0000950170-23-055617.txt : 20231026 0000950170-23-055617.hdr.sgml : 20231026 20231026161509 ACCESSION NUMBER: 0000950170-23-055617 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20231026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231026 DATE AS OF CHANGE: 20231026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SKECHERS USA INC CENTRAL INDEX KEY: 0001065837 STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140] IRS NUMBER: 954376145 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14429 FILM NUMBER: 231350338 BUSINESS ADDRESS: STREET 1: 228 MANHATTAN BEACH BLVD CITY: MANHATTAN BEACH STATE: CA ZIP: 90266 BUSINESS PHONE: 3103183100 MAIL ADDRESS: STREET 1: 228 MANHATTAN BEACH BLVD CITY: MANHATTAN BEACH STATE: CA ZIP: 90266 8-K 1 skx-20231026.htm 8-K 8-K
false0001065837Skechers USA, Inc.00010658372023-10-262023-10-26

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2023

 

 

SKECHERS U.S.A., INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-14429

95-4376145

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

228 Manhattan Beach Blvd

 

Manhattan Beach, California

 

90266

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (310) 318-3100

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Class A Common Stock, par value $0.001 per share

 

SKX

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On October 26, 2023, Skechers U.S.A., Inc. issued a press release announcing its results of operations and financial condition for the quarter ended September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished as part of this report:

99.1 Press Release dated October 26, 2023.

104 Cover Page Interactive Data File (embedded within the inline XBRL document).

The information in this current report and the exhibit attached hereto is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The Information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. The furnishing of the Information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the Information this Current Report contains is material investor information that is not otherwise publicly available.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

SKECHERS U.S.A., INC.

 

 

 

 

Date:

October 26, 2023

By:

/s/ John Vandemore

 

 

 


Name: John Vandemore
Title: Chief Financial Officer

 

 EX-99.1 2 skx-ex99_1.htm EX-99.1 EX-99.1

 

 

Exhibit 99.1

Skechers Announces THIRD quarter 2023 Financial Results AND RECORD QUARTERLY SALES OF $2.02 BILLION

 

LOS ANGELES, CA – October 26, 2023 – Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology CompanyTM and a global footwear leader, today announced financial results for the third quarter ended September 30, 2023.

 

Third Quarter Highlights

 

•
Record quarterly sales of $2.02 billion, a year-over-year increase of 7.8%
•
Diluted earnings per share of $0.93, a year-over-year increase of 69.1%
•
Direct-to-Consumer sales grew 23.8%
•
Inventory decrease of $436.0 million or 24.0% from December 31, 2022
•
Repurchased $40 million of Class A common stock

 

“Skechers’ achieved a new quarterly sales record of $2.02 billion, reflecting robust demand for our brand,” said David Weinberg, Chief Operating Officer of Skechers. “All regions grew, including the Americas, with growth of 7% in the United States due to continued strength in our Direct-to-Consumer channel, and Asia Pacific with growth of 18% in China. In addition, our inventory levels are down significantly, and our gross margin was strong at 52.9% reflecting favorable pricing, a higher mix of Direct-to-Consumer sales and lower unit costs. As we continue to focus on growing our international business, enhancing our Direct-to-Consumer presence and expanding our product offering, we remain confident in the strength of our brand and executing Skechers’ long-term growth strategy.”

“Our record third quarter sales were the result of our continued innovation and determination to deliver comfort, style and quality in every pair,” began Robert Greenberg, Chief Executive Officer of Skechers. “We introduced a collaboration with entertainment legend Snoop Dogg, and we launched Skechers Football boots with Harry Kane, one of the leading strikers in the world and captain of England's national team. Both ambassadors and their products generated significant media and consumer attention for the brand. And, this week, we announced the signing of two-time NBA All-Star Julius Randle and rising star Terance Mann – both of whom are competing in our Skechers Basketball footwear this week. Leading professional athletes both on the pitch and on the court in Skechers Performance footwear are a testament to our ability to deliver comfort that performs at the highest levels of competition. Designing desirable footwear for fans of Snoop Dogg as well as our ambassador Martha Stewart demonstrates the diversity of style, offering and demographic of the Skechers brand and our customers. We believe our constant innovation to meet the needs of consumers from all walks of life—including professional athletes, and our impactful marketing will drive our success for years to come.”

 

 

 

Third Quarter 2023 Financial Results

 

 

 

Three Months Ended September 30,

 

 

Change

 

(in millions, except per share data)

 

2023

 

 

2022

 

 

$

 

 

%

 

Sales

 

$

2,025.0

 

 

$

1,878.4

 

 

 

146.6

 

 

 

7.8

 

Gross profit

 

 

1,071.9

 

 

 

883.9

 

 

 

188.0

 

 

 

21.3

 

Gross margin

 

 

52.9

%

 

 

47.1

%

 

 

 

 

 

590 bps

 

Operating expenses

 

 

858.7

 

 

 

754.0

 

 

 

104.7

 

 

 

13.9

 

As a % of sales

 

 

42.4

%

 

 

40.1

%

 

 

 

 

 

230 bps

 

Earnings from operations

 

 

213.2

 

 

 

130.0

 

 

 

83.2

 

 

 

64.0

 

Operating margin

 

 

10.5

%

 

 

6.9

%

 

 

 

 

 

360 bps

 

Net earnings attributable to Skechers U.S.A., Inc.

 

 

145.4

 

 

 

85.9

 

 

 

59.5

 

 

 

69.3

 

Diluted earnings per share

 

$

0.93

 

 

$

0.55

 

 

 

0.38

 

 

 

69.1

 

 

Third quarter sales increased 7.8% as a result of an 8.6% increase internationally and a 6.5% increase domestically. Direct-to-Consumer increased 23.8% and Wholesale decreased 1.4%. On a constant currency basis, sales increased 6.7%.

 

Wholesale sales declined $17.0 million, or 1.4%, which includes decreases in EMEA of 8.3% and AMER of 0.5%, partially offset by an increase in APAC of 7.1%. Wholesale volume decreased 10.8% and average selling price increased 10.3%.

 

Direct-to-Consumer sales grew $163.6 million, or 23.8%, which includes increases in AMER of 17.3%, APAC of 24.2% and EMEA of 60.8%. Direct-to-Consumer volume increased 18.8% and average selling price increased 4.3%.

 

Gross margin was 52.9%, an increase of 590 basis points, primarily due to higher average selling prices, a higher proportion of Direct-to-Consumer sales, and lower freight costs.

 

Operating expenses increased $104.7 million, or 13.9%, and as a percentage of sales increased 230 basis points to 42.4%. Selling expenses increased $27.4 million, or 18.2%, and as a percentage of sales increased 80 basis points to 8.8%. The increase was due to higher brand demand creation expenditures. General and administrative expenses increased $77.3 million, or 12.8%, and as a percentage of sales increased 150 basis points to 33.6%. Increased expenses were primarily driven by increased facility costs, including rent and depreciation, and labor.

 

Earnings from operations increased $83.2 million, or 64.0%, to $213.2 million, resulting in an operating margin of 10.5%.

 

Net earnings were $145.4 million and diluted earnings per share were $0.93 compared with prior year net earnings of $85.9 million and diluted earnings per share of $0.55.

 

In the third quarter, the Company’s effective income tax rate was 19.5%.

 

“Skechers’ record quarterly sales and robust earnings growth demonstrate the sustained momentum of our brand. Coupled with a significant improvement in working capital, especially in our overall inventory levels, we remain confident in the strength of our brand and demand for our comfort technology products,” stated John Vandemore, Chief Financial Officer of Skechers. “As we continue to execute against our long-term growth strategy, we believe we remain well positioned to accomplish our objective of generating $10 billion in sales by 2026."

 

 

 

Nine Months 2023 Financial Results

 

 

Nine Months Ended September 30,

 

 

Change

 

(in millions, except per share data)

 

2023

 

 

2022

 

 

$

 

 

%

 

Sales

 

$

6,039.4

 

 

$

5,565.8

 

 

 

473.6

 

 

 

8.5

 

Gross profit

 

 

3,111.0

 

 

 

2,605.7

 

 

 

505.3

 

 

 

19.4

 

Gross margin

 

 

51.5

%

 

 

46.8

%

 

 

 

 

 

470 bps

 

Operating expenses

 

 

2,456.5

 

 

 

2,145.6

 

 

 

310.9

 

 

 

14.5

 

As a % of sales

 

 

40.7

%

 

 

38.6

%

 

 

 

 

 

210 bps

 

Earnings from operations

 

 

654.5

 

 

 

460.0

 

 

 

194.5

 

 

 

42.3

 

Operating margin

 

 

10.8

%

 

 

8.3

%

 

 

 

 

 

260 bps

 

Net earnings attributable to Skechers U.S.A., Inc.

 

 

458.6

 

 

 

297.5

 

 

 

161.1

 

 

 

54.2

 

Diluted earnings per share

 

$

2.93

 

 

$

1.90

 

 

 

1.03

 

 

 

54.2

 

 

Year-to-date sales increased 8.5%, reflecting a 15.6% increase in international sales and a 1.1% decrease domestically. Direct-to-Consumer increased 26.0% and Wholesale decreased 1.1%. On a constant currency basis, sales increased 9.6%.

 

Wholesale sales decreased $41.0 million, or 1.1%, due to a decrease in AMER of 11.4%, partially offset by increases in APAC of 14.5% and EMEA of 6.2%. Wholesale volume decreased 8.5% and average selling price increased 7.8%.

 

Direct-to-Consumer sales grew $514.6 million, or 26.0%, due to increases in AMER of 24.2%, APAC of 22.4%, and EMEA of 47.8%. Direct-to-Consumer volume increased 22.9% and average selling price increased 2.5%.

 

Gross margin was 51.5%, an increase of 470 basis points, primarily driven by higher average selling prices and a higher proportion of Direct-to-Consumer sales.

 

Operating expenses increased $310.9 million or 14.5%. As a percentage of sales, operating expenses increased 210 basis points to 40.7%. Selling expenses increased $68.3 million or 16.0%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $242.6 million or 14.1%, primarily driven by labor, increased facility costs, including rent and depreciation, and warehouse and distribution expenses.

 

Earnings from operations increased $194.5 million to $654.5 million, resulting in an operating margin of 10.8%.

 

Net earnings were $458.6 million and diluted earnings per share were $2.93, an increase of 54.2% over the prior year.

 

The Company’s effective income tax rate was 18.5%.

 

Balance Sheet

Cash, cash equivalents and investments totaled $1.27 billion, an increase of $484.6 million, or 61.5% from December 31, 2022, primarily due to increased earnings and favorable changes in working capital, primarily inventory improvements as we worked through capacity challenges and processing constraints at our distribution centers. Increases were partially offset by capital expenditures of $238.7 million, $100.0 million of share repurchases year-to-date and payments of $70.4 million, net of cash acquired, related to the acquisition of our Scandinavian distributor.

 

Inventory was $1.38 billion, a decrease of $436.0 million or 24.0% from December 31, 2022.

 

Share Repurchase

During the third quarter, the Company repurchased approximately 805,486 shares of its Class A common stock at a cost of $40.0 million. Year-to-date 2023, the Company has repurchased nearly 2.1 million shares of its Class A common stock at a cost of $100.0 million. At September 30, 2023, approximately $325.7 million remained available under the Company’s share repurchase program.

 

Outlook

For the fourth quarter of 2023, the Company believes it will achieve sales between $1.91 billion and $2.01 billion and diluted earnings per share of between $0.40 and $0.50. Further, the Company believes that for the full year 2023, it will achieve sales between $7.95 billion and $8.05 billion and diluted earnings per share of between $3.33 and $3.43.

 

 

 

Store Count

 

 

 

Number of Stores

 

 

 

December 31, 2022

 

 

Opened (1)

 

 

Closed (1)

 

 

September 30, 2023

 

Domestic stores

 

 

539

 

 

 

26

 

 

 

(11

)

 

 

554

 

International stores

 

 

905

 

 

 

210

 

 

 

(76

)

 

 

1,039

 

Distributor, licensee and franchise stores

 

 

3,093

 

 

 

637

 

 

 

(331

)

 

 

3,399

 

Total Skechers stores

 

 

4,537

 

 

 

873

 

 

 

(418

)

 

 

4,992

 

 

(1) Includes the conversion of 58 third-party stores to International stores previously included in Distributor stores as a result of the acquisition of our Scandinavian distributor.

 

Third Quarter 2023 Conference Call

The Company will host a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss its third quarter 2023 financial results. The call can be accessed on the Investor Relations section of the Company’s website at investors.skechers.com. For those unable to participate during the live broadcast, a replay will be available beginning October 26, 2023, at 7:30 p.m. ET, through November 9, 2023, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13741251.

 

About Skechers U.S.A., Inc.

Skechers U.S.A., Inc., a Fortune 500® company based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. Collections from The Comfort Technology Company™ are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through digital stores, and approximately 5,000 Company- and third-party-owned physical retail stores. The Company manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter and TikTok.

 

Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2022 and its quarterly reports on Form 10-Q in 2023. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.

 

Investor Relations

Eunice Han

investors@skechers.com

 

Press

Jennifer Clay

jennc@skechers.com

 

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

As of

 

 

As of

 

(in thousands)

 

September 30, 2023

 

 

December 31, 2022

 

ASSETS

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,100,401

 

 

$

615,733

 

Short-term investments

 

 

64,065

 

 

 

102,166

 

Trade accounts receivable, net

 

 

929,368

 

 

 

848,287

 

Other receivables

 

 

65,323

 

 

 

86,036

 

Inventory

 

 

1,382,027

 

 

 

1,818,016

 

Prepaid expenses and other

 

 

226,565

 

 

 

176,035

 

Total current assets

 

 

3,767,749

 

 

 

3,646,273

 

Property, plant and equipment, net

 

 

1,466,145

 

 

 

1,345,370

 

Operating lease right-of-use assets

 

 

1,212,113

 

 

 

1,200,565

 

Deferred tax assets

 

 

442,875

 

 

 

454,190

 

Long-term investments

 

 

108,517

 

 

 

70,498

 

Goodwill

 

 

101,230

 

 

 

93,497

 

Other assets, net

 

 

140,635

 

 

 

83,094

 

Total non-current assets

 

 

3,471,515

 

 

 

3,247,214

 

TOTAL ASSETS

 

$

7,239,264

 

 

$

6,893,487

 

LIABILITIES AND EQUITY

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

820,789

 

 

$

957,384

 

Accrued expenses

 

 

296,313

 

 

 

294,143

 

Operating lease liabilities

 

 

264,556

 

 

 

238,694

 

Current installments of long-term borrowings

 

 

76,695

 

 

 

103,184

 

Short-term borrowings

 

 

35,178

 

 

 

19,635

 

Total current liabilities

 

 

1,493,531

 

 

 

1,613,040

 

Long-term operating lease liabilities

 

 

1,047,896

 

 

 

1,063,672

 

Long-term borrowings

 

 

239,590

 

 

 

216,488

 

Deferred tax liabilities

 

 

20,203

 

 

 

8,656

 

Other long-term liabilities

 

 

133,781

 

 

 

120,045

 

Total non-current liabilities

 

 

1,441,470

 

 

 

1,408,861

 

Total liabilities

 

 

2,935,001

 

 

 

3,021,901

 

Stockholders’ equity

 

 

 

 

 

 

Preferred Stock

 

 

—

 

 

—

 

Class A Common Stock

 

 

134

 

 

 

134

 

Class B Common Stock

 

 

20

 

 

 

21

 

Additional paid-in capital

 

 

340,476

 

 

 

403,799

 

Accumulated other comprehensive loss

 

 

(98,044

)

 

 

(84,897

)

Retained earnings

 

 

3,709,548

 

 

 

3,250,931

 

Skechers U.S.A., Inc. equity

 

 

3,952,134

 

 

 

3,569,988

 

Noncontrolling interests

 

 

352,129

 

 

 

301,598

 

Total stockholders' equity

 

 

4,304,263

 

 

 

3,871,586

 

TOTAL LIABILITIES AND EQUITY

 

$

7,239,264

 

 

$

6,893,487

 

 

 

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Sales

 

$

2,024,958

 

 

$

1,878,367

 

 

$

6,039,402

 

 

$

5,565,765

 

Cost of sales

 

 

953,040

 

 

 

994,432

 

 

 

2,928,381

 

 

 

2,960,088

 

Gross profit

 

 

1,071,918

 

 

 

883,935

 

 

 

3,111,021

 

 

 

2,605,677

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

178,286

 

 

 

150,857

 

 

 

493,964

 

 

 

425,675

 

General and administrative

 

 

680,449

 

 

 

603,107

 

 

 

1,962,564

 

 

 

1,719,969

 

Total operating expenses

 

 

858,735

 

 

 

753,964

 

 

 

2,456,528

 

 

 

2,145,644

 

Earnings from operations

 

 

213,183

 

 

 

129,971

 

 

 

654,493

 

 

 

460,033

 

Other income (expense)

 

 

(7,055

)

 

 

(15,139

)

 

 

5,660

 

 

 

(40,144

)

Earnings before income taxes

 

 

206,128

 

 

 

114,832

 

 

 

660,153

 

 

 

419,889

 

Income tax expense

 

 

40,202

 

 

 

20,498

 

 

 

122,360

 

 

 

83,229

 

Net earnings

 

 

165,926

 

 

 

94,334

 

 

 

537,793

 

 

 

336,660

 

Less: Net earnings attributable to noncontrolling interests

 

 

20,511

 

 

 

8,448

 

 

 

79,176

 

 

 

39,147

 

Net earnings attributable to Skechers U.S.A., Inc.

 

$

145,415

 

 

$

85,886

 

 

$

458,617

 

 

$

297,513

 

Net earnings per share attributable to Skechers U.S.A., Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.94

 

 

$

0.55

 

 

$

2.96

 

 

$

1.91

 

Diluted

 

$

0.93

 

 

$

0.55

 

 

$

2.93

 

 

$

1.90

 

Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

154,525

 

 

 

155,420

 

 

 

154,876

 

 

 

155,783

 

Diluted

 

 

156,200

 

 

 

156,233

 

 

 

156,496

 

 

 

156,714

 

 

 

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Supplemental Financial Information

(Unaudited)

 

Segment Information

 

 

Three Months Ended September 30,

 

 

Change

 

(in millions)

 

2023

 

 

2022

 

 

$

 

 

%

 

Wholesale sales

 

$

1,174.6

 

 

$

1,191.6

 

 

 

(17.0

)

 

 

(1.4

)

Gross profit

 

 

510.0

 

 

 

424.6

 

 

 

85.4

 

 

 

20.1

 

Gross margin

 

 

43.4

%

 

 

35.6

%

 

 

 

 

 

780 bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer sales

 

$

850.4

 

 

$

686.8

 

 

 

163.6

 

 

 

23.8

 

Gross profit

 

 

561.9

 

 

 

459.3

 

 

 

102.6

 

 

 

22.3

 

Gross margin

 

 

66.1

%

 

 

66.9

%

 

 

 

 

 

(80)bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

2,025.0

 

 

$

1,878.4

 

 

 

146.6

 

 

 

7.8

 

Gross profit

 

 

1,071.9

 

 

 

883.9

 

 

 

188.0

 

 

 

21.3

 

Gross margin

 

 

52.9

%

 

 

47.1

%

 

 

 

 

 

590 bps

 

 

 

Nine Months Ended September 30,

 

 

Change

 

(in millions)

 

2023

 

 

2022

 

 

$

 

 

%

 

Wholesale sales

 

$

3,542.2

 

 

$

3,583.2

 

 

 

(41.0

)

 

 

(1.1

)

Gross profit

 

 

1,453.6

 

 

 

1,294.0

 

 

 

159.6

 

 

 

12.3

 

Gross margin

 

 

41.0

%

 

 

36.1

%

 

 

 

 

 

490 bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer sales

 

$

2,497.2

 

 

$

1,982.6

 

 

 

514.6

 

 

 

26.0

 

Gross profit

 

 

1,657.4

 

 

 

1,311.7

 

 

 

345.7

 

 

 

26.4

 

Gross margin

 

 

66.4

%

 

 

66.2

%

 

 

 

 

 

20 bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

6,039.4

 

 

$

5,565.8

 

 

 

473.6

 

 

 

8.5

 

Gross profit

 

 

3,111.0

 

 

 

2,605.7

 

 

 

505.3

 

 

 

19.4

 

Gross margin

 

 

51.5

%

 

 

46.8

%

 

 

 

 

 

470 bps

 

 

 

 

 

Additional Sales Information

 

 

Three Months Ended September 30,

 

 

Change

 

(in millions)

 

2023

 

 

2022

 

 

$

 

 

%

 

Geographic sales

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

407.7

 

 

$

406.6

 

 

 

1.1

 

 

 

0.3

 

Direct-to-Consumer

 

 

386.9

 

 

 

339.2

 

 

 

47.7

 

 

 

14.1

 

Total domestic sales

 

 

794.6

 

 

 

745.8

 

 

 

48.8

 

 

 

6.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

766.9

 

 

 

785.0

 

 

 

(18.1

)

 

 

(2.3

)

Direct-to-Consumer

 

 

463.5

 

 

 

347.6

 

 

 

115.9

 

 

 

33.3

 

Total international sales

 

 

1,230.4

 

 

 

1,132.6

 

 

 

97.8

 

 

 

8.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

2,025.0

 

 

$

1,878.4

 

 

 

146.6

 

 

 

7.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas (AMER)

 

$

1,017.5

 

 

$

948.0

 

 

 

69.5

 

 

 

7.3

 

Europe, Middle East & Africa (EMEA)

 

 

480.4

 

 

 

469.8

 

 

 

10.6

 

 

 

2.3

 

Asia Pacific (APAC)

 

 

527.1

 

 

 

460.6

 

 

 

66.5

 

 

 

14.4

 

Total sales

 

$

2,025.0

 

 

$

1,878.4

 

 

 

146.6

 

 

 

7.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China sales

 

$

267.6

 

 

$

226.7

 

 

 

40.9

 

 

 

18.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributor sales

 

$

120.5

 

 

$

171.1

 

 

 

(50.6

)

 

 

(29.6

)

 

 

Nine Months Ended September 30,

 

 

Change

 

(in millions)

 

2023

 

 

2022

 

 

$

 

 

%

 

Geographic sales

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

1,240.4

 

 

$

1,466.2

 

 

 

(225.8

)

 

 

(15.4

)

Direct-to-Consumer

 

 

1,096.9

 

 

 

898.2

 

 

 

198.7

 

 

 

22.1

 

Total domestic sales

 

 

2,337.3

 

 

 

2,364.4

 

 

 

(27.1

)

 

 

(1.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

2,301.8

 

 

 

2,117.0

 

 

 

184.8

 

 

 

8.7

 

Direct-to-Consumer

 

 

1,400.3

 

 

 

1,084.4

 

 

 

315.9

 

 

 

29.1

 

Total international sales

 

 

3,702.1

 

 

 

3,201.4

 

 

 

500.7

 

 

 

15.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

6,039.4

 

 

$

5,565.8

 

 

 

473.6

 

 

 

8.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas (AMER)

 

$

2,990.4

 

 

$

2,928.8

 

 

 

61.6

 

 

 

2.1

 

Europe, Middle East & Africa (EMEA)

 

 

1,448.2

 

 

 

1,285.5

 

 

 

162.7

 

 

 

12.7

 

Asia Pacific (APAC)

 

 

1,600.8

 

 

 

1,351.5

 

 

 

249.3

 

 

 

18.4

 

Total sales

 

$

6,039.4

 

 

$

5,565.8

 

 

 

473.6

 

 

 

8.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China sales

 

$

852.0

 

 

$

754.7

 

 

 

97.3

 

 

 

12.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributor sales

 

$

324.2

 

 

$

396.5

 

 

 

(72.3

)

 

 

(18.2

)

 

 

 

 

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures

(Unaudited)

 

Constant Currency Adjustment (Non-GAAP Financial Measure)

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results.

 

 

 

Three Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

Change

 

(in millions, except per share data)

 

Reported GAAP Measure

 

 

Constant Currency Adjustment

 

 

Adjusted for Non-GAAP Measures

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Sales

 

$

2,025.0

 

 

$

(21.7

)

 

$

2,003.3

 

 

$

1,878.4

 

 

 

124.9

 

 

 

6.7

 

Cost of sales

 

 

953.1

 

 

 

(15.9

)

 

 

937.2

 

 

 

994.5

 

 

 

(57.3

)

 

 

(5.8

)

Gross profit

 

 

1,071.9

 

 

 

(5.8

)

 

 

1,066.1

 

 

 

883.9

 

 

 

182.2

 

 

 

20.6

 

Operating expenses

 

 

858.7

 

 

 

(3.8

)

 

 

854.9

 

 

 

754.0

 

 

 

100.9

 

 

 

13.4

 

Earnings from operations

 

 

213.2

 

 

 

(2.0

)

 

 

211.2

 

 

 

130.0

 

 

 

81.2

 

 

 

62.5

 

Other income (expense)

 

 

(7.1

)

 

 

8.3

 

 

 

1.2

 

 

 

(15.2

)

 

 

16.4

 

 

n/m

 

Income tax expense (benefit)

 

 

40.2

 

 

 

(0.1

)

 

 

40.1

 

 

 

20.5

 

 

 

19.6

 

 

 

95.7

 

Less: Noncontrolling interests

 

 

20.5

 

 

 

(0.7

)

 

 

19.8

 

 

 

8.4

 

 

 

11.4

 

 

 

134.3

 

Net earnings

 

$

145.4

 

 

$

7.1

 

 

$

152.5

 

 

$

85.9

 

 

 

66.6

 

 

 

77.6

 

Diluted earnings per share

 

$

0.93

 

 

$

0.05

 

 

$

0.98

 

 

$

0.55

 

 

 

0.43

 

 

 

78.2

 

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

Change

 

(in millions, except per share data)

 

Reported GAAP Measure

 

 

Constant Currency Adjustment

 

 

Adjusted for Non-GAAP Measures

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Sales

 

$

6,039.4

 

 

$

62.2

 

 

$

6,101.6

 

 

$

5,565.8

 

 

 

535.8

 

 

 

9.6

 

Cost of sales

 

 

2,928.4

 

 

 

28.2

 

 

 

2,956.6

 

 

 

2,960.1

 

 

 

(3.5

)

 

 

(0.1

)

Gross profit

 

 

3,111.0

 

 

 

34.0

 

 

 

3,145.0

 

 

 

2,605.7

 

 

 

539.3

 

 

 

20.7

 

Operating expenses

 

 

2,456.5

 

 

 

23.6

 

 

 

2,480.1

 

 

 

2,145.6

 

 

 

334.5

 

 

 

15.6

 

Earnings from operations

 

 

654.5

 

 

 

10.4

 

 

 

664.9

 

 

 

460.0

 

 

 

204.9

 

 

 

44.5

 

Other income (expense)

 

 

5.7

 

 

 

(8.9

)

 

 

(3.2

)

 

 

(40.2

)

 

 

37.0

 

 

 

(92.0

)

Income tax expense

 

 

122.4

 

 

 

2.3

 

 

 

124.7

 

 

 

83.2

 

 

 

41.5

 

 

 

49.9

 

Less: Noncontrolling interests

 

 

79.2

 

 

 

2.5

 

 

 

81.7

 

 

 

39.1

 

 

 

42.6

 

 

 

108.6

 

Net earnings

 

$

458.6

 

 

$

(3.3

)

 

$

455.3

 

 

$

297.5

 

 

 

157.8

 

 

 

53.0

 

Diluted earnings per share

 

$

2.93

 

 

$

(0.02

)

 

$

2.91

 

 

$

1.90

 

 

 

1.01

 

 

 

53.2

 

 

 

 

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City Area Code (310)
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