LOS ANGELES–(BUSINESS WIRE)–
Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology Company® and a global footwear leader, today announced financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights
Second Quarter 2025 Financial Results
Three Months Ended June 30,
Change
(in millions, except per share data)
2025
2024
$
%
Sales
$
2,440.0
$
2,157.6
282.4
13.1
Gross profit
1,301.3
1,184.4
116.9
9.9
Gross margin
53.3
%
54.9
%
(160) bps
Operating expenses
1,128.2
977.9
150.3
15.4
As a % of sales
46.2
%
45.3
%
90 bps
Earnings from operations
173.1
206.5
(33.4
)
(16.2
)
Operating margin
7.1
%
9.6
%
(250) bps
Net earnings attributable to Skechers U.S.A., Inc.
170.5
140.3
30.2
21.5
Diluted earnings per share
$
1.13
$
0.91
0.22
24.2
Six Months 2025 Financial Results
Six Months Ended June 30,
Change
(in millions, except per share data)
2025
2024
$
%
Sales
$
4,851.6
$
4,409.2
442.4
10.0
Gross profit
2,555.7
2,366.1
189.6
8.0
Gross margin
52.7
%
53.7
%
(100) bps
Operating expenses
2,117.5
1,860.7
256.7
13.8
As a % of sales
43.6
%
42.2
%
140 bps
Earnings from operations
438.2
505.3
(67.1
)
(13.3
)
Operating margin
9.0
%
11.5
%
(240) bps
Net earnings attributable to Skechers U.S.A., Inc.
372.9
346.9
26.0
7.5
Diluted earnings per share
$
2.46
$
2.24
0.22
9.8
About Skechers U.S.A., Inc.
Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.
Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “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 the disruption of business and operations due to` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation, tariffs, and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; 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, especially in the highly competitive performance footwear market; 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; the ability to complete our proposed merger (the “Merger”), on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed Merger; risks that the proposed Merger disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Company’s common stock; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2024 and its quarterly reports on Form 10-Q in 2025. Taking these and other risk factors into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. 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 we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our 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. Skechers expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in Skechers’ expectations or any change in events, conditions or circumstances on which any statement is based.
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
As of
As of
(in thousands)
June 30, 2025
December 31, 2024
ASSETS
Current assets
Cash and cash equivalents
$
1,377,152
$
1,116,516
Short-term investments
106,254
118,470
Trade accounts receivable, net
1,149,298
990,558
Other receivables
105,157
98,499
Inventory
1,871,805
1,919,386
Prepaid expenses and other
242,045
205,994
Total current assets
4,851,711
4,449,423
Property, plant and equipment, net
2,075,256
1,834,930
Operating lease right-of-use assets
1,536,161
1,363,596
Deferred tax assets
423,544
440,358
Long-term investments
157,452
146,687
Goodwill
103,945
94,494
Other assets, net
130,047
126,270
Total non-current assets
4,426,405
4,006,335
TOTAL ASSETS
$
9,278,116
$
8,455,758
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
1,159,891
$
1,241,838
Accrued expenses
356,295
330,251
Operating lease liabilities
303,370
297,926
Current installments of long-term borrowings
316,748
353,131
Short-term borrowings
179,633
33,338
Total current liabilities
2,315,937
2,256,484
Long-term operating lease liabilities
1,358,821
1,176,290
Long-term borrowings
87,965
68,450
Deferred tax liabilities
10,283
11,148
Other long-term liabilities
129,601
123,122
Total non-current liabilities
1,586,670
1,379,010
Total liabilities
3,902,607
3,635,494
Redeemable noncontrolling interest
102,374
90,099
Stockholders’ equity
Preferred Stock
—
—
Class A Common Stock
131
130
Class B Common Stock
19
19
Additional paid-in capital
38,116
12,170
Accumulated other comprehensive loss
(71,989
)
(171,221
)
Retained earnings
4,809,135
4,436,201
Skechers U.S.A., Inc. equity
4,775,412
4,277,299
Noncontrolling interests
497,723
452,866
Total stockholders’ equity
5,273,135
4,730,165
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
$
9,278,116
$
8,455,758
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share data)
2025
2024
2025
2024
Sales
$
2,440,024
$
2,157,643
$
4,851,595
$
4,409,230
Cost of sales
1,138,721
973,206
2,295,918
2,043,159
Gross profit
1,301,303
1,184,437
2,555,677
2,366,071
Operating expenses
Selling
251,883
235,870
436,956
392,371
General and administrative
876,338
742,036
1,680,514
1,468,371
Total operating expenses
1,128,221
977,906
2,117,470
1,860,742
Earnings from operations
173,082
206,531
438,207
505,329
Other income (expense)
45,517
(1,652
)
70,047
(3,702
)
Earnings before income taxes
218,599
204,879
508,254
501,627
Income tax expense
35,894
40,355
100,477
96,725
Net earnings
182,705
164,524
407,777
404,902
Less: Net earnings attributable to noncontrolling interests and
redeemable noncontrolling interest
12,207
24,222
34,843
57,978
Net earnings attributable to Skechers U.S.A., Inc.
$
170,498
$
140,302
$
372,934
$
346,924
Net earnings per share attributable to Skechers U.S.A., Inc.
Basic
$
1.14
$
0.92
$
2.49
$
2.27
Diluted
$
1.13
$
0.91
$
2.46
$
2.24
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.
Basic
150,001
152,503
149,711
152,707
Diluted
151,305
154,176
151,395
154,640
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Supplemental Financial Information
(Unaudited)
Segment Information
Three Months Ended June 30,
Change
(in millions)
2025
2024
$
%
Wholesale sales
$
1,301.4
$
1,132.1
169.3
15.0
Cost of sales
763.0
635.2
127.9
20.1
Gross profit
538.4
496.9
41.4
8.3
Gross margin
41.4
%
43.9
%
(250) bps
Direct-to-Consumer sales
$
1,138.6
$
1,025.5
113.1
11.0
Cost of sales
375.7
338.0
37.6
11.1
Gross profit
762.9
687.5
75.5
11.0
Gross margin
67.0
%
67.0
%
0 bps
Total sales
$
2,440.0
$
2,157.6
282.4
13.1
Cost of sales
1,138.7
973.2
165.5
17.0
Gross profit
1,301.3
1,184.4
116.9
9.9
Gross margin
53.3
%
54.9
%
(160) bps
Six Months Ended June 30,
Change
(in millions)
2025
2024
$
%
Wholesale sales
$
2,833.6
$
2,553.8
279.8
11.0
Cost of sales
1,620.1
1,420.7
199.3
14.0
Gross profit
1,213.5
1,133.1
80.5
7.1
Gross margin
42.8
%
44.4
%
(150) bps
Direct-to-Consumer sales
$
2,018.0
$
1,855.4
162.5
8.8
Cost of sales
675.8
622.4
53.5
8.6
Gross profit
1,342.2
1,233.0
109.1
8.8
Gross margin
66.5
%
66.5
%
0 bps
Total sales
$
4,851.6
$
4,409.2
442.4
10.0
Cost of sales
2,295.9
2,043.1
252.8
12.4
Gross profit
2,555.7
2,366.1
189.6
8.0
Gross margin
52.7
%
53.7
%
(100) bps
Additional Sales Information
Three Months Ended June 30,
Change
(in millions)
2025
2024
$
%
Geographic sales
Domestic
Wholesale
$
413.3
$
446.9
(33.6
)
(7.5
)
Direct-to-Consumer
448.8
416.9
31.8
7.6
Total domestic sales
862.1
863.8
(1.8
)
(0.2
)
International
Wholesale
888.1
685.2
202.9
29.6
Direct-to-Consumer
689.8
608.6
81.2
13.3
Total international sales
1,577.9
1,293.8
284.2
22.0
Total sales
$
2,440.0
$
2,157.6
282.4
13.1
Regional sales
Americas (AMER)
$
1,113.0
$
1,100.9
12.1
1.1
Europe, Middle East & Africa (EMEA)
731.5
492.5
239.0
48.5
Asia Pacific (APAC)
595.5
564.2
31.3
5.5
Total sales
$
2,440.0
$
2,157.6
282.4
13.1
China sales
$
287.2
$
312.7
(25.6
)
(8.2
)
Distributor sales
$
136.1
$
112.8
23.3
20.6
Six Months Ended June 30,
Change
(in millions)
2025
2024
$
%
Geographic sales
Domestic
Wholesale
$
909.5
$
922.9
(13.4
)
(1.5
)
Direct-to-Consumer
806.3
739.7
66.5
9.0
Total domestic sales
1,715.8
1,662.6
53.1
3.2
International
Wholesale
1,924.1
1,630.9
293.2
18.0
Direct-to-Consumer
1,211.7
1,115.7
96.0
8.6
Total international sales
3,135.8
2,746.6
389.3
14.2
Total sales
$
4,851.6
$
4,409.2
442.4
10.0
Regional sales
Americas (AMER)
$
2,217.4
$
2,120.4
97.0
4.6
Europe, Middle East & Africa (EMEA)
1,449.7
1,120.2
329.6
29.4
Asia Pacific (APAC)
1,184.5
1,168.6
15.8
1.4
Total sales
$
4,851.6
$
4,409.2
442.4
10.0
China sales
$
555.8
$
632.3
(76.4
)
(12.1
)
Distributor sales
$
272.1
$
238.7
33.3
14.0
SKECHERS U.S.A., INC. AND SUBSIDIARIES
Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures
(Unaudited)
Constant Currency Adjustment (Non-GAAP Financial Measure)
We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results. Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions we use.
Three Months Ended June 30,
2025
2024
Change
(in millions, except per share data)
Reported
GAAP Measure
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
2,440.0
$
(33.9
)
$
2,406.1
$
2,157.6
$
248.5
11.5
Cost of sales
1,138.7
(23.4
)
1,115.3
973.2
142.1
14.6
Gross profit
1,301.3
(10.5
)
1,290.8
1,184.4
106.4
9.0
Operating expenses
1,128.2
(14.4
)
1,113.9
977.9
136.0
13.9
Earnings from operations
173.1
3.8
176.9
206.5
(29.6
)
(14.3
)
Other income (expense)
45.5
(48.6
)
(3.1
)
(1.6
)
(1.4
)
n/m
Income tax expense (benefit)
35.9
(0.7
)
35.2
40.4
(5.1
)
(12.7
)
Less: Noncontrolling interests and redeemable noncontrolling interest
12.2
0.1
12.3
24.2
(11.9
)
(49.3
)
Net earnings attributable to Skechers U.S.A., Inc.
$
170.5
$
(44.2
)
$
126.3
$
140.3
$
(14.0
)
(10.0
)
Diluted earnings per share
$
1.13
$
(0.30
)
$
0.83
$
0.91
$
(0.08
)
(8.8
)
Six Months Ended June 30,
2025
2024
Change
(in millions, except per share data)
Reported
GAAP Measure
Constant
Currency
Adjustment
Adjusted for
Non-GAAP
Measures
Reported
GAAP Measure
$
%
Sales
$
4,851.6
$
9.6
$
4,861.2
$
4,409.2
$
451.9
10.3
Cost of sales
2,295.9
2.9
2,298.8
2,043.1
255.6
12.5
Gross profit
2,555.7
6.7
2,562.4
2,366.1
196.3
8.3
Operating expenses
2,117.5
0.2
2,117.6
1,860.7
256.9
13.8
Earnings from operations
438.2
6.7
444.9
505.3
(60.4
)
(12.0
)
Other income (expense)
70.0
(75.3
)
(5.3
)
(3.7
)
(1.6
)
n/m
Income tax expense (benefit)
100.5
(0.6
)
99.8
96.7
3.1
3.2
Less: Noncontrolling interests and redeemable noncontrolling interest
34.8
0.7
35.5
58.0
(22.5
)
(38.8
)
Net earnings attributable to Skechers U.S.A., Inc.
$
372.9
$
(68.7
)
$
304.2
$
346.9
$
(42.7
)
(12.3
)
Diluted earnings per share
$
2.46
$
(0.45
)
$
2.01
$
2.24
$
(0.23
)
(10.3
)
n/m: not meaningful.
Investor Relations
Sonia Reback
Eunice Han
[email protected]
Press
Jennifer Clay
[email protected]
Source: Skechers U.S.A., Inc.