by | Jul 27, 2011 | Press Release
Jul 27, 2011 • 4:00 pm EDT
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, 2011.
Second quarter 2011 net sales were $434.4 million compared to $504.9 million for the second quarter of 2010. Second quarter 2011 net loss was $29.9 million or a loss of $0.62 per diluted share based on 48,341,000 weighted average common shares outstanding compared to net earnings of $40.2 million or earnings of $0.82 per diluted share based on 49,130,000 weighted average common shares outstanding for the second quarter of 2010.
“Second quarter results were impacted by several factors,” began David Weinberg, chief operating officer and chief financial officer. “First, we were up against a record second quarter in 2010, and we aggressively reduced our excess toning inventory during the second quarter by selling two million pairs of our original Shape-ups for a loss of $21.0 million. We also recorded a $4.4 million reserve for additional product, which we believe reflects net realizable value. We made a decision to accelerate the clearance on early generation Shape-ups product in order to eliminate the overhang of excess inventory. We believe this will expand the sales of our new toning and performance product, which are showing positive results at retail. The impact of these two transactions was a loss of $0.31 per diluted share and a reduction of gross margin to 33 percent, which otherwise would have been 41.5 percent. We feel this was a big step in reaching our goals for the year, which include right-sizing our inventory, bringing new product to market, and getting our overhead in line with anticipated sales for 2012.”
For the six months ended June 30, 2011, net sales were $910.6 million compared to net sales of $997.6 million in the first six months of 2010. Net loss was $18.1 million or a loss of $0.38 per diluted share based on 48,292,000 weighted average common shares outstanding as compared to net earnings of $96.5 million or earnings of $1.97 per diluted share based on 48,955,000 weighted average common shares outstanding for the first six months of 2010.
Gross profit for the second quarter of 2011 was $143.3 million or 33.0 percent of net sales compared to $237.6 million or 47.1 percent of net sales in the second quarter of last year. Gross profit for the first six months of 2011 was $335.9 million or 36.9 percent of net sales versus $475.1 million or 47.6 percent of net sales in the first six months of 2010.
Robert Greenberg, SKECHERS chief executive officer, commented: “Every business faces challenges as they grow and at this time last year we were experiencing record growth and were the leaders in an explosive new category of footwear. Recently we have leveraged our experience and learning in the toning category to develop new footwear in both our core lifestyle lines and in our rapidly evolving performance division. This product was delivered to our own SKECHERS retail stores in the second quarter and began reaching our key accounts in June and July. The initial sell throughs have been strong, and we believe will accelerate as the marketing begins for back to school. Dancing with the Stars host Brooke Burke is the face of our women’s lightweight toning and running product, and we have several new commercials for our kids lines. We also recently signed Danny Woodhead, the New England Patriots exciting young running back, to appear in a multi-level marketing campaign for our SKECHERS Resistance footwear. Kim Kardashian is appearing in SKECHERS broadcast, print and outdoor advertising globally. We are pleased with our international sales, which grew by double digits, and our retail business, which remains steady with new stores opening in the United States and around the world. We believe SKECHERS continues to be a brand in demand globally, and there are many opportunities to grow our business in the coming years.”
Mr. Weinberg added: “We believe that while the second half of 2011 will pose more challenges, we also see growth opportunities in both the international and retail businesses. We are pleased with the reception of our new product offerings for men, women and kids delivering in our stores and to accounts now. With our Holiday 2011 and Spring 2012 product being reviewed by our customers this month during prelines, we believe we are well-positioned for 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 March 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)
June 30, December 31,
2011 2010
ASSETS
Current Assets:
Cash and cash equivalents $ 250,782 $ 233,558
Trade accounts receivable, net 275,958 266,057
Other receivables 10,375 9,650
Total receivables 286,333 275,707
Inventories 325,815 398,588
Prepaid expenses and other current assets 70,072 53,791
Deferred tax assets 11,720 11,720
Total current assets 944,722 973,364
Property and equipment, at cost less accumulated 367,152 293,802
depreciation and amortization
Intangible assets, less applicable amortization 6,587 7,367
Deferred tax assets 12,323 12,323
Other assets, at cost 17,679 17,938
TOTAL ASSETS $ 1,348,463 $ 1,304,794
LIABILITIES AND EQUITY
Current Liabilities:
Current installments of long-term borrowings $ 9,893 $ 11,984
Short-term borrowings 46,096 18,346
Accounts payable 245,185 246,595
Accrued expenses 19,259 30,385
Total current liabilities 320,433 307,310
Long-term borrowings, excluding current 81,075 51,650
installments
Deferred tax liabilities 77 -
Total liabilities 401,585 358,960
Equity:
Skechers U.S.A., Inc. equity 908,542 908,203
Noncontrolling interests 38,336 37,631
Total equity 946,878 945,834
TOTAL LIABILITIES AND EQUITY $ 1,348,463 $ 1,304,794
SKECHERS U.S.A., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
Three Months Ended June 30, Six Months Ended June 30,
2011 2010 2011 2010
Net sales $ 434,351 $ 504,859 $ 910,585 $ 997,623
Cost of sales 291,021 267,214 574,645 522,560
Gross profit 143,330 237,645 335,940 475,063
Royalty income 1,376 875 3,024 1,260
144,706 238,520 338,964 476,323
Operating expenses:
Selling 53,099 52,437 90,659 86,746
General and 139,965 127,299 281,948 249,786
administrative
193,064 179,736 372,607 336,532
Income (loss) from (48,358 ) 58,784 (33,643 ) 139,791
operations
Other income (expense):
Interest, net (1,596 ) 318 (2,974 ) 1,031
Other, net (944 ) 1,611 (595 ) 1,820
(2,540 ) 1,929 (3,569 ) 2,851
Earnings (loss) before (50,898 ) 60,713 (37,212 ) 142,642
income taxes
Income tax expense (20,846 ) 20,396 (19,313 ) 46,202
(benefit)
Net income (loss) (30,052 ) 40,317 (17,899 ) 96,440
Less: Net income (loss)
attributable to (136 ) 80 209 (93 )
noncontrolling interest
Net earnings (loss)
attributable to $ (29,916 ) $ 40,237 $ (18,108 ) $ 96,533
Skechers U.S.A., Inc.
Net earnings (loss) per
share attributable to
Skechers U.S.A., Inc.:
Basic $ (0.62 ) $ 0.85 $ (0.38 ) $ 2.05
Diluted $ (0.62 ) $ 0.82 $ (0.38 ) $ 1.97
Weighted average shares
used in calculating
earnings (loss)
per share attributable
to Skechers U.S.A.,
Inc.:
Basic 48,341 47,422 48,292 47,107
Diluted 48,341 49,130 48,292 48,955
by | Jul 20, 2011 | Press Release
Jul 20, 2011 • 4:00 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle footwear, announced today that the Company’s conference call to review its fiscal 2011 second quarter financial results will be broadcast live over the internet on Wednesday, July 27, 2011 at 1:30 p.m. PDT / 4:30 p.m. EDT. 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 July 27, 2011 at 7:30 p.m. EDT, through August 11, 2011 at 11:59 p.m. EDT. To access the replay, dial 877-870-5176 (U.S.) or 858-384-5517 (International) and use passcode: 4457030.
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.
by | Jul 7, 2011 | Press Release
Jul 7, 2011 • 9:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the footwear industry and the number two athletic footwear brand in the United States*, today announced that it has signed a two-year marketing agreement with New England Patriots running back Danny Woodhead to endorse the SKECHERS Fitness footwear collection. The football star will represent the Company’s high performance footwear and apparel lines in worldwide multiple-medium marketing campaign.
New England Patriots running back Danny Woodhead endorsing new SKECHERS Fitness footwear. (Photo: Business Wire)
Woodhead’s endorsement will include two product lines that he will use to prepare for the upcoming NFL season: SKECHERS Resistance ProSpeed running shoes and ProTR training shoes, SKECHERS Fitness styles designed with the ground-breaking SmartShoe mid-foot strike technology for serious athletes and active enthusiasts.
“From the moment I tried the new SKECHERS Resistance products, I could feel a difference in the way my body responded during training,” said Woodhead. “The new Resistance footwear is lightweight, yet continues to challenge your muscles, and provide support and cushioning. I’m excited to wear SKECHERS and enhance my training regimen with this revolutionary new footwear.”
“Danny’s athleticism and dedication are truly inspiring, and we’re thrilled to have an elite NFL athlete training in the new SKECHERS Resistance products,” said SKECHERS president Michael Greenberg. “SKECHERS has truly evolved into a performance footwear brand, and Danny’s presence in our upcoming marketing campaign is a testament to the success our fitness products.”
Woodhead’s NFL “Cinderella Story” began at Chadron State College in Nebraska, where he set several NCAA records, including single season rushing and all-time rushing. He won two consecutive Harlon Hill Trophies, awarded to the best player in NCAA Division II; tied for first place in Division II career scoring; and is the second player in collegiate history to score more than 100 touchdowns. In 2008, Woodhead began his NFL career with the New York Jets and signed with the New England Patriots in 2010. His contract with the Patriots currently extends through the 2012 season.
SKECHERS Fitness’ campaign with Woodhead is planned for a Holiday 2011 launch, and will include print, television, outdoor, in-store and online marketing for SKECHERS lifestyle and fitness footwear.
Launched by the SKECHERS Fitness Group(TM), the SKECHERS Resistance collection includes lightweight running and training footwear that utilizes Shape-ups patented technology. From the explosive and efficient ProSpeed to the maximized support and cushioning of ProResistance to the lateral protection and hybrid performance of Pro-TR, many SKECHERS Resistance styles include a Kinetic Return System to deflect impact forces and convert energy into forward motion. SKECHERS Fitness footwear for men and women is available in sporting goods, department and specialty athletic stores worldwide.
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.
*Sporting Goods Intelligence, June 21, 2010
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 the Company’s quarterly report on Form 10-Q for the three months ended March 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6785355&lang=en
by | Jun 13, 2011 | Press Release
Jun 13, 2011 • 9:00 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the footwear industry and the number two footwear brand in the United States,* today announced that it has signed a multi-year licensing agreement with LF USA, a subsidiary of Hong Kong-headquartered multinational Li & Fung Limited, to produce a SKECHERS Fitness apparel and accessories collection for men and women. The offering will include Shape-ups, Tone-ups and SKECHERS Resistance-branded activewear; outerwear and performance-related accessories.
The SKECHERS Fitness Apparel collection will build on the success of SKECHERS Fitness Footwear, which now includes technical running collections as well as styles designed for training and all-day wear. LF USA’s Regatta division will design, produce, distribute and market the collection, which is planned for a 2012 launch in department store, sporting goods and independent retailers in the United States.
“SKECHERS Fitness has grown from a single style into a performance running line, training line, and an everyday toning line,” said Michael Greenberg, president of SKECHERS. “With our partner as LF USA, part of the world’s largest sourcing company, we look forward to coming together as two industry leaders and capitalizing on the great potential that we believe the SKECHERS Fitness brand has for our consumers.”
“SKECHERS Fitness is an innovative, athletic lifestyle brand with strong consumer appeal,” said Rick Darling, president of LF USA. “With its unique performance features, SKECHERS Fitness is changing the athletic footwear landscape and the way people incorporate fitness into their daily lives. We see tremendous opportunities to build on the brand’s solid foundation as we bring consumers a new, differentiated performance apparel collection.”
The agreement is the latest in a diverse range of partnerships that SKECHERS has established to produce SKECHERS-branded products, which include children’s apparel, bags, sunglasses, legwear, medical scrubs and luggage. The Company is currently negotiating with additional licensees, both domestic and abroad, and continues to seek partnerships and opportunities that will bring the SKECHERS brand to new product segments around the globe.
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 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.
About LF USA
LF USA is a subsidiary of Li & Fung Limited (SEHK:494), the Hong Kong-headquartered multinational group; and is recognized as the world’s leader in consumer goods design, development, sourcing and distribution. It manages the supply chain for retailers and brands worldwide from about 240 offices and distribution centers in more than 40 economies spanning across the Americas, Europe, Africa and Asia. Through its three interconnected business networks — trading, logistics and distribution — the Group offers a spectrum of services that covers the entire end-to-end supply chain. Corporate website: www.lifung.com
*Sporting Goods Intelligence, June 21, 2010
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 SKECHERS’ Form 10-Q for the quarter ended March 31, 2011. The risks included here are not exhaustive. SKECHERS and LF USA 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.
by | Jun 1, 2011 | Press Release
Jun 1, 2011 • 1:00 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
SKECHERS SIGNS LICENSING AGREEMENT FOR SPORTING GOODS AND SAFETY GEAR
SKECHERS USA, Inc. (NYSE:SKX), a global leader in the footwear industry and the number two footwear brand in the United States*, today announced that it has signed a licensing agreement with Street Flyers, LLC to produce sporting goods and safety gear collections for children and young adults. Both collections are planned to launch in toy and mass market retailers throughout the U.S. and Canada in Spring 2012.
Under the agreement, Street Flyers will design, produce and distribute SKECHERS-branded bicycles, skateboards, scooters, skates and safety gear. The children’s collection will incorporate designs and images from SKECHERS’ Zevo-3 animated television series and SKECHERS Kids characters, which are well known globally due to extensive television advertising and marketing campaigns. Each character represents a uniquely branded SKECHERS Kids footwear collection, including Twinkle Toes by SKECHERS, Sporty Shorty by SKECHERS, HyDee HyTop(TM) by SKECHERS, The Incredible Elastika Bungees(TM), Punkie Rose(TM) by SKECHERS, and Bella Ballerina(TM) by SKECHERS for girls; and Z-Strap(R), Kewl Breeze(R), Hot Lights by SKECHERS and Luminators by SKECHERS for boys. In addition, SKECHERS footwear branding will be utilized for the young adult collections.
“We have found phenomenal success in the performance fitness arena, developing high performance athletic footwear for adults. Sporting goods are a great way to reach children and a natural extension of our athletic offering,” said Michael Greenberg, president of SKECHERS. “We are thrilled to launch SKECHERS-branded sports equipment with a well respected company like Street Flyers. SKECHERS is the number one children’s footwear brand in the United States, and Street Flyers is one of the largest wheeled sporting goods companies in North America, so the partnership is a natural fit.”
“SKECHERS is one of the most recognized footwear brands in the world, which is an ideal platform to launch sporting goods under the SKECHERS name,” said Ike Tawil, CEO of Street Flyers. “The SKECHERS Kids character collections offer compelling design inspirations for children’s bikes and skateboards, among other wheeled products. We’re confident that the young adult sporting goods collections will also be a successful new addition to the SKECHERS brand.”
In addition to Street Flyers, SKECHERS has partnered with numerous licensees to produce a wide range of products including children’s apparel, bags, sunglasses, legwear, medical scrubs and leather accessories. The Company is currently negotiating with additional licensees, both domestic and abroad, and continues to seek partnerships and opportunities that will bring the SKECHERS brand to new product segments around the globe.
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 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.
About Street Flyers, LLC
Founded in 1999, Street Flyers is a global trading company that designs and markets a wide range of products including bicycles, skateboards, scooters, skates, battery-powered ride-ons, safety gear and summer seasonal pool and back yard products. Street Flyers holds licenses in various categories with many notable brands including Spider-Man, Iron Man, Captain America, The Avengers, SpongeBob SquarePants, Dora the Explorer, Go Diego Go, Lalaloopsie and Cadillac. With headquarters in New York City and offices in Minneapolis, Bentonville and various locations in China, Street Flyers is a global leader in the wheeled sporting goods industry.
*Sporting Goods Intelligence, June 21, 2010
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 SKECHERS’ Form 10-Q for the quarter ended March 31, 2011. The risks included here are not exhaustive. SKECHERS and Street Flyers 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.
by | May 25, 2011 | Press Release
May 25, 2011 • 9:05 am EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced that it has developed the SKECHERS Fitness Group sales force to support the Company’s increasing focus on technical athletic footwear. With this change, the Company created two distinct sales organizations — one to focus on its performance footwear and the other on its lifestyle footwear. In so doing, SKECHERS is capitalizing on its growing technical lines while utilizing the talents of its veteran team in order to better meet the needs of its accounts.
“Since we began in 1992, lifestyle footwear has been at the core of our business and allowed us to grow from a small company to a globally recognized two billion-dollar brand,” began Michael Greenberg, president of SKECHERS. “Over the last year, we have grown our offering of technical athletic footwear to encompass numerous cutting-edge running, training and walking shoes under our Resistance, Shape-ups and Tone-ups lines, transitioning from a pure lifestyle brand to a lifestyle and high-performance company. The changes in our sales organization reflect this natural evolution of our brand. With new technical product launching throughout this year and next, we felt it imperative to build an expert athletic sales force to more effectively sell and market our growing SKECHERS Fitness Group offering.”
As part of the restructuring, SKECHERS has appointed Gary Stern, former Vice President of Sales, Men’s Sport, to the position of Vice President of Sales, SKECHERS Fitness Group. The Company has assigned several highly experienced athletic industry veterans for the SKECHERS Fitness Group, which encompasses SKECHERS Resistance, Shape-ups and Tone-ups lines.
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 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 the Company’s quarterly report on Form 10-Q for the three months ended March 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.
