by | Oct 25, 2017 | Press Release
Oct 25, 2017 • 5:54 pm EDT
· Lionel Sanders and David McNamee Finished Second and Third in the Men’s Competition
· Lucy Charles Took Second Place in the Women’s Competition
LOS ANGELES–(BUSINESS WIRE)– Skechers Performance™, a division of SKECHERS USA, Inc. (NYSE:SKX), celebrates the success of elite triathletes racing in Skechers GOrun® footwear at the 2017 IRONMAN® World Championship in Kailua-Kona, Hawaii, on Saturday, October 14. Lionel Sanders and Lucy Charles each finished second in their respective men’s and women’s competitions, and David McNamee took third place for the men.
Skechers Performance Elite Athlete Lionel Sanders. Photo by @Activ’Images
In his third appearance at the IRONMAN® World Championship, Sanders logged career-best splits on the swim, bike and run segments to cross the finish line in 8:04:07. Lucy Charles, who raced in Kona this year for the first time as a professional, surprised her competition by leading for much of the race before finishing in 8:59:38. David McNamee challenged Sanders late into the run finishing just behind him for third place in a time of 8:07:11.
“This race was a battle, but that’s what I live for and what I love about this sport,” said Sanders. “The run was tough and going against my fellow Skechers Performance teammate, David McNamee, right up to the end was incredible. The result was awesome, but to me it’s all about how you get there.”
Sanders, a native of Ontario, Canada, first took up the sport of triathlon in 2009 as part of his recovery from substance abuse and has since become a dominant force in the sport. He won his debut race as a professional in 2013 at the IRONMAN 70.3 Muskoka before going on to set the previous IRONMAN triathlon World Record at the 2016 IRONMAN® Arizona, with a time of 7:44:29. Most recently, he won the 2017 ITU Long Distance Triathlon World Championships in a time of 5:20:36.
Great Britain’s Lucy Charles, a former professional swimmer who made her professional debut in 2016, rose to the top of the sport within a year, winning her first professional title at the 2017 IRONMAN® Lanzarote, where she set a new course record.
“I still have no words,” said Charles. “To think back to just a year ago, I never thought I’d even be on the start line in Kona, let alone standing on the podium. I couldn’t have done it without the support of my entire team whose belief in me got me across the finish line today.”
David McNamee, taking the bronze medal in the men’s competition and also from Great Britain, is the first British male in the 40-year history of the IRONMAN® World Championship to reach the podium. He had previously set the record as the fastest Brit to race in Kona with his 13th place finish and a time of 8:28:05 in 2016.
“We are so proud of Lucy, Lionel, and David on their incredible performances in Kona,” said Michael Greenberg, president of Skechers. “Triathlon is the ultimate test of endurance and perseverance, and their determination to overcome, cross the finish line and reach the podium is truly remarkable and inspirational. That they’ve each reached this level of success wearing Skechers GOrun® is a testament to fans that our performance footwear delivers when it matters most.”
Charles, Sanders, and McNamee were joined in Kona by fellow Skechers Performance triathlon athlete Andy Potts of Colorado Spring, Colorado, who finished the 2017 IRONMAN World Championship as the top male American finisher (8:14:43).
Since its debut with the first model of Skechers GOrun® worn by Meb Keflezighi in 2012, Skechers Performance™ footwear and apparel has earned respect throughout the running world and won numerous awards within the footwear industry. Skechers Performance™ is the official footwear sponsor of the 2017 IRONMAN® Canadian, European, and South Africa Tours.
For updates on the collection, visit GOSkechers.com and follow @SkechersPerformance on Facebook, Instagram and Twitter. The Skechers GOrun® collection is available at Skechers retail stores and skechers.com as well as select retail partners including run specialty stores.
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 and over 160 countries and territories worldwide via department and specialty stores, more than 2,438 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. 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 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 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 economic, political and market conditions including the uncertainty of sustained recovery in Europe; 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; and other factors referenced or incorporated by reference in the Company’s annual report on Form 10-K for the year ended December 31, 2016 and its quarterly report on Form 10-Q for the three months ended June 30, 2017. 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.
Kelly O’Rourke
[email protected]
(310) 424-8366
by | Oct 23, 2017 | Press Release
Oct 23, 2017 • 11:09 am EDT
Recognition Follows Success On and Off the Course In 2017, as the Brand Unveils 2018 GO GOLF Footwear Collection.
LOS ANGELES–(BUSINESS WIRE)– Skechers PerformanceTM, a division of SKECHERS USA, Inc. (NYSX:SKX), was named the winner of two prestigious “Most Wanted” tests by MyGOLFSPY—a leading authority in the golf industry providing unbiased product reviews. After a detailed, data-driven look at product performance of various manufacturers in the golf industry, Skechers PerformanceTM was recognized as the “2017 Best Spikeless Shoe” and the “2017 Best Spike Shoe” for the Skechers GO GOLF Pro 2TM.
Skechers GO GOLF Pro 2, named “2017 Best Spike Shoe” by MyGOLFSPY. (Photo: Business Wire)
These accolades come as the brand unveils its 2018 GO GOLF® footwear collection. Known for its lightweight, technical, high quality, and comfortable designs, the 2018 Skechers Performance GO GOLF® line will offer a roomier fit in select styles with the introduction of Skechers Relaxed Fit®. This uniquely Skechers approach to comfort has proven extremely popular across both men’s and women’s lifestyle categories throughout the Skechers portfolio.
“We are excited about the 2018 collection,” said Lafe Christopherson, vice president of Footwear Design for Skechers Performance. “With the addition of Skechers Relaxed Fit®, we can now offer the performance qualities of our GO GOLF® line to more golfers who are already fans of the added comfort found in our lifestyle products.”
“Golf is a very important part of our business as it combines lifestyle and performance and is turning into a sport that is enjoyed by customers of all ages,” said Robert Greenberg, Skechers chief executive officer. “This year we have experienced incredible growth and interest in our golf product around the world and expect that the opportunity in this category will only accelerate as we continue to leverage our best innovations while introducing new and exciting product into 2018.”
Skechers Performance has also seen incredible success on the golf course this year with its roster of elite athletes, who together have combined to win a total of five times in 2017: Colin Montgomerie, wearing the GO GOLF Elite V.3TM, won his second title in the last five weeks at the SAS Championship in Cary, North Carolina. Brooke Henderson recently captured her second win of 2017 at the New Zealand Women’s Open while wearing the Skechers GO GOLF Eagle™. Wesley Bryan, wearing the Skechers GO GOLF Pro 2™, won his first career PGA event in April at the RBC Heritage. And two weeks later, Matt Atkins won his first Web.com Tour event at the El Bosque Mexico Championship while also wearing the Skechers GO GOLF Pro 2™.
“The performance team amazes me with the creativity and cutting-edge designs they are constantly devising,” added Matt Kuchar, Skechers Performance elite athlete, who works closely with the brand’s product development team on the Skechers GO GOLF® PRO series. “The shoes I wear have to strike a balance between functionality and comfort and every pair of Skechers Performance golf shoes I have ever put on do exactly that.”
For updates on the collection, visit GOSkechers.com and follow @SkechersGOGOLF on Facebook, Instagram and Twitter. Skechers GO GOLF is available at Skechers retail stores and skechers.com as well as select retail partners including specialty golf pro shops.
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 and over 160 countries and territories worldwide via department and specialty stores, more than 2,438 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly owned subsidiaries in Canada, Japan, throughout Europe and Latin America. 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 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 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 economic, political and market conditions including the uncertainty of sustained recovery in Europe; 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; and other factors referenced or incorporated by reference in the Company’s annual report on Form 10-K for the year ended December 31, 2016 and its quarterly report on Form 10-Q for the three months ended June 30, 2017. 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.
Kelly O’Rourke
(310) 424-8366
[email protected]
by | Oct 19, 2017 | Press Release
Oct 19, 2017 • 4:05 pm EDT
Record Quarterly Net Sales of $1.095 Billion and $3.194 Billion for the Nine Months
Diluted Earnings per Share of $0.59 for the Third Quarter and $1.57 for the Nine Months
Gross Margins of 47.5 Percent for the Third Quarter and 46.5 Percent for the Nine Months
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the third quarter and nine months ended September 30, 2017.
“Third quarter net sales of $1.095 billion set a new quarterly record for the Company, surpassing our previous record in the first quarter earlier this year by $22 million, and resulted in a new nine month record with sales exceeding $3 billion,” stated David Weinberg, chief operating officer and chief financial officer. “The growth came across our three distribution channels—with double-digit increases in our Company-owned Skechers retail business worldwide and our international subsidiary and joint venture businesses, as well as a single-digit increase in our international distributor and domestic wholesale businesses. The strong international growth, including the continued strength in China, the resurgence of the United Kingdom and growth across all of Europe combined with our strong international retail business, resulted in international wholesale and retail representing 53 percent of our total sales in the third quarter.”
Third Quarter Financial Results
Quarterly net sales increased 16.2 percent to $1.095 billion compared to third quarter 2016. The growth was the result of a 25.7 percent increase in the Company’s international wholesale business, a 1.4 percent increase in its domestic wholesale business, and an 18.6 percent increase in its Company-owned global retail business with total comp store sales increases of 4.4 percent. The increase in its Company-owned retail business, which included sales growth of 9.5 percent in its domestic channel and a domestic comp store sales increase of 3.1 percent,came despite temporary store closures in Texas and Florida, and continued store closures in Puerto Rico due to the recent hurricanes. The Company reported net sales last year of $1.5 million for the days corresponding to the days closed this year due to the hurricanes.
Gross profit for the third quarter of 2017 was $520.0 million, or 47.5 percent of net sales, compared to $430.0 million, or 45.6 percent of net sales, for the third quarter of 2016.
Third quarter selling expenses increased $21.8 million to $89.6 million, or 8.2 percent of sales, compared to $67.8 million, or 7.2 percent of sales, in the prior year’s third quarter. The increase was primarily due to increased advertising expenses of $17.2 million, including $3.6 million to support our international subsidiary business, and an additional $3.5 million in selling commissions from its joint venture in South Korea.
General and administrativeexpenses were $316.9 million, or 28.9 percent of sales, compared to $261.8 million, or 27.8 percent of sales, in the prior year’s third quarter. The year-over-year quarterly increase was primarily due to Skechers’ focus on long-term global growth. The increases included $18.1 million associated with the Company’s 67 additional domestic and international retail stores—13 of which were opened in the third quarter, and $27.2 million to support its international growth in its joint venture and subsidiary businesses. Domestic wholesale general and administrative expenses in the third quarter increased $9.7 million year-over-year primarily due to increased headcount in the United States to support its brand worldwide, and improvements in its digital operations, as well as the expansion into new categories and brands.
Mr. Weinberg added: “We remain committed to investing in the brand, product, infrastructure, and all areas that will drive further growth opportunities. Our international business continues to have the highest growth potential—both with emerging international markets such as those in South America as well as India, and our established business across Asia. To further build our brand globally, we grew our Company-owned store base worldwide to 623 locations, including 187 international stores. Combined with the third-party Skechers stores, there were 2,428 Skechers stores around the world at quarter end.”
Earnings from operations were $116.5 million or 10.6 percent of net sales, which was an increase of $13.1 million or 12.7 percent over the third quarter of 2016.
Net earnings increased 41.8 percent to $92.3 million, and diluted net earnings per share for the third quarter were $0.59, compared with $0.42 in the prior year. The Company’s effective tax rate for the third quarter was 9.4 percent compared to 24.2 percent over the third quarter of 2016. The Company expects its effective tax rate for fiscal 2017 to be approximately 13 percent, which is lower than the expected rate of 15 percent at the end of the second quarter. The 9.4 percent tax rate for the quarter is primarily a result of this lower estimate in the expected tax rate for fiscal 2017.
Nine Month Financial Results
Net sales were $3.19 billion, a new nine-month record. Gross profit was $1.48 billion or 46.5 percent of net sales, and earnings from operations were $327.2 million. Net earnings were $245.8 million and diluted net earnings per share were $1.57 per share.
“From day one we have been driven, determined and focused on building a successful company,” began Robert Greenberg, SKECHERS chief executive officer. “Twenty-five years later, the same is true. With innovation and commitment at the forefront of our efforts, we are supporting our teams and their growth in the United States and around the world. It’s those teams that set us apart, working behind the scenes and on the front lines to deliver product rich in style and comfort to our customers. Achieving three record quarters of net sales in 2017, as well as annual record net sales in 2016, is a testament to the power of our team and the brand.”
Mr. Greenberg continued: “Now, more so than ever before, we are approaching our business from a global perspective, developing product that will resonate with consumers in the Americas, across Europe, throughout Asia, and the rest of the world. Domestically, the highlight of the third quarter was our back-to-school business, which was led by double-digit sales increases in our Skechers Kids footwear. As with our adult offering, we focused on innovation, comfort and lightweight features, creating a collection that resonated with kids and their parents. The success of our product was most evident in the continued growth of our international business as we achieved strong double-digit growth in the majority of our subsidiary and joint venture managed countries in the third quarter. Further, we are focusing on marketing campaigns that resonate globally—including the signing of singing sensation Camila Cabello, who is known by young women around the world. We believe that with our focus on product, marketing and logistics from a domestic and international perspective, we will continue to see strong growth on a global scale.”
Balance Sheet
At quarter end, cash and cash equivalents was $802.9 million, an increase of $137.6 million, or 20.7 percent over September 30, 2016.
Total inventory, including inventory in transit, was $697.7 million, a $174.3 million increase, or 33.3 percent over September 30, 2016, and a decrease of $2.9 million or 0.4 percent when compared to December 31, 2016.
Working capital was $1.48 billion versus $1.23 billion at September 30, 2016.
Mr. Weinberg continued: “Three consecutive record quarters in 2017 and continued growth across our three distribution channels, including double-digit gains in international and an additional ten stores opened in the fourth quarter to date, are a testament to the strength of our brand. With the investments we have made in our infrastructure, our strong cash position, healthy low double-digit increases in backlog on a worldwide basis, and new product delivering for holiday as well as Spring 2018, we believe the momentum we are experiencing will continue this year and in the coming year.”
Outlook
Based on these key indicators, the Company believes it will achieve net sales in the fourth quarter in the range of $860 million to $885 million, and diluted earnings per share of $0.09 to $0.14.
The Company expects its capital expenditures for the fourth quarter to be approximately $20.0 million to $25.0 million, which includes corporate office upgrades and an additional 12 to 15 Company-owned retail store openings and several store remodels.
Third Quarter 2017 Conference Call
The Company will host a conference call today at 1:30 p.m. PT / 4:30 p.m. Eastern Time to discuss its third quarter 2017 financial results. The call can be accessed on the Investor Relations section of the Company’s the website at www.skx.com. For those unable to participate during the live broadcast, a replay will be available beginning October 19, 2017, at 7:30 p.m. ET, through November 2, 2017, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13671505.
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 and over 160 countries and territories worldwide via department and specialty stores, 2,438 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. 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, 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 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 economic, political and market conditions including the uncertainty of sustained recovery in Europe; 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; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2016 and its quarterly report on Form 10-Q for the six months ended June 30, 2017. 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 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,
2017
|
|
December 31,
2016
|
| ASSETS |
|
|
|
| Current Assets: |
|
|
|
| Cash and cash equivalents |
$ |
802,932 |
|
$ |
718,536 |
| Trade accounts receivable, net |
|
485,277 |
|
|
326,844 |
| Other receivables |
|
23,184 |
|
|
19,191 |
| Total receivables |
|
508,461 |
|
|
346,035 |
| Inventories |
|
697,659 |
|
|
700,515 |
| Prepaid expenses and other current assets |
|
65,306 |
|
|
62,680 |
| Total current assets |
|
2,074,358 |
|
|
1,827,766 |
| Property, plant and equipment, net |
|
532,482 |
|
|
494,473 |
| Deferred tax assets |
|
30,744 |
|
|
26,043 |
| Other assets |
|
55,676 |
|
|
45,388 |
| Total non-current assets |
|
618,902 |
|
|
565,904 |
| TOTAL ASSETS |
$ |
2,693,260 |
|
$ |
2,393,670 |
| LIABILITIES AND EQUITY |
|
|
|
| Current Liabilities: |
|
|
|
| Current installments of long-term borrowings |
$ |
1,797 |
|
$ |
1,783 |
| Accounts payable |
|
501,332 |
|
|
520,437 |
| Short-term borrowings |
|
10,629 |
|
|
6,086 |
| Accrued expenses |
|
85,224 |
|
|
93,424 |
| Total current liabilities |
|
598,982 |
|
|
621,730 |
| Long-term borrowings, net of current installments |
|
71,390 |
|
|
67,159 |
| Deferred tax liabilities |
|
418 |
|
|
412 |
| Other long-term liabilities |
|
22,773 |
|
|
18,855 |
| Total non-current liabilities |
|
94,581 |
|
|
86,426 |
| Total liabilities |
|
693,563 |
|
|
708,156 |
| Stockholders’ equity: |
|
|
|
| Skechers U.S.A., Inc. equity |
|
1,882,804 |
|
|
1,603,633 |
| Noncontrolling interests |
|
116,893 |
|
|
81,881 |
| Total equity |
|
1,999,697 |
|
|
1,685,514 |
| TOTAL LIABILITIES AND EQUITY |
$ |
2,693,260 |
|
$ |
2,393,670 |
|
|
|
|
|
|
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2017
|
|
|
2016
|
|
|
|
2017
|
|
|
2016
|
|
| Net sales |
$ |
1,094,829 |
|
$ |
942,417 |
|
|
$ |
3,193,571 |
|
$ |
2,799,021 |
|
| Cost of sales |
|
574,842 |
|
|
512,439 |
|
|
|
1,708,765 |
|
|
1,520,637 |
|
| Gross profit |
|
519,987 |
|
|
429,978 |
|
|
|
1,484,806 |
|
|
1,278,384 |
|
| Royalty income |
|
2,917 |
|
|
2,970 |
|
|
|
10,368 |
|
|
8,902 |
|
|
|
522,904 |
|
|
432,948 |
|
|
|
1,495,174 |
|
|
1,287,286 |
|
| Operating expenses: |
|
|
|
|
|
| Selling |
|
89,559 |
|
|
67,782 |
|
|
|
263,318 |
|
|
197,627 |
|
| General and administrative |
|
316,852 |
|
|
261,815 |
|
|
|
904,631 |
|
|
747,403 |
|
|
|
406,411 |
|
|
329,597 |
|
|
|
1,167,949 |
|
|
945,030 |
|
| Earnings from operations |
|
116,493 |
|
|
103,351 |
|
|
|
327,225 |
|
|
342,256 |
|
| Other income (expense): |
|
|
|
|
|
| Interest, net |
|
(780 |
) |
|
(948 |
) |
|
|
(3,321 |
) |
|
(3,612 |
) |
| Other, net |
|
2,147 |
|
|
(1,485 |
) |
|
|
5,507 |
|
|
(1,310 |
) |
|
|
1,367 |
|
|
(2,433 |
) |
|
|
2,186 |
|
|
(4,922 |
) |
| Earnings before income tax expense |
|
117,860 |
|
|
100,918 |
|
|
|
329,411 |
|
|
337,334 |
|
| Income tax expense |
|
11,030 |
|
|
24,376 |
|
|
|
42,546 |
|
|
67,144 |
|
| Net earnings |
|
106,830 |
|
|
76,542 |
|
|
|
286,865 |
|
|
270,190 |
|
| Less: Net earnings attributable to noncontrolling interests |
|
14,520 |
|
|
11,432 |
|
|
|
41,025 |
|
|
33,361 |
|
| Net earnings attributable to Skechers U.S.A., Inc. |
$ |
92,310 |
|
$ |
65,110 |
|
|
$ |
245,840 |
|
$ |
236,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
$ |
0.59 |
|
$ |
0.42 |
|
|
$ |
1.58 |
|
$ |
1.54 |
|
| Diluted |
$ |
0.59 |
|
$ |
0.42 |
|
|
$ |
1.57 |
|
$ |
1.53 |
|
|
|
|
|
|
|
| Weighted average shares used in calculating earnings per share attributable to Skechers U.S.A., Inc.: |
|
|
|
|
|
| Basic |
|
155,824 |
|
|
154,211 |
|
|
|
155,502 |
|
|
154,006 |
|
| Diluted |
|
156,741 |
|
|
155,203 |
|
|
|
156,276 |
|
|
154,999 |
|
SKECHERS USA, Inc.
David Weinberg
Chief Operating Officer,
Chief Financial Officer
(310) 318-3100
or
Investor Relations:
Addo Investor Relations
Andrew Greenebaum, (310) 829-5400
by | Oct 17, 2017 | Press Release
Warren Lichtenstein, Michael Greenberg, Brooke Burke-Charvet, Tommy Lasorda, Robert Greenberg, Camila Alves, Denise Austin, Sugar Ray Leonard, and David Weinberg after the 2016 opening ceremony. (Photo: Business Wire)
Friendship Foundation volunteers celebrate the 2016 Skechers Pier to Pier Friendship Walk. (Photo: Business Wire)
Oct 17, 2017 • 2:34 pm EDT
Sugar Ray Leonard, Brooke Burke-Charvet and Other Celebrities Return to Support Children with Special Needs and Education at Annual Charity Event on October 29
MANHATTAN BEACH, Calif.–(BUSINESS WIRE)– The SKECHERS Foundation today announced that the organization believes that it will raise over $1.6 million to support children with special needs and education at its ninth SKECHERS Pier to Pier Friendship Walk. Supported by presenting sponsor Nickelodeon and media sponsor NBC4 Southern California, the Manhattan Beach event on October 29 will feature a team of new and returning entertainment, sport, fitness and kids’ celebrities including Sugar Ray Leonard, Brooke Burke-Charvet, Tommy Lasorda, and Denise Austin.
Warren Lichtenstein, Michael Greenberg, Brooke Burke-Charvet, Tommy Lasorda, Robert Greenberg, Camila Alves, Denise Austin, Sugar Ray Leonard, and David Weinberg after the 2016 opening ceremony. (Photo: Business Wire)
“This event has been a growing movement for nine incredible years, each one better and bigger than the last,” said Michael Greenberg, president of SKECHERS and the SKECHERS Foundation. “All of our kids should be celebrated for their unique abilities, and that’s why we gather every year at the SKECHERS Pier to Pier Friendship Walk – to come together and make a difference for thousands. When you look back, the results have been phenomenal – our annual donations have grown from $200,000 in year one to $1.6 million last year, from 1,000 participants to more than 12,000. We’re thrilled, humbled, and can’t wait to do it again this year.”
“The SKECHERS Pier to Pier Friendship Walk has its heart in the right place – from improving education to helping children with special needs,” said legendary boxer and SKECHERS ambassador Sugar Ray Leonard. “For nearly a decade, this event has been about one thing: nurturing and educating our kids. This single event can change their entire year and help shape them into the grown-ups they’ll become – it supports their schools, their activities, builds friendships and builds their confidence. 2017 will make my third year at the Walk, and I’m truly honored to be part of this.”
“We’re back to support the SKECHERS Pier to Pier Friendship Walk because we’re a firm believer in the positive impact it has on children with special needs and our schools,” said Steve Carlston, president and general manager of NBC4 Southern California. “It’s a wonderful chance for us to spotlight this incredible movement that has changed the tide on how we view and support children throughout our community.”
Since 2009, the SKECHERS Pier to Pier Friendship Walk has educated and inspired thousands to support children with special needs and education. The Walk is a primary source of funding for The Friendship Foundation, which assists children with special needs and their families through one-on-one peer mentoring and social recreational programming such as field trips, summer camps and music classes. The Walk has also helped education foundations rehabilitate and improve schools: updating technology, science labs and libraries; revamping music programs; reducing class sizes; and saving teachers’ jobs. Additionally, the SKECHERS Foundation gives $100,000 in annual scholarships to children, awarding students who have shown financial need and academic, athletic and leadership excellence.
The 2017 Walk will include special performances by NBC’s Little Big Shots’ Kieran Tamondong, America’s Got Talent duo Artyon and Paige, Nickelodeon star Ciara Wilson and dance sensation Larsen Thompson. The 3.4-mile route will begin at the Manhattan Beach Pier at 9AM, where participants will walk to the Hermosa Beach Pier and back.
To register or make a donation, visit skechersfriendshipwalk.com or follow SKECHERS on Facebook (facebook.com/SKECHERSFriendshipWalk) and Twitter (twitter.com/SkechersP2PWalk).
In addition to headlining sponsor Nickelodeon and media sponsor NBC4 Southern California, the SKECHERS Pier to Pier Friendship Walk thanks its sponsors that include: Nickelodeon, NBC4 Southern California, Wells Fargo, Steel Sports, Vertra, The Claudette and Ethan Rickett Care Foundation, Ross, Mattel, Kids Foot Locker, United Legwear, Marshalls, Cushman & Wakefield, Moose Toys, WSS, Caskey & Caskey, Siltanen & Partners Advertising, Continental Development, Northrop Grumman, Equinox, Chevron, and a myriad of other companies who have shown their support to the organization.
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., 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 and over 160 countries and territories worldwide via department and specialty stores, more than 2,305 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. 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 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 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 economic, political and market conditions including the uncertainty of sustained recovery in Europe; 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; and other factors referenced or incorporated by reference in the Company’s annual report on Form 10-K for the year ended December 31, 2016 and its quarterly report on Form 10-Q for the three months ended June 30, 2017. 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
[email protected]
by | Oct 12, 2017 | Press Release
Oct 12, 2017 • 1:15 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 2017 financial results after market close on Thursday, October 19, 2017. 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 19, 2017, at 7:30 p.m. ET, through November 2, 2017, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13671505.
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 and over 160 countries and territories worldwide via department and specialty stores, more than 2,305 SKECHERS Company-owned and third-party-owned retail stores, and the Company’s e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia and the Middle East, and wholly-owned subsidiaries in Canada, Japan, throughout Europe and Latin America. For more information, please visit skechers.com and follow us on Facebook (facebook.com/SKECHERS) and Twitter (twitter.com/SKECHERSUSA).
Investor Relations:
Addo Investor Relations
Andrew Greenebaum
310-829-5400
[email protected]