third quarter of 2010. Net earnings for the third quarter include a $4.6 million tax benefit related to certain research and development tax credits. Net earnings per diluted share were $0.17 on 49.4 million diluted shares outstanding, compared to net earnings per diluted share of $0.74 on 49.2 million diluted shares outstanding for the third quarter of 2010.
“Third quarter 2011 net sales were down 25.7 percent, while our gross margins returned to our historical norm,” began David Weinberg, chief operating officer and chief financial officer. “The decrease in revenues is primarily attributable to a combination of comparisons against a record third quarter 2010, the decline in higher priced toning footwear, and lower than expected sales across many of our other SKECHERS footwear lines. We are pleased that we continued to experience growth across much of our international business and that our domestic and international retail sales volume remained fairly constant. The significantly improved gross margin from the previous quarter of this year is a reflection of our reduced inventory levels and more in-line product levels, as well as a normalized flow of our product.”
Gross profit for the third quarter of 2011 was $175.2 million, compared to $252.7 million in the third quarter of 2010. Gross margin was 42.5 percent for the third quarter of 2011, compared to 45.6 percent in the third quarter of 2010. Gross profit for the first nine months of 2011 was $511.1 million, or 38.6 percent of net sales, compared to $727.7 million, or 46.9 percent of net sales, in the first nine months of 2010.
For the nine months ended September 30, 2011, net sales were $1.323 billion compared to net sales of $1.552 billion in the first nine months of 2010. Net loss for the first nine months of 2011 was $9.8 million, which includes a tax benefit of $4.6 million related to certain research and development tax credits, compared to net earnings of $132.9 million in the first nine months of 2010. Net loss per diluted share in the first nine months of 2011 was $0.20 per share on 48.3 million diluted shares outstanding, compared to net earnings of $2.71 per share on 49.0 million diluted shares outstanding for the same period last year.
Robert Greenberg, SKECHERS chief executive officer, commented: “Last year we were experiencing record sales growth as the leaders of an explosive new category. This year we are leveraging that learning– both in product development and distribution. We created many new offerings in our Fitness division, which delivered earlier this year, and have our first true performance footwear line delivering to our accounts this quarter. Early reads on this line in our own retail stores has been strong, and we believe this performance product will also experience solid sell throughs in our key accounts. Inspired by our fitness footwear, we are developing fresh looks in our classic athletic lifestyle footwear as well as in our SKECHERS Kids lines, with commercials to support this business for Spring 2012. We have created substantial buzz with consumers thanks to the star power of Kim Kardashian, and are looking forward to growing our relationship with Dancing with the Stars host Brooke Burke, who is appearing in SKECHERS Fitness print and television campaigns around the world. The signing of elite runner Meb Keflezighi for our SKECHERS GOrun footwear has helped us to elevate the profile of this performance line. He will be competing in our footwear in the New York Marathon next week. While we develop and market new product, we are continuing to look for new opportunities to grow our business, including in the international arena where we are in the process of transitioning one of our largest distributors to a subsidiary. We are looking forward to international growth, opening new retail stores around the world, and to delivering fresh product to the market this quarter and next year.”
Mr. Weinberg added: “We believe that we will continue to face challenges in the fourth quarter of 2011, but we are pleased with the strides we have made to better position our business for 2012. These include significantly reducing our selling expenses, consolidating our North American distribution facilities into one building and reducing excess inventory. We are also evaluating our overhead to better control spending while seeking new expansion opportunities in product development, as well as international and retail sales. As we look forward to 2012, we believe SKECHERS continues to be a relevant brand globally, and there are many opportunities to grow our business in the future.”
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.
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 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, 2010 and its quarterly report on Form 10-Q for the three months ended June 30, 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)
|
|
|
|
|
|
September 30,
2011
|
|
December 31,
2010
|
| ASSETS |
|
|
|
| Current Assets: |
|
|
|
| Cash and cash equivalents |
$ |
247,974 |
|
$ |
233,558 |
| Trade accounts receivable, net |
|
244,977 |
|
|
266,057 |
| Other receivables |
|
7,136 |
|
|
9,650 |
| Total receivables |
|
252,113 |
|
|
275,707 |
| Inventories |
|
238,360 |
|
|
398,588 |
| Prepaid expenses and other current assets |
|
78,168 |
|
|
53,791 |
| Deferred tax assets |
|
11,720 |
|
|
11,720 |
| Total current assets |
|
828,335 |
|
|
973,364 |
| Property and equipment, at cost less accumulated depreciation and amortization |
|
382,418 |
|
|
293,802 |
| Intangible assets, less applicable amortization |
|
6,192 |
|
|
7,367 |
| Deferred tax assets |
|
12,323 |
|
|
12,323 |
| Other assets, at cost |
|
19,037 |
|
|
17,938 |
| TOTAL ASSETS |
$ |
1,248,305 |
|
$ |
1,304,794 |
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
| Current installments of long-term borrowings |
$ |
9,974 |
|
$ |
11,984 |
| Short-term borrowings |
|
49,368 |
|
|
18,346 |
| Accounts payable |
|
145,635 |
|
|
246,595 |
| Accrued expenses |
|
21,055 |
|
|
30,385 |
| Total current liabilities |
|
226,032 |
|
|
307,310 |
| Long-term borrowings, excluding current installments |
|
78,974 |
|
|
51,650 |
| Deferred tax liabilities |
|
73 |
|
|
– |
| Total liabilities |
|
305,079 |
|
|
358,960 |
| Equity: |
|
|
|
| Skechers U.S.A., Inc. equity |
|
904,956 |
|
|
908,203 |
| Noncontrolling interests |
|
38,270 |
|
|
37,631 |
| Total equity |
|
943,226 |
|
|
945,834 |
| TOTAL LIABILITIES AND EQUITY |
$ |
1,248,305 |
|
$ |
1,304,794 |
|
|
|
|
|
|
|
SKECHERS U.S.A., INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2011
|
|
|
2010
|
|
|
|
2011
|
|
|
2010
|
|
| Net sales |
$ |
412,183 |
|
$ |
554,626 |
|
|
$ |
1,322,768 |
|
$ |
1,552,249 |
|
| Cost of sales |
|
236,988 |
|
|
301,975 |
|
|
|
811,633 |
|
|
824,535 |
|
| Gross profit |
|
175,195 |
|
|
252,651 |
|
|
|
511,135 |
|
|
727,714 |
|
| Royalty income |
|
1,406 |
|
|
1,888 |
|
|
|
4,430 |
|
|
3,148 |
|
|
|
176,601 |
|
|
254,539 |
|
|
|
515,565 |
|
|
730,862 |
|
| Operating expenses: |
|
|
|
|
|
| Selling |
|
37,943 |
|
|
59,516 |
|
|
|
128,602 |
|
|
146,262 |
|
| General and administrative |
|
136,364 |
|
|
139,455 |
|
|
|
418,312 |
|
|
389,241 |
|
|
|
174,307 |
|
|
198,971 |
|
|
|
546,914 |
|
|
535,503 |
|
| Income (loss) from operations |
|
2,294 |
|
|
55,568 |
|
|
|
(31,349 |
) |
|
195,359 |
|
| Other income (expense): |
|
|
|
|
|
| Interest, net |
|
(986 |
) |
|
484 |
|
|
|
(3,960 |
) |
|
1,515 |
|
| Other, net |
|
395 |
|
|
(3,143 |
) |
|
|
(200 |
) |
|
(1,323 |
) |
|
|
(591 |
) |
|
(2,659 |
) |
|
|
(4,160 |
) |
|
192 |
|
| Earnings (loss) before income taxes |
|
1,703 |
|
|
52,909 |
|
|
|
(35,509 |
) |
|
195,551 |
|
| Income tax expense (benefit) |
|
(6,653 |
) |
|
16,330 |
|
|
|
(25,966 |
) |
|
62,532 |
|
| Net income (loss) |
|
8,356 |
|
|
36,579 |
|
|
|
(9,543 |
) |
|
133,019 |
|
| Less: Net income (loss) attributable to noncontrolling interest |
|
71 |
|
|
201 |
|
|
|
280 |
|
|
108 |
|
| Net earnings (loss) attributable to Skechers U.S.A., Inc. |
$ |
8,285 |
|
$ |
36,378 |
|
|
$ |
(9,823 |
) |
$ |
132,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings (loss) per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
$ |
0.17 |
|
$ |
0.76 |
|
|
$ |
(0.20 |
) |
$ |
2.81 |
|
| Diluted |
$ |
0.17 |
|
$ |
0.74 |
|
|
$ |
(0.20 |
) |
$ |
2.71 |
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings (loss) per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
|
48,445 |
|
|
47,586 |
|
|
|
48,344 |
|
|
47,268 |
|
| Diluted |
|
49,399 |
|
|
49,176 |
|
|
|
48,344 |
|
|
49,017 |
|
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer, Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Andrew Greenebaum, (310) 829-5400
by | Oct 20, 2011 | Press Release
Oct 20, 2011 • 4:33 pm EDT
Star-Studded Event to Feature Denise Austin, Brooke Burke and Tommy Lasorda for Education Foundations and Children with Special Needs
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in footwear, today announced that it is teaming up with Kids Foot Locker to kick off the third annual SKECHERS Pier to Pier Friendship Walk to raise funds for children with special needs and education on October 30, 2011. The star-studded lineup for this year’s festivities include fitness expert Denise Austin as host, and guest speakers Dancing with the Stars host Brooke Burke and legendary Hall of Fame baseball manager Tommy Lasorda.
SKECHERS president Michael Greenberg and legendary Hall of Fame baseball manager Tommy Lasorda at the 2010 SKECHERS Pier to Pier Friendship walk. (Photo: Business Wire)
This year, the SKECHERS Foundation is expecting more than 5,000 people in attendance and anticipating raising more than $500,000 – thanks to the efforts of our generous sponsors, including the presenting sponsor Kids Foot Locker, our friends in the community, and many other local and national businesses. “We are proud of the amount we have raised this year and the past two years,” began Michael Greenberg, president of SKECHERS. “But when you think about all the children in need, it just isn’t enough. Working together, we will be able to give more and more children the chance to discover their strengths and passions, build caring relationships, and ultimately succeed.”
Greenberg continued: “We are committed to supporting children with special needs and education. I believe that it is our obligation as parents, business leaders and residents of these amazing South Bay communities to help our schools during these tough times – and to provide assistance to wonderful organizations like The Friendship Circle, which touches the hearts of so many. To have such incredible icons like Denise, Brooke and Tommy as our ambassadors is huge for the walk – as parents, they’ve taken a personal interest in this cause, and we’re deeply honored to have their support as they will bring attention to the plight of our schools as well as create more awareness of The Friendship Circle.”
All of the celebrities share a long history with SKECHERS: both Brooke Burke and Denise Austin have supported the Company’s fitness collections as celebrity endorsees in print and on television, and Tommy Lasorda has been a loyal friend of the brand, joined the Pier to Pier Walk’s Board of Directors and attended the event every year.
“The SKECHERS Pier to Pier Friendship Walk is one of the greatest projects I have ever been involved with,” stated Tommy Lasorda. “I hope we get more people involved because there is not much more rewarding than doing something for the community. We need more people.”
“My hope is that over time, others across the country can also develop walks like ours,” added Greenberg. “That we can take this idea to hometowns where the schools and programs for children with special needs have been most compromised.”
Traveling from the Manhattan Beach Pier to Hermosa Beach Pier and back, the 3.4-mile Pier to Pier Walk includes performances from local schools and activities for the entire family:
|
● 8:00am
|
|
|
Check-in and registration
|
|
|
|
Sponsor exhibitions and Fun Zone activities |
|
● 9:00am
|
|
|
Opening Ceremonies |
|
|
|
The SKECHERS Pier to Pier Friendship Walk |
|
● 10:00am
|
|
|
Walk begins |
The Pier to Pier Walk will also be followed by the 21st annual World Famous Pumpkin Races at Manhattan Beach Pier.
Produced by the SKECHERS Foundation, The SKECHERS Pier to Pier Friendship Walk directly benefits the education foundations of Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Palos Verdes, and Torrance, as well as The Friendship Circle, a non-profit organization that assists children with special needs and their families through one-on-one peer mentoring and social recreational programming (www.gotfriends.com).
Individuals, families, team leaders and team members can register online at www.skechersfriendshipwalk.com or by mail for $25. Registration at the Manhattan Beach Pier on the morning of the event is $30. Registered participants will receive a commemorative SKECHERS Pier to Pier Friendship Walk T-shirt and complimentary water and drinks along the walk route. For those who cannot participate, donations will also be accepted until the day of the walk; event sponsors and volunteers are also welcome to participate.
In addition to presenter Kids Foot Locker, sponsors of the 2011 SKECHERS Pier to Pier Friendship Walk include Wells Fargo, Body Glove, Merrill Lynch, Chevron, Ross Stores, Marriott, Premier Displays & Exhibits, Marshalls, United Legwear, Waste Management, Equinox, Shape Magazine, Star Magazine, Union Bank, AT&T and Nestle, among others.
For more information about the SKECHERS Pier to Pier Friendship Walk, please visit www.skechersfriendshipwalk.com.
ABOUT SKECHERS Foundation
The SKECHERS Foundation was established to provide families around the world with the necessities and skills to succeed in life. In addition to organizing the SKECHERS Pier to Pier Friendship Walk, the SKECHERS Foundation funds tax-exempt, 501(c)(3) nonprofit organizations that provide education and job training, shoes, clothing, fitness and nutrition guidance to communities in need.
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, and 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, 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, 2010 and its Form 10-Q for the quarter ended June 30, 2011. 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 Company assess the impact of all such risk factors on its respective 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50038126&lang=en
SKECHERS USA, Inc.
Jennifer Clay, 310-937-1326
by | Oct 20, 2011 | Press Release
Oct 20, 2011 • 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 2011 third quarter financial results will be broadcast live over the internet on Wednesday, October 26, 2011 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 will be broadcast live over the Internet and can be accessed on the Investor Relations section of the Company’s website at www.skx.com. The call will be archived for two weeks. For those unable to participate during the live broadcast, a replay will be available beginning October 26, 2011 at 7:30 p.m. ET, through November 9, 2011 at 11:59 p.m. ET. To access the replay, dial 877-870-5176 (U.S.) or 858-384-5517 (International) and use passcode: 4476320.
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]
