0001564590-22-035097.txt : 20221025 0001564590-22-035097.hdr.sgml : 20221025 20221025161615 ACCESSION NUMBER: 0001564590-22-035097 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20221025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221025 DATE AS OF CHANGE: 20221025 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: 221329674 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-8k_20221025.htm 8-K skx-8k_20221025.htm
false SKECHERS USA INC 0001065837 0001065837 2022-10-25 2022-10-25

Top of the Form

 

 

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 25, 2022

 

SKECHERS U.S.A., INC.

(Exact name of registrant as specified in its charter)

 

Delaware

001-14429

95-4376145

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

  

 

 

228 Manhattan Beach Boulevard,

Manhattan Beach, California

 

90266

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (310) 318-3100

Not Applicable

(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 of $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. ☐

 

 

 

 

Top of the Form

 

 

Item 2.02 Results of Operations and Financial Condition.

On October 25, 2022, Skechers U.S.A., Inc. issued a press release announcing its results of operations and financial condition for the quarter ended September 30, 2022. 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 25, 2022.

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.

 

Exhibit No.

 

Description

99.1

 

Press Release dated October 25, 2022.

 

 

 

104

 

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

 

 

Top of the Form

 

 

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.

  

 

 

 

 

October 25, 2022

 

By:

 

/s/ John Vandemore

 

 

 

 

 

 

 

 

 

Name: John Vandemore

 

 

 

 

Title: Chief Financial Officer

 

 

 EX-99.1 2 skx-ex991_6.htm EX-99.1 skx-ex991_6.htm

Exhibit 99.1

 

 

Skechers Announces Third Quarter 2022 Financial Results

 

 

 

LOS ANGELES, CA – October 25, 2022 – 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, 2022.

 

Third Quarter Highlights

 

•

Record quarterly sales of $1.88 billion, a year-over-year increase of 20.5%

 

•

Wholesale sales grew 26.2%

 

•

Direct-to-Consumer sales grew 11.9%

 

•

Diluted earnings per share of $0.55

 

•

Repurchased $25 million of common stock

 

“Skechers’ ability to deliver record quarterly sales of $1.88 billion was a significant accomplishment, reflecting the ongoing global demand for our comfort technology products, which resulted in double-digit growth in our Wholesale and Direct-to-Consumer segments,” said David Weinberg, Chief Operating Officer of Skechers. “All regions grew, led by EMEA with improvements of 48% as we realized growth across our largest European subsidiaries—Germany, Spain, and the United Kingdom, as well as strong distributor growth. The Americas achieved 16% growth primarily due to robust demand in the United States and Canada. In APAC, we experienced growth of 9%, which we are particularly pleased with given the COVID-related challenges in China and Japan during the quarter. While this broad-based consumer demand for Skechers is not unique to this quarter, we believe our ongoing momentum and strong product offering is a testament to the strength of our brand and resilience as an organization.”

 

“As we celebrate our 30th year in business with three consecutive quarters of record sales, we are honored to be named Company of the Year by Footwear News for the third time. These notable achievements illustrate the ability and dedication of our entire organization to design, deliver and market the most comfortable and innovative footwear available,” began Robert Greenberg, Chief Executive Officer of Skechers. “We recognized a consumer’s need for comfort years ago and are a unique brand known globally for our comfort technology products. We are always looking for new opportunities to meet the needs of our customers, including the introduction of Skechers Hands Free Slip-ins, the ultimate ready-to-go footwear. Our innovation continues to deliver results in Skechers Performance where our golfers are winning major championships and pickleball athletes are scoring big wins in our footwear. In the quarter, we communicated these product attributes in targeted mediums—be it television commercials with Martha Stewart and Tony Romo; in digital campaigns with global pop superstars like Ava Max and regional influencers; sponsoring major athletes on the court, course, mound or track; and expanding our presence at stores around the world through window campaigns and shop-in-shops. As we continue to grow towards our goal of $10 billion in annual sales by 2026, we remain as focused and as dedicated as we were from the year we started Skechers. With three decades of experience, we will continue to approach each day as a new opportunity to be the best we can be at designing, marketing and delivering innovation and comfort to the world.”

 

 

Third Quarter 2022 Financial Results

 

 

Three Months Ended September 30,

 

 

Change

 

(in millions, except per share data)

 

2022

 

 

2021

 

 

$

 

 

%

 

Sales

 

$

1,878.4

 

 

$

1,558.5

 

 

 

319.9

 

 

 

20.5

 

Gross profit

 

 

883.9

 

 

 

777.0

 

 

 

106.9

 

 

 

13.8

 

Gross margin

 

 

47.1

%

 

 

49.9

%

 

 

 

 

 

 

(280

)bps

Operating expenses

 

 

754.0

 

 

 

630.7

 

 

 

123.3

 

 

 

19.5

 

As a % of sales

 

 

40.1

%

 

 

40.5

%

 

 

 

 

 

 

(30

)bps

Earnings from operations

 

 

130.0

 

 

 

146.2

 

 

 

(16.2

)

 

 

(11.1

)

Operating margin

 

 

6.9

%

 

 

9.4

%

 

 

 

 

 

 

(250

)bps

Net earnings

 

$

85.9

 

 

$

103.1

 

 

 

(17.2

)

 

 

(16.7

)

Diluted earnings per share

 

$

0.55

 

 

$

0.66

 

 

 

(0.11

)

 

 

(16.7

)

 

Third quarter sales increased 20.5% as a result of a 14.9% increase domestically and a 24.6% increase internationally, primarily driven by strength in our wholesale sales. All segments experienced growth, with Wholesale increasing 26.2% and Direct-to-Consumer increasing 11.9%. On a constant currency basis, sales increased 27.3%.

 

Wholesale sales growth of $247.1 million, or 26.2%, was led by increases in EMEA of 58.8% and AMER of 18.1%. Wholesale volume increased 25.1% and average selling price increased 1.4%.

 

Direct-to-Consumer sales growth of $72.8 million, or 11.9%, was led by increases in AMER of 13.8% and APAC of 10.0%. Direct-to-Consumer volume increased 11.1% and average selling price increased 0.6%.

 

Gross margin was 47.1%, a decrease of 280 basis points, primarily the result of increased freight and logistics costs, and a higher proportion of distributor sales, partially offset by average selling price increases.

 

Operating expenses increased $123.3 million, or 19.5%, and as a percentage of sales improved 30 basis points to 40.1%. Selling expenses increased $23.0 million, or 18.0%, due to higher global digital and brand demand creation expenditures. General and administrative expenses increased $100.2 million, or 19.9%, and as a percentage of sales improved 20 basis points to 32.1%. Increased expenses were primarily driven by our domestic distribution center where supply chain and logistics challenges drove higher labor and warehouse and distribution expenses.

 

Earnings from operations decreased $16.2 million, or 11.1%, to $130.0 million.

 

Net earnings were $85.9 million and diluted earnings per share were $0.55, a decrease of 16.7% over the prior year. Diluted earnings per share include an unfavorable impact of $0.09 due to declines in foreign exchange rates, primarily in EMEA.

 

In the third quarter, the Company’s effective income tax rate was 17.9%.

 

“Skechers' record third quarter sales reflect double-digit growth across our segments and in most countries. These results are a testament to the demand for our comfort technology products,” stated John Vandemore, Chief Financial Officer of Skechers. “Despite multiple macroeconomic headwinds, from foreign exchange rates to supply chain challenges and ongoing COVID-related lockdowns, we remain focused on our long-term growth strategy. We are encouraged that demand remains strong and as these headwinds moderate, we expect to see continued revenue growth and improved operating leverage."

 

 

Nine Months 2022 Financial Results

 

 

Nine Months Ended September 30,

 

 

Change

 

(in millions, except per share data)

 

2022

 

 

2021

 

 

$

 

 

%

 

Sales

 

$

5,565.8

 

 

$

4,654.8

 

 

 

911.0

 

 

 

19.6

 

Gross profit

 

 

2,605.7

 

 

 

2,316.2

 

 

 

289.5

 

 

 

12.5

 

Gross margin

 

 

46.8

%

 

 

49.8

%

 

 

 

 

 

 

(290

)bps

Operating expenses

 

 

2,145.6

 

 

 

1,811.1

 

 

 

334.5

 

 

 

18.5

 

As a % of sales

 

 

38.6

%

 

 

38.9

%

 

 

 

 

 

 

(40

)bps

Earnings from operations

 

 

460.0

 

 

 

505.1

 

 

 

(45.1

)

 

 

(8.9

)

Operating margin

 

 

8.3

%

 

 

10.9

%

 

 

 

 

 

 

(260

)bps

Net earnings

 

$

297.5

 

 

$

339.1

 

 

 

(41.6

)

 

 

(12.3

)

Diluted earnings per share

 

$

1.90

 

 

$

2.17

 

 

 

(0.27

)

 

 

(12.4

)

 

Year-to-date sales increased 19.6% reflecting a 19.3% increase domestically and a 19.8% increase internationally with the largest contribution derived from our wholesale sales. Both segments experienced increases, with Wholesale increasing 25.6% and Direct-to-Consumer increasing 10.0%. On a constant currency basis, the Company’s total sales increased 23.8%.

 

Wholesale sales growth of $731.4 million, or 25.6%, was led by increases in AMER of 31.7% and EMEA of 34.8%. Wholesale volume increased 20.8% and average selling price increased 4.4%.

 

Direct-to-Consumer sales growth of $179.6 million, or 10.0%, was led by increases in AMER of 9.3%, EMEA of 27.6%, and APAC of 6.7%. Direct-to-Consumer volume increased 3.4% and average selling price increased 6.3%.

 

Gross margin was 46.8%, a decrease of 290 basis points, primarily the result of higher freight and logistics costs, and an increased mix of wholesale sales, partially offset by average selling price increases.

 

Operating expenses increased $334.5 million or 18.5%. As a percentage of sales, operating expenses improved 40 basis points to 38.6%. Selling expenses increased $65.0 million or 18.0%, primarily due to higher global demand creation expenditures. General and administrative expenses increased $269.5 million or 18.6%, primarily due to higher labor costs and global warehouse and distribution expenses.

 

Earnings from operations decreased $45.1 million to $460.0 million.

 

Net earnings were $297.5 million and diluted earnings per share were $1.90, a decrease of 12.4% over the prior year. Diluted earnings per share include an unfavorable impact of $0.23 due to declines in foreign exchange rates, primarily in EMEA.

 

The Company’s effective income tax rate was essentially flat year-over-year at 19.8%.

 

Balance Sheet

Cash, cash equivalents and investments totaled $681.5 million, a decrease of $358.9 million, or 34.5% from December 31, 2021, primarily as a result of ongoing investments in working capital, particularly inventory, and completing $74.2 million of share repurchases year-to-date.

 

Inventory was $1.78 billion, an increase of $308.4 million or 21.0% from December 31, 2021. Increased inventory levels primarily reflect growth in AMER.

 

Share Repurchase

During the quarter, the Company repurchased nearly 639,295 shares of its Class A common stock for $25.0 million. Year-to-date 2022, the Company has repurchased 1.9 million shares of its Class A common stock at a cost of $74.2 million. At September 30, 2022, approximately $425.8 million remained available under the Company’s share repurchase program.

 

Outlook

For the fourth quarter of 2022, the Company believes it will achieve sales between $1.725 billion and $1.775 billion and diluted earnings per share of between $0.30 and $0.40.

 

 

Store Count

 

 

Number of Stores

 

 

 

December 31, 2021

 

 

Opened

 

 

Closed(1)

 

 

September 30, 2022

 

Domestic stores

 

 

515

 

 

 

36

 

 

 

(19

)

 

 

532

 

International stores

 

 

845

 

 

 

117

 

 

 

(90

)

 

 

872

 

Distributor, licensee and franchise stores

 

 

2,946

 

 

 

376

 

 

 

(268

)

 

 

3,054

 

Total Skechers stores

 

 

4,306

 

 

 

529

 

 

 

(377

)

 

 

4,458

 

(1)

Does not reflect temporary closures due to the COVID-19 pandemic.

 

Third Quarter 2022 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 2022 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 25, 2022 at 7:30 p.m. ET, through November 8, 2022, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671 (International) and use passcode: 13733123.

 

About Skechers U.S.A., Inc.

Skechers U.S.A., Inc., The Comfort Technology Company™ based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,458 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 around the world, the challenging consumer retail markets in the United States and the impact of Russia’s invasion of Ukraine; 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, 2021 and its quarterly reports on Form 10-Q in 2022. 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, 2022

 

 

December 31, 2021

 

ASSETS

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

508,281

 

 

$

796,283

 

Short-term investments

 

 

102,986

 

 

 

98,580

 

Trade accounts receivable, net

 

 

933,908

 

 

 

732,793

 

Other receivables

 

 

75,075

 

 

 

80,043

 

Inventory

 

 

1,779,369

 

 

 

1,470,994

 

Prepaid expenses and other

 

 

182,260

 

 

 

193,547

 

Total current assets

 

 

3,581,879

 

 

 

3,372,240

 

Property, plant and equipment, net

 

 

1,289,520

 

 

 

1,128,909

 

Operating lease right-of-use assets

 

 

1,117,951

 

 

 

1,224,580

 

Deferred tax assets

 

 

448,179

 

 

 

451,355

 

Long-term investments

 

 

70,242

 

 

 

145,590

 

Goodwill

 

 

93,497

 

 

 

93,497

 

Other assets, net

 

 

77,371

 

 

 

75,109

 

Total non-current assets

 

 

3,096,760

 

 

 

3,119,040

 

TOTAL ASSETS

 

$

6,678,639

 

 

$

6,491,280

 

LIABILITIES AND EQUITY

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

925,907

 

 

$

876,342

 

Accrued expenses

 

 

261,577

 

 

 

265,420

 

Operating lease liabilities

 

 

221,396

 

 

 

225,658

 

Current installments of long-term borrowings

 

 

136,930

 

 

 

76,967

 

Short-term borrowings

 

 

31,013

 

 

 

1,195

 

Total current liabilities

 

 

1,576,823

 

 

 

1,445,582

 

Long-term operating lease liabilities

 

 

996,414

 

 

 

1,094,748

 

Long-term borrowings

 

 

225,505

 

 

 

263,445

 

Deferred tax liabilities

 

 

11,739

 

 

 

11,820

 

Other long-term liabilities

 

 

119,288

 

 

 

133,613

 

Total non-current liabilities

 

 

1,352,946

 

 

 

1,503,626

 

Total liabilities

 

 

2,929,769

 

 

 

2,949,208

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred Stock

 

 

—

 

 

 

—

 

Class A Common Stock

 

 

134

 

 

 

135

 

Class B Common Stock

 

 

21

 

 

 

21

 

Additional paid-in capital

 

 

387,459

 

 

 

429,608

 

Accumulated other comprehensive loss

 

 

(104,326

)

 

 

(48,323

)

Retained earnings

 

 

3,175,416

 

 

 

2,877,903

 

Skechers U.S.A., Inc. equity

 

 

3,458,704

 

 

 

3,259,344

 

Noncontrolling interests

 

 

290,166

 

 

 

282,728

 

Total stockholders' equity

 

 

3,748,870

 

 

 

3,542,072

 

TOTAL LIABILITIES AND EQUITY

 

$

6,678,639

 

 

$

6,491,280

 

 

 

 

 

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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Sales

 

$

1,878,367

 

 

$

1,558,476

 

 

$

5,565,765

 

 

$

4,654,802

 

Cost of sales

 

 

994,432

 

 

 

781,513

 

 

 

2,960,088

 

 

 

2,338,588

 

Gross profit

 

 

883,935

 

 

 

776,963

 

 

 

2,605,677

 

 

 

2,316,214

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

150,857

 

 

 

127,845

 

 

 

425,675

 

 

 

360,640

 

General and administrative

 

 

603,107

 

 

 

502,871

 

 

 

1,719,969

 

 

 

1,450,449

 

Total operating expenses

 

 

753,964

 

 

 

630,716

 

 

 

2,145,644

 

 

 

1,811,089

 

Earnings from operations

 

 

129,971

 

 

 

146,247

 

 

 

460,033

 

 

 

505,125

 

Other expense

 

 

(15,139

)

 

 

(8,049

)

 

 

(40,144

)

 

 

(20,065

)

Earnings before income taxes

 

 

114,832

 

 

 

138,198

 

 

 

419,889

 

 

 

485,060

 

Income tax expense

 

 

20,498

 

 

 

21,497

 

 

 

83,229

 

 

 

92,027

 

Net earnings

 

 

94,334

 

 

 

116,701

 

 

 

336,660

 

 

 

393,033

 

Less: Net earnings attributable to noncontrolling interests

 

 

8,448

 

 

 

13,562

 

 

 

39,147

 

 

 

53,952

 

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

 

$

85,886

 

 

$

103,139

 

 

$

297,513

 

 

$

339,081

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.55

 

 

$

0.66

 

 

$

1.91

 

 

$

2.18

 

Diluted

 

$

0.55

 

 

$

0.66

 

 

$

1.90

 

 

$

2.17

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

155,420

 

 

 

155,835

 

 

 

155,783

 

 

 

155,413

 

Diluted

 

 

156,233

 

 

 

157,123

 

 

 

156,714

 

 

 

156,590

 

 

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

Supplemental Financial Information

(Unaudited)

 

As previously announced, during the first quarter of 2022 Skechers refined the way it views its business operations and decision-making and now presents its reportable segment results as Wholesale and Direct-to-Consumer. Prior period results have been recast to reflect current reportable segments. There was no impact to the consolidated financial results of the Company as a result of this change.

 

Segment Information

 

 

Three Months Ended September 30,

 

 

Change

 

(in millions)

 

2022

 

 

2021

 

 

$

 

 

%

 

Wholesale sales

 

$

1,191.6

 

 

$

944.5

 

 

 

247.1

 

 

 

26.2

 

Gross profit

 

 

424.6

 

 

 

361.9

 

 

 

62.7

 

 

 

17.3

 

Gross margin

 

 

35.6

%

 

 

38.3

%

 

 

 

 

 

 

(270

)bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer sales

 

$

686.8

 

 

$

614.0

 

 

 

72.8

 

 

 

11.9

 

Gross profit

 

 

459.3

 

 

 

415.1

 

 

 

44.2

 

 

 

10.7

 

Gross margin

 

 

66.9

%

 

 

67.6

%

 

 

 

 

 

 

(70

)bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

1,878.4

 

 

$

1,558.5

 

 

 

319.9

 

 

 

20.5

 

Gross profit

 

 

883.9

 

 

 

777.0

 

 

 

106.9

 

 

 

13.8

 

Gross margin

 

 

47.1

%

 

 

49.9

%

 

 

 

 

 

 

(280

)bps

 

 

 

Nine Months Ended September 30,

 

 

Change

 

(in millions)

 

2022

 

 

2021

 

 

$

 

 

%

 

Wholesale sales

 

$

3,583.2

 

 

$

2,851.8

 

 

 

731.4

 

 

 

25.6

 

Gross profit

 

 

1,294.0

 

 

 

1,110.9

 

 

 

183.1

 

 

 

16.5

 

Gross margin

 

 

36.1

%

 

 

39.0

%

 

 

 

 

 

 

(280

)bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct-to-Consumer sales

 

$

1,982.6

 

 

$

1,803.0

 

 

 

179.6

 

 

 

10.0

 

Gross profit

 

 

1,311.7

 

 

 

1,205.3

 

 

 

106.4

 

 

 

8.8

 

Gross margin

 

 

66.2

%

 

 

66.9

%

 

 

 

 

 

 

(70

)bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

5,565.8

 

 

$

4,654.8

 

 

 

911.0

 

 

 

19.6

 

Gross profit

 

 

2,605.7

 

 

 

2,316.2

 

 

 

289.5

 

 

 

12.5

 

Gross margin

 

 

46.8

%

 

 

49.8

%

 

 

 

 

 

 

(290

)bps

 

 

Additional Sales Information

 

 

Three Months Ended September 30,

 

 

Change

 

(in millions)

 

2022

 

 

2021

 

 

$

 

 

%

 

Geographic sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

406.6

 

 

$

354.3

 

 

 

52.3

 

 

 

14.7

 

Direct-to-Consumer

 

 

339.2

 

 

 

294.9

 

 

 

44.3

 

 

 

15.0

 

Total domestic sales

 

 

745.8

 

 

 

649.2

 

 

 

96.6

 

 

 

14.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

785.0

 

 

 

590.2

 

 

 

194.8

 

 

 

33.0

 

Direct-to-Consumer

 

 

347.6

 

 

 

319.1

 

 

 

28.5

 

 

 

8.9

 

Total international sales

 

 

1,132.6

 

 

 

909.3

 

 

 

223.3

 

 

 

24.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

1,878.4

 

 

$

1,558.5

 

 

 

319.9

 

 

 

20.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas (AMER)

 

$

948.0

 

 

$

815.8

 

 

 

132.2

 

 

 

16.2

 

Europe, Middle East & Africa (EMEA)

 

 

469.8

 

 

 

318.4

 

 

 

151.4

 

 

 

47.6

 

Asia Pacific (APAC)

 

 

460.6

 

 

 

424.3

 

 

 

36.3

 

 

 

8.6

 

Total sales

 

$

1,878.4

 

 

$

1,558.5

 

 

 

319.9

 

 

 

20.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China sales

 

$

226.7

 

 

$

278.1

 

 

 

(51.4

)

 

 

(18.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributor sales

 

$

171.1

 

 

$

92.1

 

 

 

79.0

 

 

 

85.7

 

 

 

 

 

Nine Months Ended September 30,

 

 

Change

 

(in millions)

 

2022

 

 

2021

 

 

$

 

 

%

 

Geographic sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

1,466.2

 

 

$

1,132.9

 

 

 

333.3

 

 

 

29.4

 

Direct-to-Consumer

 

 

898.2

 

 

 

849.3

 

 

 

48.9

 

 

 

5.7

 

Total domestic sales

 

 

2,364.4

 

 

 

1,982.2

 

 

 

382.2

 

 

 

19.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

2,117.0

 

 

 

1,718.9

 

 

 

398.1

 

 

 

23.2

 

Direct-to-Consumer

 

 

1,084.4

 

 

 

953.7

 

 

 

130.7

 

 

 

13.7

 

Total international sales

 

 

3,201.4

 

 

 

2,672.6

 

 

 

528.8

 

 

 

19.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$

5,565.8

 

 

$

4,654.8

 

 

 

911.0

 

 

 

19.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas (AMER)

 

$

2,928.8

 

 

$

2,396.6

 

 

 

532.2

 

 

 

22.2

 

Europe, Middle East & Africa (EMEA)

 

 

1,285.5

 

 

 

962.0

 

 

 

323.5

 

 

 

33.6

 

Asia Pacific (APAC)

 

 

1,351.5

 

 

 

1,296.2

 

 

 

55.3

 

 

 

4.3

 

Total sales

 

$

5,565.8

 

 

$

4,654.8

 

 

 

911.0

 

 

 

19.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China sales

 

$

754.7

 

 

$

845.6

 

 

 

(90.9

)

 

 

(10.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributor sales

 

$

396.5

 

 

$

269.0

 

 

 

127.5

 

 

 

47.4

 

 

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,

 

 

 

2022

 

 

2021

 

 

Change

 

(in millions, except per share data)

 

Reported GAAP Measure

 

 

Constant Currency Adjustment

 

 

Adjusted for Non-GAAP Measures

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Sales

 

$

1,878.4

 

 

$

105.8

 

 

$

1,984.2

 

 

$

1,558.5

 

 

 

425.7

 

 

 

27.3

 

Cost of sales

 

 

994.5

 

 

 

66.2

 

 

 

1,060.7

 

 

 

781.5

 

 

 

279.2

 

 

 

35.7

 

Gross profit

 

 

883.9

 

 

 

39.6

 

 

 

923.5

 

 

 

777.0

 

 

 

146.5

 

 

 

18.9

 

Operating expenses

 

 

754.0

 

 

 

33.4

 

 

 

787.4

 

 

 

630.7

 

 

 

156.7

 

 

 

24.8

 

Earnings from operations

 

 

130.0

 

 

 

6.2

 

 

 

136.1

 

 

 

146.2

 

 

 

(10.1

)

 

 

(6.9

)

Other income (expense)

 

 

(15.2

)

 

 

9.6

 

 

 

(5.6

)

 

 

(8.0

)

 

 

2.4

 

 

 

(30.0

)

Income tax expense

 

 

20.5

 

 

 

1.6

 

 

 

22.1

 

 

 

21.5

 

 

 

0.6

 

 

 

2.8

 

Less: Noncontrolling interests

 

 

8.4

 

 

 

0.6

 

 

 

9.0

 

 

 

13.6

 

 

 

(4.6

)

 

 

(33.8

)

Net earnings

 

$

85.9

 

 

$

13.6

 

 

$

99.4

 

 

$

103.1

 

 

 

(3.7

)

 

 

(3.6

)

Diluted earnings per share

 

$

0.55

 

 

$

0.09

 

 

$

0.64

 

 

$

0.66

 

 

 

(0.02

)

 

 

(3.0

)

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

Change

 

(in millions, except per share data)

 

Reported GAAP Measure

 

 

Constant Currency Adjustment

 

 

Adjusted for Non-GAAP Measures

 

 

Reported GAAP Measure

 

 

$

 

 

%

 

Sales

 

$

5,565.8

 

 

$

198.8

 

 

$

5,764.6

 

 

$

4,654.8

 

 

 

1,109.8

 

 

 

23.8

 

Cost of sales

 

 

2,960.1

 

 

 

123.3

 

 

 

3,083.4

 

 

 

2,338.6

 

 

 

744.8

 

 

 

31.8

 

Gross profit

 

 

2,605.7

 

 

 

75.5

 

 

 

2,681.2

 

 

 

2,316.2

 

 

 

365.0

 

 

 

15.8

 

Operating expenses

 

 

2,145.6

 

 

 

63.4

 

 

 

2,209.0

 

 

 

1,811.1

 

 

 

397.9

 

 

 

22.0

 

Earnings from operations

 

 

460.0

 

 

 

12.1

 

 

 

472.2

 

 

 

505.1

 

 

 

(32.9

)

 

 

(6.5

)

Other income (expense)

 

 

(40.2

)

 

 

28.0

 

 

 

(12.2

)

 

 

(20.0

)

 

 

7.8

 

 

 

(39.0

)

Income tax expense

 

 

83.2

 

 

 

2.9

 

 

 

86.1

 

 

 

92.0

 

 

 

(5.9

)

 

 

(6.4

)

Less: Noncontrolling interests

 

 

39.1

 

 

 

0.7

 

 

 

39.8

 

 

 

54.0

 

 

 

(14.2

)

 

 

(26.3

)

Net earnings

 

$

297.5

 

 

$

36.5

 

 

$

334.1

 

 

$

339.1

 

 

 

(5.0

)

 

 

(1.5

)

Diluted earnings per share

 

$

1.90

 

 

$

0.23

 

 

$

2.13

 

 

$

2.17

 

 

 

(0.04

)

 

 

(1.8

)

 

 EX-101.SCH 3 skx-20221025.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000 - Document - Template Link link:presentationLink link:calculationLink link:definitionLink 100000 - Document - Document And Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 skx-20221025_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity Central Index Key Cover [Abstract] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Emerging Growth Company Entity Emerging Growth Company Entity File Number Entity File Number Entity Incorporation, State or Country Code Entity Incorporation State Country Code Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address Address Line1 Entity Address, City or Town Entity Address City Or Town Entity Address, State or Province Entity Address State Or Province Entity Address, Postal Zip Code Entity Address Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre Commencement Tender Offer Pre-commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Title of 12(b) Security Security12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name EX-101.PRE 5 skx-20221025_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 6 R1.htm IDEA: XBRL DOCUMENT v3.22.2.2
Document And Entity Information
Oct. 25, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 25, 2022
Entity Registrant Name SKECHERS USA INC
Entity Central Index Key 0001065837
Entity Emerging Growth Company false
Entity File Number 001-14429
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 95-4376145
Entity Address, Address Line One 228 Manhattan Beach Boulevard
Entity Address, City or Town Manhattan Beach
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90266
City Area Code 310
Local Phone Number 318-3100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value of $0.001 per share
Trading Symbol SKX
Security Exchange Name NYSE
XML 7 skx-8k_20221025_htm.xml IDEA: XBRL DOCUMENT 0001065837 2022-10-25 2022-10-25 false SKECHERS USA INC 0001065837 8-K 2022-10-25 DE 001-14429 95-4376145 228 Manhattan Beach Boulevard Manhattan Beach CA 90266 310 318-3100 false false false false Class A Common Stock, par value of $0.001 per share SKX NYSE false EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( :"654'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " &@EE5ZL_:@NX K @ $0 &1O8U!R;W!S+V-O&ULS9+! M2@,Q$(9?17+?G6R*!<,VEXHG!<&"XBTDTS:XR89D9+=O;W9MMX@^@,?,_/GF M&YC61&GZA,^ICYC(8;X9?1>R-''#CD11 F1S1*]S71*A-/=]\IK*,QT@:O.A M#PB"\S5X)&TU:9B 55R(3+762)-04Y_.>&L6?/Q,W0RS!K!#CX$R-'4#3$T3 MXVGL6K@")AAA\OF[@'8ASM4_L7,'V#DY9K>DAF&HA]6<*SLT\/;T^#*O6[F0 M20>#Y5=VDDX1-^PR^76UO=\],"6X$%7#*W&[$UPV:\GOWB?7'WY78=];MW?_ MV/@BJ%KX=1?J"U!+ P04 " &@EE5F5R<(Q & "<)P $P 'AL+W1H M96UE+W1H96UE,2YX;6SM6EMSVC@4?N^OT'AG]FT+QC:!MK03621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS[BYBZ(:(E/)X M8-DOV]:[MR_>X%#BVR]*+ M41B1%G\@M MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C(WXV(]ZMOFCU7 MH5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU+,76>)7 \:V< M/!T3$LV4"P9!AI@S M&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*Y \FIS_I,C0' MHYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_T=HWPJOX@L Y M?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=RSTS0LS0[=R2^JVE+ZU)CA* M]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZG=PZ.)Z8D;D* MTU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCRHB'NH8:8S\-# MAWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)256 Q6\8#*Y"B M?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYEL<%5'<]56_*P MOFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7GFYRN>B)V^I=W MP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5' 86%S+D4.Z2 MD 83 >LX=SFWJXPD6L_UC6'ODRWSEPVSK> U[F M$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\U*M:I60K$3]+ M!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHSU8NL.8T*;T'5 M0.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!4$L#!!0 ( M :"656F>.]07@0 + 0 8 >&PO=V]R:W-H965T&UL MI9AM;ZLV%,>_BL6F:9/:!IR'IET2*4W3W:BW;51Z=_>@O7# "58!,]LD[;?? M,4D@MY<<(NU-@X'SY^?CP_^8#C92O>J(DCC50RLS_Q+%:1L2=:HT'&5MSGYDLV5S!JE2JA2'BJA4R)XLNA,_:N;VC' M!A1W_"[X1A\<$SN5A92O=C +AXYKB7C, V,E&/RL^83'L54"CG]WHD[Y3!MX M>+Q7ORLF#Y-9,,TG,OXJ0A,-G;Y#0KYD>6R>Y>83WTVH:_4"&>OB+]EL[^UT M'!+DVLAD%PP$B4BWO^QMEXB#@"X]$D!W ;3@WCZHH+QEAHT&2FZ(LG>#FCTH MIEI$ YQ([:KX1L%5 7%F="N#'))LR#@-R30UPKR36;I=;+[11L(3_U!%M M%3KU"K:NKW7& CYTH' U5VONC'[ZP>NYOR)\[9*OC:E7"7QYSW@='![>/[]' M(#HE1 =5&0-!6%#,C2VK!FZOVV]?(EC]$JM_"M8TX6HETA7Y#>)-1"8R MR5A:"X?K-1795@?CO%( ^,WCL%\H6]D5D(I2:6(BA( MD20V2%YUSSOMRY[7Z6*$E=-[J%'O"<=A"#:MS_8'Y#/<1Y[2^MSADI3VR0-+ M(V8,2\D-9T%$;F0>\S53(09=V;^'&_A'Z(D=P:*_R$U]]\3E/L!BB%5S\'!W M_XA8%N9+C3%RLYAJWN<11&C5 M$RCNVG/%SP-(#X?W:[L_A"T:[&2?ELOZ]6O0:R2K&@'%7?L[LIG6.9 U N*R MC8 '.W[CQ3[]V+](Z^/ZTW_(/S.X8-8GY$G3QS:')W3VZ MNT=W)YFN6W>2_.'(N2.]DKK=T*-SS?LD:0]'KEC[SC1<>Z0R5C'G55LG;6,Y M*UMP4C)9WMQDB6)"TV*M.W6G7$L.IM-N0V]H4JPKH\^6E :#7\H4)X],;NB6 M2;&W8EC+E)"G8%Z"X6"DL<1Y*GQ#%V!IGP*\"!JP'.,HH8T%8Q(RA._]N/P9 M,&FM5X64,\$E#89BW3#GN-5W7AD6#\87$!GEW:GQ#&O+3HOE+3T[##\^R=[8 MDMLYS8).IF(M>05TK*B/\.M,DP#HG%%>* 6KC68#A\EC%'S8 Y?R 5KXK;J* MW5B'_2^FO-CT1=X=-8T\O1!BEHK'O;^RPF+-9O\R-%8\>2SP:0)P:?EA6;/CO9NFJ:]PSLM_D/.?K7/--;=,7I+VH_\W5_DMC)/Q]%PZC+N.HL?X;[:)'-M[#/)73)>UYN1]76^T$D7O!9QP<&%Y_J?]K-#]! SCMHHB*]1GA?H$KQBR'3Y8GKA/ M[I_X3O,\3;,,J^AV&V6PQ>J69? 7CX9Q P\L#V1Z6ZWQ;N,3\OH<8#U];4*P MG>*3B.T4KS4@\;J!1Y['NXWE 0^L"]CL0/YX'IBIN$^:0ERHY M_U=3_ 102P,$% @ !H)959>*NQS $P( L !?3T\ M$MP>:4#M.*2VBZD8_1!2:5K5N %(MB6/:(7->=I3W;+T]!;X"O.DQQ0FE(2S,.\,W2?S+W\PPU1>5* M(Y5;&GC3Y?YVX$G1H2)8%II%R=.B':5_'3 M6TGHX-R#8._AE8P=S8\?=_<#4$L#!!0 ( :"654D'INBK0 /@! : M >&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'.UD3T.@S ,A:\2Y0 U4*E# M!4Q=6"LN$ 7S(Q(2Q:X*MR^% 9 Z=&&RGBU_[\E.GV@4=VZ@MO,D1FL&RF3+ M[.\ I%NTBB[.XS!/:A>LXEF&!KS2O6H0DBBZ0=@S9)[NF:*'3^ 5!+ P04 " &@EE599!YDAD! #/ M P $P %M#;VYT96YT7U1Y<&5S72YX;6RMDTU.PS 0A:\295LE+BQ8H*8; M8 M=< %C3QJK_I-G6M+;,T[:2J 2%85-K'C>O,^>EZS>CQ&PZ)WUV)0=47P4 M E4'3F(=(GBNM"$Y2?R:MB)*M9-;$/?+Y8-0P1-XJBA[E.O5,[1R;ZEXZ7D; M3?!-FI6.5Z*U .EK >MKBRAE#VQH%.JB]XY8:8P*IL0,@9^O1=#%- M)IXPC,^[V?S!9@K(RDT*$3FQ!'_'G2/)W55D(TADIJ]X(;+U[/M!3EN#OI'- MX_T,:3?D@6)8YL_X>\87_QO.\1'"[K\_L;S63AI_YHOA/UY_ 5!+ 0(4 Q0 M ( :"654'04UB@0 +$ 0 " 0 !D;V-0&UL4$L! A0#% @ !H)95>K/VH+N *P( !$ M ( !KP &1O8U!R;W!S+V-O&UL4$L! A0#% @ !H)959E< MG",0!@ G"< !, ( !S $ 'AL+W1H96UE+W1H96UE,2YX M;6Q02P$"% ,4 " &@EE5IGCO4%X$ "P$ & @($- M" >&PO=V]R:W-H965T&UL4$L! A0#% @ !H)959^@ M&_"Q @ X@P T ( !H0P 'AL+W-T>6QE&PO=V]R:V)O;VLN>&UL4$L! A0#% @ !H)9520>FZ*M M ^ $ !H ( !TQ$ 'AL+U]R96QS+W=O9(9 0 SP, !, M ( !N!( %M#;VYT96YT7U1Y<&5S72YX;6Q02P4& D "0 ^ @ A0 # end XML 9 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 FilingSummary.xml IDEA: XBRL DOCUMENT 3.22.2.2 html 1 22 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document And Entity Information Sheet http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation Document And Entity Information Cover 1 false false All Reports Book All Reports [ix-0514-Hidden-Fact-Eligible-For-Transform] WARN: 1 fact(s) appearing in ix:hidden were eligible for transformation: dei:EntityRegistrantName - skx-8k_20221025.htm 19 skx-8k_20221025.htm skx-20221025.xsd skx-20221025_lab.xml skx-20221025_pre.xml skx-ex991_6.htm http://xbrl.sec.gov/dei/2022 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "skx-8k_20221025.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "skx-8k_20221025.htm" ] }, "labelLink": { "local": [ "skx-20221025_lab.xml" ] }, "presentationLink": { "local": [ "skx-20221025_pre.xml" ] }, "schema": { "local": [ "skx-20221025.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-roles-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-types-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-roles-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-types-2022.xsd", "https://xbrl.sec.gov/country/2022/country-2022.xsd", "https://xbrl.sec.gov/currency/2022/currency-2022.xsd", "https://xbrl.sec.gov/dei/2022/dei-2022.xsd", "https://xbrl.sec.gov/exch/2022/exch-2022.xsd", "https://xbrl.sec.gov/naics/2022/naics-2022.xsd", "https://xbrl.sec.gov/sic/2022/sic-2022.xsd", "https://xbrl.sec.gov/stpr/2022/stpr-2022.xsd" ] } }, "elementCount": 23, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2022": 3, "total": 3 }, "keyCustom": 0, "keyStandard": 22, "memberCustom": 0, "memberStandard": 0, "nsprefix": "skx", "nsuri": "http://www.skechers.com/20221025", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "body", "html" ], "baseRef": "skx-8k_20221025.htm", "contextRef": "C_0001065837_20221025_20221025", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document And Entity Information", "role": "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document And Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "body", "html" ], "baseRef": "skx-8k_20221025.htm", "contextRef": "C_0001065837_20221025_20221025", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2022", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address Address Line1", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address City Or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address State Or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security12b Title", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.skechers.com/20221025/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 15 0001564590-22-035097-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001564590-22-035097-xbrl.zip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