by | Oct 22, 2014 | Press Release
Oct 22, 2014 • 4:00 pm EDT
Record Net Sales of $674.3 Million
Earnings from Operations of $74.1 Million
Diluted Earnings per Share of $1.00
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, 2014.
Third quarter 2014 net sales were $674.3 million compared to $515.8 million for the third quarter of 2013. Gross profit for the third quarter of 2014 was $304.5 million or 45.2 percent of net sales compared to $230.5 million or 44.7 percent of net sales for the third quarter of last year. Earnings from operations for the third quarter of 2014 were $74.1 million versus earnings from operations of $44.0 million in the third quarter of 2013.
“With product and marketing initiatives that continue to resonate with our consumers worldwide, we achieved a 30.7 percent net sales increase over the third quarter last year, and the highestquarterly revenues in the Company’s 22-year history. These results followed record first and second quarter revenues, resulting in a 29.5 percent net sales increase for the first nine months of 2014 as compared to the same period last year,” began David Weinberg, chief operating officer and chief financial officer. “The growth in the quarterly revenue came across our three key distribution channels —we achieved net sales increases of 18.5 percent in our domestic wholesale business, 60.6 percent in our international wholesale business, and 25.0 percent in our Company-owned global retail business, which included an 11.0 percent increase in comparable net sales for the quarter on top of a double-digit increase last year in comparison to the third quarter in 2012.”
Net earnings for the third quarter were $51.1 million compared to net earnings of $26.8 million in the third quarter of 2013. Diluted net earnings per share for the third quarter were $1.00 on 50,984,000 weighted average shares outstanding, compared to diluted net earnings per share of $0.53 on 50,604,000 weighted average shares outstanding for the third quarter of 2013. The Company’s diluted EPS for the third quarter of 2014 was negatively impacted by foreign currency exchange losses of $2.3 million net of tax or $0.05 per diluted share, as well as a $3.8 million net of tax or $0.08 per diluted share attributable to warehousing costs related to completing the first phase of the automation upgrade of the Company’s European Distribution Facility and transitioning from a third-party warehouse to a Company-owned facility in Chile. In total, these expenses reduced diluted EPS by $0.13 during the third quarter of 2014.
For the nine months ended September 30, 2014, net sales were $1.808 billion compared to net sales of $1.396 billion in the first nine months of 2013. Gross profit for the first nine months of 2014 was $814.3 million or 45.0 percent of net sales, compared to $618.1 million or 44.3 percent of net sales for the first nine months of 2013. Earnings from operations for the first nine months of 2014 were $176.1 million, compared to earnings from operations of $76.5 million in the first nine months of 2013. As of September 30, 2014, the Company’s backlog increased more than 50 percent as compared to its backlog of September 30, 2013.
Net earnings for first nine months of 2014 were $116.9 million compared to net earnings of $40.6 million in the same period last year. Diluted net earnings per share in the first nine months of 2014 was $2.30 per share on 50,915,000 weighted average shares, compared to net earnings per share of $0.80 per share on 50,532,000 weighted average shares for the same period last year.
Robert Greenberg, SKECHERS chief executive officer, commented: “We are extremely proud of our three consecutive quarters of record revenues and increasing sales around the world. Our product focus is on target and we are providing consumers of all ages what they want—from both a fashion and comfort standpoint. Importantly, we are also engaging with our wide demographic by creating marketing that speaks to Gen X, Y, Z as well as the baby boomers. We have achieved this by developing marketing campaigns as diverse as animated characters for kids, to legendary sports figures such as Pete Rose and Joe Namath for the older male, and Brooke Burke-Charvet for moms. Further, in the third quarter we signed multi-platinum recording artist Demi Lovato, who speaks to millions of teens every day through her social media platforms, and recently retired New York Yankees closer Mariano Rivera to reach the younger male consumer. To broaden our reach with men around the globe, we recently announced the signing of the world’s most famous drummer, Ringo Starr, who we believe will have a positive impact on our men’s business in 2015. We believe our success is an opportunity to further capitalize on our strength. We are continuing to invest in product, marketing and infrastructure to advance our brand and drive momentum around the globe. We are looking forward to the holiday season and the breaking of the Demi Lovato television campaign, and Spring 2015 when we will have several new key lines launching in both the lifestyle sport and performance running and walking categories. Based on feedback from our domestic and international accounts, we are confident the momentum will continue into next year.”
Mr. Weinberg continued: “The continuous record revenue quarters in 2014 and the strong growth in all of our key business segments is evidence of the relevancy and demand for Skechers footwear worldwide. The more than 50 percent increase in our backlogs at the end of September and the strong sales during the first few weeks of October give us confidence that the momentum we are experiencing now will continue for the remainder of the year and into 2015. We are continuing our retail expansion and plan to open an additional 10 to 15 Company-owned Skechers stores before the end of the year, in addition to the 22 that opened in the third quarter and the five that have already opened this month. We also plan to open another 35 to 45 Skechers stores through our international distributor and franchise partners before the end of the year—which will bring us to the 1,000 store milestone. We are also improving our international efficiencies with the opening of a new distribution facility in Chile in the third quarter and the completion of phase one of the automation of our European Distribution Center in Belgium in the fourth quarter. With our relevant product and advertising, market share gain, and solid financial position, including, $440.8 million in cash, the Company is well positioned for continued growth. Though the fourth quarter is historically our smallest sales quarter for our international division, we remain comfortable with the analysts’ current consensus for both revenue and earnings. Given the strength of our backlogs for the first quarter of 2015, we anticipate top-line growth to be 15 to 20 percent.”
About SKECHERS USA, Inc.
SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. 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 international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world. For more information, please visit www.skechers.com, and follow us on Facebook (www.facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s future growth, financial results and operations, its development of new products, backlogs and future demand for its products and growth opportunities, its planned opening of new stores, advertising and marketing initiatives, and the expansion and automation plans for the Company’s European Distribution Center. Forward-looking statements 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 the resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; entry into the highly competitive performance footwear market; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers, decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in the Company’s annual report on Form 10-K for the year ended December 31, 2013, and its Form 10-Q for the quarter ended June 30, 2014. 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. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited) |
| (In thousands) |
|
|
|
|
|
September 30,
2014
|
|
December 31,
2013
|
| ASSETS |
|
|
|
| Current Assets: |
|
|
|
| Cash and cash equivalents |
$ |
440,790 |
|
$ |
372,011 |
| Trade accounts receivable, net |
|
333,531 |
|
|
225,941 |
| Other receivables |
|
12,862 |
|
|
10,599 |
| Total receivables |
|
346,393 |
|
|
236,540 |
| Inventories |
|
363,006 |
|
|
358,168 |
| Prepaid expenses and other current assets |
|
44,733 |
|
|
26,094 |
| Deferred tax assets |
|
22,115 |
|
|
22,115 |
| Total current assets |
|
1,217,037 |
|
|
1,014,928 |
| Property, plant and equipment, at cost, less accumulated depreciation and amortization |
|
371,445
|
|
|
361,755
|
| Goodwill and other intangible assets, less accumulated amortization |
|
1,677 |
|
|
2,377 |
| Deferred tax assets |
|
1,624 |
|
|
9,950 |
| Other assets, at cost |
|
17,554 |
|
|
19,560 |
| Total non-current assets |
|
392,300 |
|
|
393,642 |
| TOTAL ASSETS |
$ |
1,609,337 |
|
$ |
1,408,570 |
| LIABILITIES AND EQUITY |
|
|
|
| Current Liabilities: |
|
|
|
| Current installments of long-term borrowings |
$ |
12,314 |
|
$ |
12,028 |
| Short-term borrowings |
|
90 |
|
|
87 |
| Accounts payable |
|
311,736 |
|
|
258,183 |
| Accrued expenses |
|
51,118 |
|
|
40,124 |
| Total current liabilities |
|
375,258 |
|
|
310,422 |
| Long-term borrowings, net of current installments |
|
107,216 |
|
|
116,488 |
| Other long-term liabilities |
|
20,415 |
|
|
1,740 |
| Total non-current liabilities |
|
127,631 |
|
|
118,228 |
| Total liabilities |
|
502,889 |
|
|
428,650 |
| Stockholders’ equity: |
|
|
|
| Skechers U.S.A., Inc. equity |
|
1,050,705 |
|
|
930,322 |
| Noncontrolling interests |
|
55,743 |
|
|
49,598 |
| Total equity |
|
1,106,448 |
|
|
979,920 |
| TOTAL LIABILITIES AND EQUITY |
$ |
1,609,337 |
|
$ |
1,408,570 |
|
|
|
|
|
|
|
|
|
|
| SKECHERS U.S.A., INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| (In thousands, except per share data) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
| Net sales |
$ |
674,270 |
|
$ |
515,756 |
|
|
$ |
1,807,839 |
|
$ |
1,395,624 |
|
| Cost of sales |
|
369,772 |
|
|
285,235 |
|
|
|
993,563 |
|
|
777,477 |
|
| Gross profit |
|
304,498 |
|
|
230,521 |
|
|
|
814,276 |
|
|
618,147 |
|
| Royalty income |
|
2,070 |
|
|
1,649 |
|
|
|
6,928 |
|
|
4,844 |
|
|
|
306,568 |
|
|
232,170 |
|
|
|
821,204 |
|
|
622,991 |
|
| Operating expenses: |
|
|
|
|
|
| Selling |
|
50,239 |
|
|
40,211 |
|
|
|
140,820 |
|
|
119,995 |
|
| General and administrative |
|
182,186 |
|
|
147,916 |
|
|
|
504,325 |
|
|
426,450 |
|
|
|
232,425 |
|
|
188,127 |
|
|
|
645,145 |
|
|
546,445 |
|
| Income from operations |
|
74,143 |
|
|
44,043 |
|
|
|
176,059 |
|
|
76,546 |
|
| Other income (expense): |
|
|
|
|
|
| Interest, net |
|
(2,484 |
) |
|
(2,813 |
) |
|
|
(8,536 |
) |
|
(8,353 |
) |
| Other, net |
|
(3,898 |
) |
|
1,162 |
|
|
|
(4,832 |
) |
|
(2,456 |
) |
|
|
(6,382 |
) |
|
(1,651 |
) |
|
|
(13,368 |
) |
|
(10,809 |
) |
| Earnings before income tax expense |
|
67,761 |
|
|
42,392 |
|
|
|
162,691 |
|
|
65,737 |
|
| Income tax expense |
|
12,682 |
|
|
14,059 |
|
|
|
36,351 |
|
|
20,970 |
|
| Net earnings |
|
55,079 |
|
|
28,333 |
|
|
|
126,340 |
|
|
44,767 |
|
| Less: Net earnings attributable to noncontrolling interests |
|
3,956 |
|
|
1,484 |
|
|
|
9,450 |
|
|
4,144 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
$ |
51,123 |
|
$ |
26,849 |
|
|
$ |
116,890 |
|
$ |
40,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
$ |
1.01 |
|
$ |
0.53 |
|
|
$ |
2.31 |
|
$ |
0.81 |
|
| Diluted |
$ |
1.00 |
|
$ |
0.53 |
|
|
$ |
2.30 |
|
$ |
0.80 |
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
|
50,627 |
|
|
50,393 |
|
|
|
50,584 |
|
|
50,329 |
|
| Diluted |
|
50,984 |
|
|
50,604 |
|
|
|
50,915 |
|
|
50,532 |
|
Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer, Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Addo Communications, Inc.
Andrew Greenebaum
(310) 829-5400
by | Oct 20, 2014 | Press Release
Oct 20, 2014 • 9:00 am EDT
Legendary Drummer and Recording Artist Turned Style Icon Set to Appear in Relaxed Fit® Footwear Campaign
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The world’s most famous drummer—Ringo Starr—will be bringing his legendary talents and style to SKECHERS where he’s set to appear in the footwear company’s global marketing campaign for SKECHERS Relaxed Fit footwear. The new multimedia campaign featuring Ringo will begin in Spring 2015.
Ringo Starr (Image courtesy of Rob Shanahan)
Ringo’s campaign will kick off with a new television spot that follows the humorous tone that has become a signature of the Relaxed Fit footwear commercials. Up until now, the series has focused on celebrities from the sports world including Joe Montana, Mark Cuban, Joe Namath, Pete Rose, as well as Mariano Rivera in ads coming early next year. The campaign starring Ringo Starr will extend across all media with the musician also appearing in print, outdoor, online and point-of-sale materials through June 2016.
“We are incredibly excited to be working with such an amazing world-renowned artist as Ringo Starr,” said Michael Greenberg, president of SKECHERS. “Ringo possesses the charm, cool charisma and instant global recognition that will elevate awareness for our popular Relaxed Fit footwear collection both in the United States and especially around the world. And his recent modeling gig with a high-end designer shows Ringo is not only a music icon, but also a style icon. As we move from the sports world to the music world with this campaign, Ringo is the perfect ambassador to illustrate how our comfortable footwear helps keep you relaxed in any situation.”
After more than a half century in the music industry, Ringo has released 17 solo albums and continues to tour the globe with his All Starr Band. Beyond his acclaim in the recording industry, this year the artist released a children’s book—Octopus’s Garden—adapted from the whimsical song he wrote 46 years ago. Ringo is also known for his philanthropy and his involvement with the anti-violence #peacerocks campaign through the David Lynch Foundation being one recent example that led to his winning at the GQ Men of the Year Awards for his humanitarian work.
Relaxed Fit from SKECHERS footwear offers fashionable appeal with a spacious design that features a roomier fit, a unique Skechers Memory Foam footbed and instant comfort. The men’s footwear line is available in SKECHERS retail stores as well as department and footwear stores worldwide.
ABOUT RINGO STARR
In January 2014, Ringo Starr’s musical legacy was celebrated when The David Lynch Foundation honored him with the ‘Lifetime of Peace & Love Award.’ The event included star-studded tributes to Ringo’s extensive catalog that was broadcast on AXS July 13, 2014. Participating artists included Joe Walsh, Ben Harper, Ben Folds, Brendan Benson, Bettye LaVette, The Head & The Heart and Jesse Elliot and Lindsey McWilliams of Ark Life, with an equally stellar backing band featuring Don Was, Benmont Tench, Peter Frampton, Steve Lukather and Kenny Arnoff.
Also in January, Ringo performed his song “Photograph” on the GRAMMYS, by him jumping on the kit during his old band mate, Paul McCartney’s performance. Ringo & Paul then performed together again the following evening, this time playing several songs for the Emmy Award-nominated taping of CBS’ “The Beatles, A Grammy Salute; The Night That Changed America,” celebrating the 50th Anniversary of their first U.S. visit and appearance on the Ed Sullivan Show.
In February, “Octopus’s Garden,” a children’s book based on Ringo’s lyrics, was published. This book arrived on the heels of December’s PHOTOGRAPH limited-edition book, a personal collection of rare and previously unseen photographs.
About SKECHERS USA, Inc.
SKECHERS USA, Inc. (NYSE:SKX), based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. 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 international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world. For more information, please visit skechers.com, and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s future growth, financial results and operations, its development of new products, future demand for its products and growth opportunities, its planned opening of new stores, advertising and marketing initiatives, and the expansion and automation plans for the Company’s European Distribution Center. Forward-looking statements 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 the resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; entry into the highly competitive performance footwear market; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers, decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in the Company’s annual report on Form 10-K for the year ended December 31, 2013, and its Form 10-Q for the quarter ended June 30, 2014. 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 USA, Inc.
Jennifer Clay
310-937-1326
by | Oct 15, 2014 | Press Release
Oct 15, 2014 • 6:34 pm EDT
On Air with Ryan Seacrest co-host Ellen K will join Brooke Burke-Charvet and Tommy Lasorda to raise funds for children with special needs and education
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The SKECHERS Foundation today announced a $1 million fundraising goal for the 2014 SKECHERS Pier to Pier Friendship Walk that will take place on Sunday, October 26. Building upon last year’s record-breaking $1 million raised to support children with special needs and education, the 2014 Walk will include new celebrity hosts and an interactive social media campaign to boost fundraising efforts.
Ellen K, co-host of the globally syndicated On Air with Ryan Seacrest radio show, will join television host and actress Brooke Burke-Charvet and legendary Hall of Fame baseball manager Tommy Lasorda at the Walk’s opening ceremony celebration. “I’m proud to partner with SKECHERS to raise awareness for this important cause,” said Ellen K. “It’s inspiring to see their commitment to help children with special needs and support education here in Southern California and across the nation. Their efforts have helped thousands of kids build a stronger future and reach their full potential.”
The X-Factor Season 3 trio Sweet Suspense will also make their first appearance at the Walk to perform the national anthem.
SKECHERS has teamed up with Walk sponsor Steel Sports to launch the new #P2PSteelSports Selfie Challenge. Walkers will be encouraged to take a selfie photo at the event, upload to their Instagram, Facebook or Twitter account with the #P2PSteelSports hashtag, and for each photo posted Steel Sports will make an additional $5 donation towards the Walk. The challenge begins at 8 AM on the morning of the Walk and participants will have 24 hours to post their photos to receive a donation credit.
“The SKECHERS Pier to Pier Friendship Walk has created life-changing opportunities for thousands of kids with special needs and their families. When you see a child’s face light up from an interaction with their first friend, it truly warms your heart and reminds all of us why supporting organizations like The Friendship Circle is so important,” said SKECHERS president Michael Greenberg. “All of this would not be possible without dedicated teams of walkers and many generous sponsors, including our presenting sponsor Nickelodeon, who step up to support the Walk each year. With the addition of the #P2PSteelSports Selfie Challenge, I’m confident we will surpass $1 million and increase funding for both The Friendship Circle and the education foundations that build a better future for our children.”
Since its inception, the SKECHERS Pier to Pier Friendship Walk has raised nearly $4 million to help save teachers’ jobs, retain vital educational programs, maintain smaller class sizes, improve libraries, upgrade school technology, as well as support The Friendship Circle – an organization that assists children with special needs and their families through one-on-one peer mentoring and social recreational programming.
The opening ceremony for the 2014 SKECHERS Pier to Pier Friendship Walk begins at 9 AM at the Manhattan Beach pier. SKECHERS is anticipating more than 12,000 participants will walk the 3.4 mile route to the Hermosa Beach pier and back. To learn more or register, visit skechersfriendshipwalk.com or follow us on Facebook (facebook.com/SKECHERSFriendshipWalk) and Twitter (twitter.com/SkechersP2PWalk).
In addition to headlining sponsor Nickelodeon, the SKECHERS Pier to Pier Friendship Walk thanks its sponsors that include: Wells Fargo, Steel Sports, The Claudette and Ethan Rickett Care Foundation, Ross, Zappos.com, DIRECTV, Body Glove, Amazon Fashion, Kids Foot Locker, United Legwear, JAKKS Pacific, Marshalls, Cushman & Wakefield, Caskey & Caskey, Siltanen & Partners Advertising, Continental Development, Northrop Grumman, Equinox, Michael Stars, Chevron, and many others who have provided funds and support to provide a better future for children.
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. (NYSE: SKX) (the “Company”), based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name. SKECHERS footwear is available in the United States via department and specialty stores, Company-owned SKECHERS retail stores and its e-commerce website, and over 100 countries and territories through the Company’s global network of distributors and subsidiaries in Brazil, Canada, Chile, Japan, and across Europe, as well as through joint ventures in Asia. For more information, please visit skechers.com, and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s future growth, financial results and operations, its development of new products, future demand for its products and growth opportunities, its planned opening of new stores, advertising and marketing initiatives, and the expansion and automation plans for the Company’s European Distribution Center. Forward-looking statements 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 the resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; entry into the highly competitive performance footwear market; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers, decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in the Company’s annual report on Form 10-K for the year ended December 31, 2013, and its Form 10-Q for the quarter ended June 30, 2014. 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 USA, Inc.
Stacey Held, 310-318-3100
by | Oct 15, 2014 | Press Release
Oct 15, 2014 • 4:00 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE: SKX), a global leader in lifestyle and performance footwear, today announced that it will release its third quarter fiscal 2014 financial results after market close on Wednesday, October 22, 2014. A conference call will be held the same day at 1:30 p.m. PT / 4:30 p.m. ET. Participating on the call will be David Weinberg, Chief Operating Officer and Chief Financial Officer.
The call can be accessed on the Investor Relations section of the Company’s website at www.skx.com. For those unable to participate during the live broadcast, a replay will be available beginning October 22, 2014, at 7:30 p.m. ET, through November 5, 2014, at 11:59 p.m. ET. To access the replay, dial 877-870-5176 (U.S.) or 858-384-5517 (International) and use passcode: 13592283.
About SKECHERS USA, Inc.
SKECHERS USA, Inc. (NYSE: SKX), based in Manhattan Beach, California, designs, develops and markets a diverse range of footwear for men, women and children under the SKECHERS name. SKECHERS footwear is available in the United States via department and specialty stores, company-owned SKECHERS retail stores and its e-commerce website, and over 100 countries and territories through the company’s global network of distributors and subsidiaries in Brazil, Canada, Chile, Japan and across Europe, as well as through joint ventures in Asia. For more information, please visit www.skechers.com and follow us on Facebook (Facebook.com/SKECHERS) and Twitter (Twitter.com/SKECHERSUSA).
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer and Chief Financial Officer
310-318-3100
or
Investor Relations:
Addo Communications
Andrew Greenebaum
310-829-5400
[email protected]
by | Oct 9, 2014 | Press Release
Oct 9, 2014 • 7:09 pm EDT
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS, a multibillion-dollar company and global footwear industry leader based in Manhattan Beach, California, received the Best of Manhattan Award from the Manhattan Beach Chamber of Commerce at a special event honoring Manhattan Beach’s best business and community success stories for 2014.
Shade Hotel owner Michael Zislis presents the 2014 Best of Manhattan award to SKECHERS president Michael Greenberg. (Photo: Business Wire)
Winners across nine categories were announced at a ceremony held on October 2 at the Manhattan Beach Marriott. SKECHERS was selected for the overall Best Business award among a group of nominees that included Manhattan Beach Marriott, Manhattan Beach Toyota, MBS Media Campus, and the Simms Restaurant Group.
“SKECHERS has been lucky to call Manhattan Beach our home for 22 years. We established roots by opening the first SKECHERS retail store here in 1995 and have since grown to become a globally recognized brand and the second largest footwear company in America. It’s a privilege giving back as an active member of the Manhattan Beach community that we love so much,” said Michael Greenberg, president of SKECHERS. “Ultimately it’s the welcoming people and businesses that make this town unlike any other. We are honored to be this year’s Best of Manhattan recipient and thankful to be a part of the fabric of Manhattan Beach. Everyone at SKECHERS looks forward to continuing our leadership and involvement in this community for many years to come.”
SKECHERS has been a longtime sponsor of local Manhattan Beach events including the annual Pumpkin Races held in October and the popular Holiday Fireworks show in December. And on October 26, the Company will produce the sixth annual SKECHERS Pier to Pier Friendship Walk which has raised nearly $3 million to benefit children with special needs and education. For the 2014 walk, SKECHERS is on target to raise more than $1.2 million in funds to support The Friendship Circle and numerous education foundations. Additionally, the SKECHERS Foundation develops community and after-school programs for local students, including classes with SKECHERS shoe designers held at the Company’s corporate headquarters in Manhattan Beach.
SKECHERS also helps children on a global scale through the BOBS from SKECHERS charitable footwear collection. Since the BOBS program launched in 2011, more than nine million pairs of new shoes have been donated to kids in need across the United States and around the world.
SKECHERS offers an assortment of more than 3,000 lifestyle and performance footwear styles for men, women and kids that appeal to consumers across six continents. The Company raises awareness for its collections through celebrity endorsees that currently include: multi-platinum recording artist Demi Lovato, model and actress Kelly Brook, TV personality Brooke Burke-Charvet, country music star Danielle Bradbery, legendary quarterbacks Joe Montana and Joe Namath, as well as baseball stars Pete Rose and Mariano Rivera. In addition, Boston Marathon winner Meb Keflezighi, elite runner Kara Goucher, and pro golfer Matt Kuchar represent the Skechers Performance Division.
About SKECHERS USA, Inc.
SKECHERS USA, Inc. (NYSE:SKX), based in Manhattan Beach, California, designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. 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 international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world. For more information, please visit skechers.com, and follow us on Facebook (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 includethe resignation of the Company’s former independent registered public accounting firm, and its withdrawal of its audit reports with respect to certain of the Company’s historical financial statements; international, national and local general economic, political and market conditions including the ongoing global economic slowdown and market instability; entry into the highly competitive performance footwear market; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers, decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in the Company’s annual report on Form 10-K for the year ended December 31, 2012 and its quarterly report on Form 10-Q for the three months ended June 30, 2013. 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 USA, Inc.
Jennifer Clay, 310-937-1326