by | Apr 22, 2014 | Press Release
Apr 22, 2014 • 4:05 pm EDT
- Net Sales of $546.5 Million, an Increase of 21.0 Percent
- Earnings from Operations of $48.2 Million
- Diluted Earnings Per Share of $0.61
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global leader in footwear, today announced financial results for the first quarter ended March 31, 2014.
First quarter 2014 net sales were $546.5 million compared to $451.6 million in the first quarter of 2013.Gross profit for the first quarter of 2014 was $240.4 million, or 44.0 percent of net sales, compared to $192.7 million, or 42.7 percent of net sales, in the first quarter of 2013. Earnings from operations for the first quarter of 2014 were $48.2 million compared to earnings from operations of $15.3 million for the first quarter of 2013. Due to Easter falling later in Spring, the Company shifted a portion of its advertising expenses into the second quarter 2014, reducing its media expenses in the first quarter 2014.
“The demand for Skechers footwear from both our customers and consumers has been above and beyond our expectations. The result was net sales of over $546 million, a 21 percent increase over last year’s first quarter and a first quarter record as well as the second highest quarterly revenues in the company’s 22-year history,” began David Weinberg, chief operating officer and chief financial officer. “The improvements were achieved despite Easter falling late in April and the extreme cold weather experienced in most of the United States throughout the quarter. The sales results are attributable to double-digit increases in our domestic and international wholesale business, as well as increases in our worldwide company-owned retail business, which achieved a 5.6 percent comparable quarter net sales increase. With multiple product success stories in our lifestyle, performance and kids’ footwear, the positive reaction to our current products resulted in a gross margin of 44.0 percent and an operating margin of 8.8 percent.”
Net earnings in the first quarter of 2014 were $31.0 million compared to net earnings of $6.7 million for the first quarter of 2013. Net earnings per diluted share in the first quarter 2014 were $0.61 based on 50.8 million weighted average shares outstanding compared to a diluted net earnings per share of $0.13 based on 50.5 million weighted average shares outstanding for the same period in the prior year. The Company’s effective tax rate for the first quarter of 2014 was 25.7 percent as a result of certain discrete items recorded in the first quarter. The Company currently estimates its effective tax rate for 2014 to be 25 percent to 28 percent.
Robert Greenberg, SKECHERS chief executive officer, commented: “The combination of the simultaneous success of multiple product categories in the United States and the broad global acceptance of these same initiatives allowed us to expand our assortment of styles and create a unified product message around the world. We believe this is because we’re on target for current trends with the most relevant and exciting footwear offering in the company’s history, including our Spring 2014 collection which we began to deliver in February. The record first quarter sales are evidence that our product initiatives are working and our on-going efforts to elevate our product offering with fresh innovative footwear styles is resonating with consumers. The innovation has also lead to remarkable accomplishments in our Skechers Performance Division with two editorial awards in the first quarter for our Skechers GO running footwear, and yesterday’s incredible Boston Marathon win for elite runner and Olympian Meb, who achieved a personal best in Skechers GOmeb Speed 3 at the event. Meb continues to appear in SKECHERS Performance Division marketing campaigns, while The Voice winner Danielle Bradbery, television celebrity Brooke Burke-Charvet, and sport icons Joe Montana, Mark Cuban and Tommy Lasorda appear in our campaigns for our lifestyle division. In addition, print ads are running in magazines and on billboards and kiosks, and we have a strong online and in-store marketing presence. We are also running many of our product and lifestyle focused campaigns around the world, further creating global synergy between product and marketing. We have seen the benefits of leveraging the strength of our brand, product and marketing across international markets as first quarter sales achieved double-digits growth in Europe, Canada, Asia, including China, and many other regions. We believe this positive trend will continue as the demand for our brand remains strong globally. We are looking forward to delivering the remainder of our Spring footwear collection, and introducing new innovative product for Back-to-School 2014.”
Mr. Weinberg continued: “April has started off very strong in terms of order rates, revenues and backlogs, all which have accelerated since year end. This was achieved without impacting our at-once business which remains at the same levels as last year. We believe this positive trend will continue through the second quarter and back half of the year as the demand for our key product initiatives in the United States, Asia, Europe, the Middle East and South America remains very high. We believe we are well positioned to maintain this growth with the combination of $329.4 million in cash, an additional 50 to 60 company-owned SKECHERS stores opening later this year in addition to the 10 opened in the first quarter, and more in-line product deliveries in the second quarter and throughout 2014. Though we believe there may be some upside with the second quarter sales numbers, we remain comfortable with the analysts’ consensus earnings estimates currently reported for the quarter even with the shift of media expenses previously discussed.”
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, future demand for its products and growth opportunities, and its planned opening of new stores, 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 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. 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) |
|
|
|
|
|
|
|
March 31,
2014
|
|
December 31,
2013
|
| ASSETS |
|
|
|
|
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
329,448 |
|
$ |
372,011 |
| Trade accounts receivable, net |
|
|
312,325 |
|
|
225,941 |
| Other receivables |
|
|
9,558 |
|
|
10,599 |
| Total receivables |
|
|
321,883 |
|
|
236,540 |
| Inventories |
|
|
312,201 |
|
|
358,168 |
| Prepaid expenses and other current assets |
|
|
27,447 |
|
|
26,094 |
| Deferred tax assets |
|
|
22,115 |
|
|
22,115 |
| Total current assets |
|
|
1,013,094 |
|
|
1,014,928 |
| Property, plant and equipment, at cost, less accumulated depreciation and amortization |
|
|
362,575
|
|
|
361,755
|
| Goodwill and other intangible assets, less applicable amortization |
|
|
2,144 |
|
|
2,377 |
| Deferred tax assets |
|
|
1,492 |
|
|
9,950 |
| Other assets, at cost |
|
|
19,519 |
|
|
19,560 |
| Total non-current assets |
|
|
385,730 |
|
|
393,642 |
| TOTAL ASSETS |
|
$ |
1,398,824 |
|
$ |
1,408,570 |
| LIABILITIES AND EQUITY |
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Current installments of long-term borrowings |
|
$ |
12,123 |
|
$ |
12,028 |
| Short-term borrowings |
|
|
87 |
|
|
87 |
| Accounts payable |
|
|
215,428 |
|
|
258,183 |
| Accrued expenses |
|
|
42,105 |
|
|
40,124 |
| Total current liabilities |
|
|
269,743 |
|
|
310,422 |
| Long-term borrowings, excluding current installments |
|
|
113,422 |
|
|
116,488 |
| Other long-term liabilities |
|
|
2,386 |
|
|
1,740 |
| Total non-current liabilities |
|
|
115,808 |
|
|
118,228 |
| Total liabilities |
|
|
385,551 |
|
|
428,650 |
| Stockholders’ equity: |
|
|
|
|
| Skechers U.S.A., Inc. equity |
|
|
962,997 |
|
|
930,322 |
| Noncontrolling interests |
|
|
50,276 |
|
|
49,598 |
| Total equity |
|
|
1,013,273 |
|
|
979,920 |
| TOTAL LIABILITIES AND EQUITY |
|
$ |
1,398,824 |
|
$ |
1,408,570 |
|
|
|
|
|
|
|
|
| SKECHERS U.S.A., INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
| (Unaudited) |
| (In thousands, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2014 |
|
|
|
2013 |
|
| Net sales |
|
$ |
546,518 |
|
|
$ |
451,621 |
|
| Cost of sales |
|
|
306,115 |
|
|
|
258,889 |
|
| Gross profit |
|
|
240,403 |
|
|
|
192,732 |
|
| Royalty income |
|
|
3,022 |
|
|
|
1,770 |
|
|
|
|
243,425 |
|
|
|
194,502 |
|
| Operating expenses: |
|
|
|
|
| Selling |
|
|
36,742 |
|
|
|
37,696 |
|
| General and administrative |
|
|
158,523 |
|
|
|
141,468 |
|
|
|
|
195,265 |
|
|
|
179,164 |
|
| Earnings from operations |
|
|
48,160 |
|
|
|
15,338 |
|
| Other expense: |
|
|
|
|
| Interest, net |
|
|
(2,593 |
) |
|
|
(2,549 |
) |
| Other, net |
|
|
(1,082 |
) |
|
|
(2,923 |
) |
|
|
|
(3,675 |
) |
|
|
(5,472 |
) |
| Earnings before income taxes |
|
|
44,485 |
|
|
|
9,866 |
|
| Income tax expense |
|
|
11,437 |
|
|
|
2,278 |
|
| Net earnings |
|
|
33,048 |
|
|
|
7,588 |
|
| Less: Net earnings attributable to noncontrolling interest |
|
|
2,083 |
|
|
|
908 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
30,965 |
|
|
$ |
6,680 |
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
| Basic |
|
$ |
0.61 |
|
|
$ |
0.13 |
|
| Diluted |
|
$ |
0.61 |
|
|
$ |
0.13 |
|
|
|
|
|
|
| Weighted average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
| Basic |
|
|
50,558 |
|
|
|
50,295 |
|
| Diluted |
|
|
50,844 |
|
|
|
50,492 |
|
|
|
|
|
|
Company Contact:
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer
Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Andrew Greenebaum
(310) 829-5400
by | Apr 21, 2014 | Press Release
Apr 21, 2014 • 5:40 pm EDT
Top American Elite Runner Sets New Personal Record at Emotional Boston Strong Event
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The Skechers Performance Division congratulates elite athlete and Olympic medalist Meb as the men’s winner of the 2014 Boston Marathon. Wearing the new Skechers GOmeb Speed 3 shoes, Meb broke his personal record with a time of 2:08:37, and is the first American male to win the Boston Marathon since 1983, and the first American since 1985.
Meb crossing the finish line in his signature Skechers GOmeb Speed 3 shoes for the win at the 2014 Boston Marathon. (Jim Rogash / Getty Images)
“A year ago I decided I wanted to win the 2014 Boston Marathon for the people of Boston and for the U.S.,” said Meb. “When the Red Sox put the World Series trophy at the Boston Marathon finish line during the victory parade last year, I was inspired more than ever to come back and win. With the support of the Skechers Performance Division by my side every step of the way, today I have won for the city of Boston, and for the entire U.S.”
“This is a very significant win for both Meb and the Skechers Performance Division, but also, and more importantly, for Boston and America,” said Rick Higgins, Vice President of Merchandising & Marketing for the Skechers Performance Division. “We are so proud of Meb and his monumental accomplishment on what was clearly a very emotional day. We could not think of a better Skechers Performance brand ambassador than Meb.”
The Skechers Performance Division first signed Meb in 2011 to represent the Skechers Performance Division as it launched its new footwear line. Since that time, Meb has won more than five key races, including the U.S. Half Marathon Championship in Houston in January 2014, and the U.S. Olympic Trials in Houston in 2012. This past fall, Meb extended his contract with the Skechers Performance Division through 2016.
Skechers Performance Division athletic shoes are available for men and women at SKECHERS retail stores, select specialty run retailers and online at Skechers.com. The new GOmeb Speed 3 will be available in fall 2014. Learn more about our products, athletes and much more on our new custom YouTube channel, SkechersGOrun.com and follow us on Facebook (facebook.com/SkechersPerformance), Twitter (twitter.com/skechersGO) and Instagram (instagram.com/skechersperformance).
For more information and interview opportunities, please contact Jolene Abbott at 310-318-3100 x4839 or [email protected].
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).
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, 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.
Jolene Abbott, 310-318-3100 x4839
[email protected]
by | Apr 18, 2014 | Press Release
Apr 18, 2014 • 4:18 pm EDT
Skechers Performance Division to also release a new ad campaign, GO MEB, GO!, which highlights Meb’s top accomplishments leading in to the Boston Marathon
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– Skechers Performance Division announces brand ambassador and elite athlete, Meb, will be racing in a new shoe in Boston—debuting the all-new SkechersGOmeb Speed 3—the latest evolution of his namesake racing shoe. This is the first time the public will see the GOmeb Speed 3. This also coincides with the launch of a new ad campaign titled “GO MEB, GO!” debuting in Boston in support of Meb.
Skechers GOmeb Speed 3 (Photo: Business Wire)
“I’m excited to be racing in Boston this year, and the strong support from Skechers Performance Division with this new campaign and the encouragement from the fans and the crowd on the course always inspires me,” said Meb. “I’ve felt good training and the new GOmeb Speed 3 that I’ll be racing in has felt great—I’m looking forward to debuting the shoe at this notable race.”
The new Skechers GOmeb Speed 3 will be available for purchase in fall 2014 and features an updated design on the upper for a more streamlined look, newly engineered materials on the upper for a lighter, more breathable, comfortable feel and repositioned GOimpulse sensors on the outsole. Additional details on the GOmeb Speed 3 will be released later this year.
The GO, MEB GO! ad campaign highlights Meb’s top accomplishments since joining the Skechers Performance Division in 2011, including first U.S. finisher in the London Games in 2012 and winner of the 2014 U.S. Half Marathon Championships in Houston, TX. The campaign launches with outdoor advertising in bus shelters in the Boston area as well as print ads in select running magazines.
“Boston is a pinnacle race this year, and as we developed this campaign, it was important to us to not only support Meb and his accomplishments as a champion marathoner, but we also wanted to encourage those in Boston and those watching the race at home to cheer for America’s top marathoner,” said Michael Greenberg, President, SKECHERS. “Unity is definitely the sentiment for Boston 2014 and we applaud all those who are participating in this year’s race.”
Skechers Performance Division will be exhibiting at the John Hancock Sports and Fitness Expo in Boston, April 18th – April 20th at booth 2626.
Skechers Performance Division athletic shoes are available for men and women at SKECHERS retail stores, select specialty run retailers and online at Skechers.com. The new GOmeb Speed 3 will be available in fall 2014. Learn more about our products, athletes and much more on our new custom YouTube channel, SkechersGOrun.com and follow us on Facebook (facebook.com/SkechersPerformance), Twitter (twitter.com/skechersGO) and Instagram (instagram.com/skechersperformance).
For more information and interview opportunities, please contact Jolene Abbott at 310.318.3100 x4839 or [email protected].
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).
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, 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.
Jolene Abbott, 310-318-3100 x4839
[email protected]
by | Apr 16, 2014 | Press Release
Apr 16, 2014 • 4:58 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 first quarter fiscal 2014 financial results will be broadcast live over the internet on Tuesday, April 22, 2014, 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 April 22, 2014, at 7:30 p.m. ET, through May 6, 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: 13578816.
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 www.skechers.com, and follow us on Facebook (www.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 | Mar 3, 2014 | Press Release
Mar 3, 2014 • 3:16 pm EST
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The SKECHERS Foundation celebrated its fifth annual SKECHERS Pier to Pier Friendship Walk with a check presentation ceremony on Thursday, February 27 at the Company’s world headquarters in Manhattan Beach, California. The Foundation presented its largest donation totals in the history of the walk: $318,000 for The Friendship Circle – a non-profit organization that assists children with special needs and their families – and $492,000 dedicated to six education foundations.
SKECHERS president Michael Greenberg presents a $318,000 donation to The Friendship Circle (Photo: Business Wire)
“I am taken aback by the amount of support we have received from presenting sponsor Nickelodeon and dozens of national corporations including Steel Partners, Wells Fargo, Chevron and many more,” said SKECHERS president Michael Greenberg. “Because of them, the help of celebrity supporters Jimmy Kimmel, Brooke Burke-Charvet and Tommy Lasorda, plus over 10,000 walkers, we were able to surpass our fundraising goal for the fifth consecutive year. It’s amazing to have raised $1 million and make such a sizable donation to both The Friendship Circle and education.”
The Friendship Circle (gotfriends.com) unites children with special needs and teen volunteers through one-on-one peer mentoring and social recreational activities, creating emotional bonds that improve the lives of kids and their families. “Donation funds from the SKECHERS Foundation have helped expand our current programs, including Camp Got Friends – a two-week summer retreat which serves 90 children with special needs,” said Yossi Mintz, executive director of The Friendship Circle. “With SKECHERS’ support, we have nearly doubled our monthly programs and will be able to increase sports and after-school enrichment activities through our 30 clubs for The Friendship Circle members.”
The SKECHERS Pier to Pier Friendship Walk has become California’s largest charity event supporting children with special needs and education. Since its inception in 2009, the walk has united 34,000 participants and raised nearly $3 million to support The Friendship Circle and education foundations committed to saving teachers’ jobs, retaining vital academic programs, maintaining smaller class sizes, improving libraries and upgrading school technology.
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.
In addition to presenting sponsor Nickelodeon, the SKECHERS Pier to Pier Friendship Walk thanks sponsors that include: Steel Partners, Wells Fargo, Zappos.com, Ross, Rack Room, DSW, United Legwear, Marshalls, Toyota, WSS, Journeys, Chevron, Premiere Displays & Exhibits, Body Glove, Dealer.com, DirecTV, Equinox, Union Bank, Michael Stars, Microsoft, Viva International Group, Northrop Grumman, Honda, Fresh Brothers, Shade Hotel, Murad, Finish Line, Fair Fashion Media, Foot Locker, OK! Magazine and many others who have provided funds and support to create a better future for children. For more information about the SKECHERS Pier to Pier Friendship Walk, please visit skechersfriendshipwalk.com or facebook.com/SKECHERSFriendshipWalk.
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, and its planned opening of new stores, 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 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; consumer preferences and rapid changes in technology in 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. 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