by | Feb 16, 2011 | Press Release
Feb 16, 2011 • 4:00 pm EST
-- Fourth Quarter 2010 Net Sales of $454.6 Million, an Increase of 17
Percent Over 2009, and Net Earnings of $3.2 Million
-- Fiscal Year 2010 Net Sales of $2.006 Billion, and Net Earnings of $136.1
Million
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced financial results for the fourth quarter and fiscal year ended December 31, 2010.
Net sales for the fourth quarter of 2010 increased 17 percent to $454.6 million as compared to $388.6 million in the fourth quarter of 2009. Earnings from operations in the fourth quarter of 2010 were $1.4 million versus income from operations of $41.7 million in the fourth quarter of 2009. Net earnings for the fourth quarter of 2010 were $3.2 million versus $27.9 million in the fourth quarter of 2009. Net earnings per diluted share in the fourth quarter of 2010 were $0.07 based on 49.2 million weighted average shares outstanding as compared to net earnings per diluted share of $0.58 based on 48.3 million weighted average shares outstanding in the fourth quarter of 2009. Gross profit for the fourth quarter of 2010 was $184.2 million compared to $189.3 million in the fourth quarter of 2009. Gross margin in the fourth quarter 2010 was 40.5 percent versus 48.7 percent for the fourth quarter of 2009.
Fiscal year 2010 net sales were $2.006 billion as compared to net sales of $1.436 billion in 2009. Earnings from operations for 2010 were $196.7 million versus $72.6 million in 2009. Net earnings for 2010 were $136.1 million versus net earnings of $54.7 million in 2009. Diluted earnings per share for fiscal year 2010 were $2.78 based on 49.0 million weighted average shares outstanding versus diluted earnings per share of $1.16 based on 47.1 million weighted average shares outstanding in the prior year. Gross profit for 2010 was $911.9 million compared to $621.0 million in 2009. Gross margin for 2010 was 45.4 percent versus 43.2 percent for 2009.
Robert Greenberg, SKECHERS chief executive officer, commented: “2010 was truly an amazing year for SKECHERS and our many product initiatives as we reached $2 billion in annual sales. Earlier this month, we were named Company of the Year for 2010 by Footwear Plus, and we’re the No. 2 lifestyle footwear brand and the leading source for toning footwear in the United States*. In 2010, we broadened our product range with increased kids offerings, fresh fitness styles, and a larger assortment of boots. Consistent with our approach of supporting our product through advertising, our kids’ commercials featured our animated characters, and our toning products incorporated a diverse collection of celebrities, including TV personality Brooke Burke, football legend Joe Montana and former basketball star Karl Malone. Our domestic business increased by 48.3 percent, our international wholesale business increased by 32.9 percent and our company-owned retail sales increased by 27.6 percent, which reflects the combined power of our product and marketing efforts. We continue to develop new and on target product, which we unveiled to our key accounts during FFANY in December, as well as meetings at our new corporate offices last month. We recently enlisted the power of reality star Kim Kardashian, whose 5 million plus Twitter followers and constant media attention helped drive her Shape-ups Super Bowl TV spot to headline news earlier this month. We see numerous opportunities to continue to strategically grow our business around the world, including through the addition of retail stores and further expansion of our international business. We are energized by our record sales, the enthusiasm for our product by both retailers and consumers, and the many opportunities we see in the marketplace in 2011 and beyond.”
David Weinberg, SKECHERS chief operating officer and chief financial officer, stated: “As we look forward, we are assessing all areas of our business to position ourselves to profitably grow in the future. Currently, we are carefully reviewing our expenses, which have increased in part due to significant growth over the past year. Our inventory increased by $175 million year-over-year, of which approximately $65 million is to support the increases in our international and retail expansion, and $110 million is related to our domestic wholesale business. As we aggressively work through our inventory position, we anticipate our domestic wholesale revenues and margins will be impacted in the first and second quarters, but we believe they will improve in the second half of the year. And with a healthy double-digit backlog in international as well, we believe our growth will continue to accelerate around the world. Our stores saw positive comps of over 3 percent for the quarter and over 15 percent for the year, and we are planning to open another 30 to 35 company-owned SKECHERS stores this year. We expect improvements to profitability in the latter half of the year when we anticipate a return to full-price selling with an improved margin profile from our new product offering. We are confident that the demand for our brand remains very high globally, and our momentum will continue in 2011.”
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.
*Respectively: In revenues, Sporting Goods Intelligence, June 21, 2010; 2010 SportsOneSource in Review
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 Form 10-K for the year ended December 31, 2009 and the Company’s Form 10-Q for the quarter ended September 30, 2010. 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)
December 31, December 31,
2010 2009
ASSETS
Current Assets:
Cash and cash equivalents $ 233,558 $ 265,675
Short-term investments - 30,000
Trade accounts receivable, net 266,057 219,924
Other receivables 9,650 12,177
Total receivables 275,707 232,101
Inventories 398,588 224,050
Prepaid expenses and other current assets 53,791 28,233
Deferred tax assets 11,720 8,950
Total current assets 973,364 789,009
Property and equipment, at cost less accumulated 293,802 171,667
depreciation and amortization
Intangible assets, less applicable amortization 7,367 9,011
Deferred tax assets 12,323 13,660
Other assets, at cost 17,938 12,205
TOTAL ASSETS $ 1,304,794 $ 995,552
LIABILITIES AND EQUITY
Current Liabilities:
Current installments of long-term borrowings $ 11,984 $ 529
Short-term borrowings 18,346 2,006
Accounts payable 246,595 196,163
Accrued expenses 30,385 31,843
Total current liabilities 307,310 230,541
Long-term borrowings, excluding current installments 51,650 15,641
Total liabilities 358,960 246,182
Equity:
Skechers U.S.A., Inc. equity 908,203 745,922
Noncontrolling interests 37,631 3,448
Total equity 945,834 749,370
TOTAL LIABILITIES AND EQUITY $ 1,304,794 $ 995,552
SKECHERS U.S.A., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2010 2009 2010 2009
Net sales $ 454,619 $ 388,620 $ 2,006,868 $ 1,436,440
Cost of sales 270,427 199,368 1,094,962 815,430
Gross profit 184,192 189,252 911,906 621,010
Royalty income 1,420 633 4,568 1,655
185,612 189,885 916,474 622,665
Operating expenses:
Selling 40,476 31,421 186,738 128,989
General and 143,755 116,754 532,996 421,094
administrative
184,231 148,175 719,734 550,083
Income from operations 1,381 41,710 196,740 72,582
Other income (expense):
Interest, net (1,735 ) (643 ) (220 ) (975 )
Other, net 1,406 (2,700 ) 83 (497 )
(329 ) (3,343 ) (137 ) (1,472 )
Earnings before income 1,052 38,367 196,603 71,110
taxes
Income tax expense (2,334 ) 11,992 60,198 20,228
(benefit)
Net income 3,386 26,375 136,405 50,882
Less: Net income (loss)
attributable to 149 (1,571 ) 257 (3,817 )
noncontrolling interest
Net earnings
attributable to Skechers $ 3,237 $ 27,946 $ 136,148 $ 54,699
U.S.A., Inc.
Net earnings per share
attributable to Skechers
U.S.A., Inc.:
Basic $ 0.07 $ 0.60 $ 2.87 $ 1.18
Diluted $ 0.07 $ 0.58 $ 2.78 $ 1.16
Weighted average shares
used in calculating
earnings per share
attributable to Skechers
U.S.A., Inc.:
Basic 47,913 46,448 47,433 46,341
Diluted 49,152 48,344 49,050 47,105
by | Feb 4, 2011 | Press Release
Feb 4, 2011 • 6:07 pm EST
Company Responds to Massive Demand for Hugely Anticipated Kim Kardashian Spot
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 added a second Super Bowl spot after the enormous media attention and public awareness generated by its “must see” Kim Kardashian Shape-ups commercial. The Kardashian Shape-ups spot will air at the 2-minute warning in the fourth quarter of the game on Sunday, February 6, 2011.
“Everyone is buzzing about SKECHERS Shape-ups much anticipated Kim Kardashian Super Bowl commercial,” said Leonard Armato, president of SKECHERS Fitness Group. “People can’t stop talking about who Kim’s going to break up with – and once they see how hot it is, we’re sure they’ll want another great commercial from SKECHERS. They may even root for overtime just to see what SKECHERS has in store.”
News of Kardashian’s yet-fully-unveiled commercial has blanketed the press, from CNN and MTV to Good Morning America and the TODAY show; repeat articles in USA Today and The Washington Post; and celebrity news shows Access Hollywood, Entertainment Tonight, and Extra.
Shape-ups from SKECHERS are an innovative patented fitness tool designed to promote weight loss, tone muscles and improve posture. Shape-ups feature a unique soft Resamax(TM) kinetic wedge insert and rolling bottom that simulates walking on soft sand, providing natural instability that causes the wearer to use more energy with every step. The men’s and women’s fitness footwear line is available in sporting goods, department and specialty athletic 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, 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.
*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 the ongoing financial crisis 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, 2009 and the Company’s Form 10-Q for the quarter ended September 30, 2010. 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.
by | Feb 3, 2011 | Press Release
Feb 3, 2011 • 9:00 am EST
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 2010 fourth quarter and full year financial results will be broadcast live over the internet on Wednesday, February 16, 2011 at 1:30 pm Pacific Time/4:30 pm Eastern Time. 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 February 16, 2011 at 7:30 p.m. ET, through March 2, 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: 4408844.
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 | Feb 1, 2011 | Press Release
Feb 1, 2011 • 7:14 pm EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced that it has been named 2010 Company of the Year at Footwear Plus magazine’s annual Plus Awards for Design Excellence. This award marks the fifth time in six years that SKECHERS has claimed the top prize.
The official 2010 Plus Awards presentation was made today at a special event in New York City. The Plus Awards are nominated and voted on annually by footwear retailers nationwide, and recognize design excellence for the year.
“We’re incredibly honored to be named Company of the Year by our industry retailers for five of the last six years,” began Michael Greenberg, president of SKECHERS. “Once again we were selected from a nominee list that included extremely strong companies operating in a competitive climate. It’s the talent, passion and hard work of the entire SKECHERS team that carried our fitness and core brands and product to an entirely new level of success in 2010.”
“For the third straight year, SKECHERS has taken home the Plus Award in the prestigious ‘Company of the Year’ category,” said Greg Dutter, Editorial Director of Footwear Plus magazine. “SKECHERS‘ ability to consistently deliver new and innovative fitness footwear products that consumers respond to has set an outstanding industry precedent. In addition, their core men’s, women’s and kids’ lines continue to deliver on-trend styles that consumers embrace around the globe.”
Greenberg added: “We’re also humbled by the recognition of our Kids’ line with a Design Excellence Award nomination. SKECHERS Kids has always been an essential part of our portfolio and we’re thrilled that retailers share our excitement for the new Kids’ product marketing we released in 2010. From fitness to lifestyle, we look forward to delivering more groundbreaking footwear in 2011 that meets the needs of our retailers and demands of our consumers domestically and around the world.”
SKECHERS previously received the Footwear Plus Company of the Year Award in 2005, 2006, 2008 and 2009. Additionally, SKECHERS received Plus Awards for Design Excellence in 2000 for Young Women’s Fashion, in 2001 for Women’s Streetwear, and in 2002 for Kids’ Fashion. SKECHERS‘ fashion brand, Marc Ecko, won Plus Awards for Design Excellence in Men’s Streetwear for 2005 and again in 2006.
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.
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 the ongoing financial crisis 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, 2009 and the Company’s Form 10-Q for the quarter ended September 30, 2010. 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.
by | Jan 28, 2011 | Press Release
Jan 28, 2011 • 11:03 pm EST
SKECHERS Pier to Pier Friendship Walk Check Presentation Ceremony Unites Education Foundations, Community Leaders, and The Friendship Circle Organization
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the lifestyle footwear industry and the number two footwear brand in the United States*, today announced that more than $280,000 in donation funds were presented to seven South Bay education foundations from the SKECHERS Foundation. As participants in the SKECHERS Pier to Pier Friendship Walk held on October 24, 2010, the education foundations of Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Palos Verdes Peninsula, and Torrance each received a donation check for their contribution to the walk.
From left to right: Yossi Mintz, Executive Director of The Friendship Circle; Erika White, Co-President, Manhattan Beach Education Foundation; Margo Thole, Director of Business Development, Manhattan Beach Education Foundation; Michael Greenberg, SKECHERS President (Photo: Business Wire)
SKECHERS President Michael Greenberg hosted the official check presentation ceremony on January 25, 2011 at SKECHERS’ new corporate headquarters in Manhattan Beach, California. Several city leaders, including Manhattan Beach Mayor Richard Montgomery, Redondo Beach Mayor Mike Gin, and El Segundo Mayor Pro Tem Bill Fisher, attended the ceremony. In addition, school officials and education foundation representatives from Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Palos Verdes Peninsula, and Torrance were on hand to accept the donation checks.
“We are awed and inspired by the generous spirit of the South Bay community, which banded together to raise a tremendous amount of funds for education and special needs children,” said Mr. Greenberg. “The 2010 SKECHERS Pier to Pier Friendship Walk included more than 4,000 participants and we raised more funds that we could have hoped. At SKECHERS, we believe anything is possible when individuals join together in the spirit of giving, and we’re proud to support this amazing community.”
In addition to the education foundations, The Friendship Circle, an organization that assists special needs children and their families, received a $135,000 donation check for their participation in the SKECHERS Pier to Pier Friendship Walk. Several students involved in The Friendship Circle program were on hand at the check presentation ceremony and spoke about the positive impact the organization has on their lives.
The SKECHERS Pier to Pier Friendship Walk is an extension of the SKECHERS Foundation, an organization that was founded to provide families around the world with the necessities and skills to succeed in life. Specifically, 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. The SKECHERS Foundation also develops community and after school programs for local students, including classes with SKECHERS shoe designers held at the SKECHERS corporate headquarters in Manhattan Beach.
For more information about the SKECHERS Pier to Pier Friendship Walk and the SKECHERS Foundation, please visit www.Pier2Pierwalk.com.
ABOUT SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name, 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.
*Sporting Goods Intelligence, June 21, 2010
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6590650&lang=en
by | Jan 18, 2011 | Press Release
Jan 18, 2011 • 9:00 am EST
For Every Pair of BOBS by SKECHERS Purchased, Two Pairs will Be Donated to the Soles4Souls Charity Organization
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in the footwear industry and the Number 2 footwear brand in the United States*, today announced that for every pair of BOBS alpagarta shoes sold, the Company will donate two pairs of BOBS shoes to children in need through the Soles4Souls shoe charity organization.
“As a global leader in the footwear industry, we have the network and the resources to make a difference in the lives of millions of children through the BOBS program,” said Michael Greenberg, president of SKECHERS. “We have worked with Soles4Souls several times in the past to provide shoes for disaster relief, including the 2004 Tsunami in Southeast Asia and the 2010 Haiti Earthquake. We are amazed by their accomplishments in those devastated regions, and our CEO Robert Greenberg had a vision to create a larger scale shoe donation program like BOBS to assist Soles4Souls in a constant, ongoing capacity. We believe we can donate millions of BOBS shoes through this program, reaching kids across the U.S. and overseas.”
SKECHERS created the BOBS name as an acronym for the charitable mission of the brand: Benefitting Others By Shoes. With a pledge to donate two pairs of new BOBS children’s shoes for every pair sold, the BOBS by SKECHERS program will potentially help millions of children around the word within the first year the brand launches.
Soles4Souls, founded 5 years ago by Wayne Elsey, will partner with SKECHERS to distribute BOBS unisex children’s shoes to communities and organizations in need throughout the United States, and as needed for international disaster relief and crisis situations.
“We’re excited to partner with a global company like SKECHERS to launch the BOBS shoe donation program,” said Elsey. “More than anything, we need large quantities of shoes to continue our charitable work. There are more than 300 million children around the world without shoes. Tapping into SKECHERS’ vast resources and global reach, we can help even more children in need. A new pair of shoes can change a child’s life and we have a tremendous vision for the success of the BOBS program.”
About Soles4Souls
Based in Nashville, Tennessee, Soles4Souls has donated more than 12 million pairs of new and gently worn shoes to needy children and families, free of charge. With a presence in more than 127 countries, their charitable work has changed lives around the world and across the United States. For more information about Soles4Souls past success stories and current charity work, visit www.giveshoes.org.
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.
*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 the ongoing financial crisis 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, 2009 and the Company’s Form 10-Q for the quarter ended September 30, 2010. 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.