SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today
announced financial results for the third quarter ended September
30, 2020.
Third Quarter Highlights
- Sales of $1.30 billion, a 3.9 percent decrease
year-over-year, but a 78.3 percent increase from second quarter
2020
- Domestic wholesale business grew 6.3 percent
year-over-year
- Diluted earnings per share were $0.41 and adjusted diluted
earnings per share were $0.53
- China sales grew 23.9 percent year-over-year
- Cash, cash equivalents and investments were $1.50 billion at
quarter-end
“As we continued to navigate through the global pandemic in the
third quarter, we capitalized on our core strengths of comfort,
style, innovation and quality at a reasonable price,” began Robert
Greenberg, chief executive officer of Skechers. “Skechers
integrates these strengths into every collection and makes them
accessible to consumers globally. Whether people continue to work
remotely or return to their offices, we offer them a brand they
know and trust to deliver the comfort they want. Our men’s and
women’s athletic casual footwear and sandal styles experienced the
strongest growth. Further, we grew our Skechers Kids business in
North America despite delays to in-person classroom learning for
many kids. We continue to drive sales and support our retail
partners through marketing efforts that drive product awareness and
inspire consumers to shop online and in stores. In the third
quarter, this included the launch of our commercial featuring
Dodgers ace pitcher and world champion Clayton Kershaw. Though the
pandemic is still impacting economies around the world, we are
confident in our product offering and our team’s ability to drive
sales around the world.”
“Our third quarter sales were a significant accomplishment
during a challenging period. As countries emerged from the crisis,
Skechers experienced meaningful sequential sales improvement from
the second quarter of 78.3 percent. We also saw a return to growth
in many markets and a positive sequential trend in the quarter with
September being our strongest month. This resulted in third quarter
revenues of $1.30 billion, just a 3.9 percent decrease over the
same period last year,” stated David Weinberg, chief operating
officer of Skechers. “Our domestic wholesale business returned to
mid-single digit growth as our accounts replenished with product
that was in demand, and key international markets also experienced
growth—especially China, Germany and Australia with strong
double-digit increases. The demand in our ecommerce channels
continued and we also saw strength in our re-opened big box stores.
In the third quarter, we offered consumers alternative means to
shop for Skechers through the launch of a new initiative to buy
product online and pick up in store or curbside at Skechers retail
locations across the United States. We also opened 24 Company-owned
stores planned prior to COVID—including flagship locations on Rue
de Rivoli in Paris, Oxford Circus in London, Shinjuku in Tokyo, and
two stores in Colombia, bringing our store count to 3,770. To fuel
future growth in our business, we continue to invest in our
infrastructure, expanding our distribution centers in Europe and
North America, opening a new logistic center in the United Kingdom,
and nearing completion of our distribution center in China. Despite
this difficult year, we believe our focus on building our digital
initiatives and supply chain while delivering comfortable footwear
globally, will result in an even stronger brand as the world
continues to normalize.”
Third Quarter
2020 Financial Results
(Dollars in millions, except per share
data)
Three months ended
September 30,
Change
2020
2019
$
%
Sales
$
1,300.9
$
1,354.0
$
(53.1
)
(3.9
%)
Gross profit
625.1
653.1
(28.0
)
(4.3
%)
Gross margin
48.1
%
48.2
%
SG&A expenses
536.2
511.9
24.3
4.7
%
As a % of sales
41.2
%
37.8
%
Earnings from operations
92.1
147.4
(55.3
)
(37.5
%)
Operating margin
7.1
%
10.9
%
Net earnings
64.3
103.1
(38.8
)
(37.6
%)
Diluted earnings per share
$
0.41
$
0.67
$
(0.26
)
(38.8
%)
Adjusted diluted earnings per share
$
0.53
$
0.67
$
(0.14
)
(20.9
%)
Sales decreased 3.9 percent as a result of a 4.1 percent
decrease in the Company’s international business and a 3.7
percent decrease in its domestic business. Declines in the
Company’s international business were driven by lower distributor
and retail sales, partially offset by increases in its joint
venture and subsidiary sales, including growth of 23.9 percent in
China and 18.1 percent in Europe. Declines in the Company’s
domestic business were driven by lower retail sales, partially
offset by growth of 172.1 percent in ecommerce sales and growth in
its domestic wholesale business.
The Company’s domestic wholesale sales increased 6.3
percent, international wholesale sales decreased 0.5 percent
and its direct-to-consumer business decreased 16.9 percent.
Direct-to-consumer comparable same store sales decreased
22.1 percent, including decreases of 20.4 percent domestically and
26.1 percent internationally.
Gross margins remained relatively flat at 48.1 percent as
a result of higher promotional activity internationally, partially
offset by favorable mix of online and international sales.
SG&A expenses increased $24.3 million, or 4.7 percent
in the quarter. Selling expenses decreased by $11.6 million,
or 11.9 percent, primarily due to lower global marketing expenses.
General and administrative expenses increased by $35.9
million, or 8.7 percent. The increase was primarily the result of
an $18.2 million one-time, non-cash compensation charge related to
the cancellation of restricted share grants associated with a legal
settlement, as well as volume driven increases in warehouse and
distribution expenses in both its international and domestic
businesses.
Earnings from operations decreased $55.3 million, or 37.5
percent, to $92.1 million.
Net earnings were $64.3 million and diluted earnings
per share were $0.41. Adjusted to exclude the effects of the
one-time non-cash compensation charge, adjusted net earnings were
$82.6 million and adjusted diluted earnings per share were
$0.53.
In the third quarter, the Company’s effective income tax
rate was 15.4 percent.
“Skechers third quarter results illustrate the strength and
resilience of our brand, as business across the globe began to
recover from the effects of the global pandemic. There were many
bright spots, from a return to growth in our domestic wholesale
channel and continued strength in e-commerce to resurgent growth in
China and Europe,” said John Vandemore, chief financial officer of
Skechers. “We continue to invest for growth, including increased
penetration in our direct-to-consumer channel, evident in new
stores and an enhanced digital presence, as well as improved global
distribution infrastructure. We firmly believe that our focused
strategy on global growth and deeper, direct relationships with
consumers, coupled with our financial strength and operational
capabilities, will translate into long-term growth for the Skechers
brand.”
Nine Months 2020
Financial Results
(Dollars in millions, except per share
data)
Nine Months ended
September 30,
Change
2020
2019
$
%
Sales
$
3,272.7
$
3,889.3
$
(616.6
)
(15.9
%)
Gross profit
1,541.4
1,853.4
(312.0
)
(16.8
%)
Gross margin
47.1
%
47.7
%
SG&A expenses
1,476.5
1,446.9
29.6
2.0
%
As a % of sales
45.1
%
37.2
%
Earnings from operations
76.0
424.4
(348.4
)
(82.1
%)
Operating margin
2.3
%
10.9
%
Net earnings
45.3
287.0
(241.7
)
(84.2
%)
Diluted earnings per share
$
0.29
$
1.86
$
(1.57
)
(84.4
%)
Adjusted diluted earnings per share
$
0.41
$
1.86
$
(1.45
)
(78.0
%)
For the first nine months, sales decreased 15.9 percent,
reflecting the impact of the global pandemic on its businesses
worldwide.
Gross margins decreased 60 basis points to 47.1 percent
due to lower international gross margins as a result of higher
promotional activity.
SG&A expenses increased by 2.0 percent or $29.6
million. Selling expenses decreased by 21.7 percent or $61.0
million, primarily due to lower advertising and marketing expenses
globally. General and administrative expenses increased by
7.8 percent or $90.6 million, primarily driven by increased
warehouse and distribution expenses for both international and
domestic businesses, and an $18.2 million one-time, non-cash
compensation charge related to the cancellation of restricted share
grants associated with a legal settlement.
Earnings from operations decreased $348.4 million, or
82.1 percent, to $76.0 million.
Net earnings were $45.3 million and diluted earnings
per share were $0.29. Adjusted to exclude the effects of the
one-time non-cash compensation charge, adjusted net earnings were
$63.6 million and adjusted diluted earnings per share were
$0.41.
Balance Sheet
At quarter-end, cash, cash equivalents and
investments totaled $1.50 billion, an increase of $468.2
million, or 45.4 percent from December 31, 2019, and an increase of
$478.1 million, or 46.8 percent, over September 30, 2019. The
increase primarily reflects the drawdown of $490.0 million from the
Company’s senior unsecured credit facility in the first
quarter.
Total inventory was $1.05 billion, a decrease of $16.5
million or 1.5 percent from December 31, 2019, and an increase of
$163.0 million or 18.3 percent over September 30, 2019. The higher
year-over-year inventory levels primarily reflect growth in its
international markets, particularly in China for the upcoming
Single’s Day holiday.
Outlook
The Company is not providing further financial guidance at this
time given the ongoing business disruption and substantial
uncertainty surrounding the impact of the pandemic on its business
globally.
Store Count
Number of Store Locations as
of
Number of Store Locations as
of
June 30, 2020
Opened
Closed(1)
September 30, 2020
Company-owned domestic stores
510
12
-
522
Company-owned international stores
308
12
(1
)
319
Joint-venture stores
390
35
(4
)
421
Distributor, licensee and franchise
stores
2,407
154
(53
)
2,508
Total Skechers stores
3,615
213
(58
)
3,770
(1) Does not reflect temporary closures
due to the COVID-19 pandemic.
Third Quarter 2020 Conference
Call
The Company will host a conference call today at 1:30 p.m.
Pacific Time / 4:30 p.m. Eastern Time to discuss its third quarter
2020 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 29,
2020 at 7:30 p.m. ET, through November 12, 2020, at 11:59 p.m. ET.
To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671
(International) and use passcode: 10011381.
About SKECHERS USA, Inc.
Based in Manhattan Beach, California, Skechers 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 the United States and over 170
countries and territories via department and specialty stores, and
direct to consumers through 3,770 Company- and third-party-owned
retail stores and e-commerce websites. The Company manages its
international business through a network of global distributors,
joint venture partners in Asia, Israel and Mexico, and wholly-owned
subsidiaries in Canada, Japan, India, Europe and Latin America. 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 generally accepted accounting principles
in the United States. This announcement contains forward-looking
statements that are made pursuant to the safe harbor provisions of
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 be,” “will
continue,” “will result,” “could,” “may,” “might,” or any
variations of such words with similar meanings. Any such statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in
forward-looking statements. Factors that might cause or contribute
to such differences include the disruption of business and
operations due to the COVID-19 pandemic; international economic,
political and market conditions including the challenging consumer
retail markets in the United States; 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, 2019 and its quarterly report on Form 10-Q for the three months
ended June 30, 2020. More specifically, the COVID-19 pandemic has
had and is currently having a significant impact on Skechers’
business, financial conditions, cash flow and results of
operations. Forward-looking statements with respect to the COVID-19
pandemic include, without limitation, Skechers’ plans in response
to this pandemic. At this time, there is significant uncertainty
about the COVID-19 pandemic, including without limitation, (i) the
duration and extent of the impact of the pandemic, (ii)
governmental responses to the pandemic, including how such
responses could impact Skechers’ business and operations, as well
as the operations of its factories and other business partners,
(iii) the effectiveness of Skechers’ actions taken in response to
these risks, and (iv) Skechers’ ability to effectively and timely
adjust its plans in response to the rapidly changing retail and
economic environment. 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.
SKECHERS U.S.A., INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, dollars in
thousands)
September 30,
December 31,
2020
2019
ASSETS
Current assets:
Cash and cash equivalents
$
1,294,222
$
824,876
Short-term investments
106,767
112,037
Trade accounts receivable, net
708,947
645,303
Other receivables
74,727
53,932
Total receivables
783,674
699,235
Inventories
1,053,360
1,069,863
Prepaid expenses and other current
assets
147,607
113,580
Total current assets
3,385,630
2,819,591
Property, plant and equipment, net
870,162
738,925
Operating lease right-of-use assets
1,106,047
1,073,660
Deferred tax assets
60,934
49,088
Long-term investments
98,698
94,589
Goodwill
93,497
71,412
Other assets, net
96,426
45,678
Total non-current assets
2,325,764
2,073,352
TOTAL ASSETS
$
5,711,394
$
4,892,943
LIABILITIES AND EQUITY
Current liabilities:
Current installments of long-term
borrowings
$
106,702
$
66,234
Short-term borrowings
21,720
5,789
Accounts payable
742,226
764,844
Operating lease liabilities
196,760
191,129
Accrued expenses
193,032
210,235
Total current liabilities
1,260,440
1,238,231
Long-term borrowings, excluding current
installments
683,611
49,183
Long-term operating lease liabilities
1,004,584
966,011
Deferred tax liabilities
11,926
322
Other long-term liabilities
109,722
103,089
Total non-current liabilities
1,809,843
1,118,605
Total liabilities
3,070,283
2,356,836
Stockholders’ equity:
Skechers U.S.A., Inc. equity
2,402,402
2,314,665
Non-controlling interests
238,709
221,442
Total stockholders' equity
2,641,111
2,536,107
TOTAL LIABILITIES AND EQUITY
$
5,711,394
$
4,892,943
SKECHERS U.S.A., INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
(Unaudited, dollars in
thousands except per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Sales
$
1,300,886
$
1,353,998
$
3,272,703
$
3,889,319
Cost of sales
675,765
700,934
1,731,349
2,035,911
Gross profit
625,121
653,064
1,541,354
1,853,408
Royalty income
3,216
6,285
11,061
17,827
628,337
659,349
1,552,415
1,871,235
Operating expenses:
Selling
85,926
97,516
220,222
281,237
General and administrative
450,285
414,417
1,256,228
1,165,637
536,211
511,933
1,476,450
1,446,874
Earnings from operations
92,126
147,416
75,965
424,361
Other income / (expense):
Interest income
1,884
3,290
5,739
9,500
Interest expense
(4,643
)
(2,012
)
(11,428
)
(5,194
)
Other, net
7,726
(4,194
)
15,882
(8,628
)
Total other income / (expense)
4,967
(2,916
)
10,193
(4,322
)
Earnings before income tax expense
97,093
144,500
86,158
420,039
Income tax expense
14,983
22,766
18,104
75,288
Net earnings
82,110
121,734
68,054
344,751
Less: Net earnings attributable to
non-controlling interests
17,832
18,644
22,771
57,723
Net earnings attributable to Skechers
U.S.A., Inc.
$
64,278
$
103,090
$
45,283
$
287,028
Net earnings per share attributable to
Skechers U.S.A., Inc.:
Basic
$
0.42
$
0.67
$
0.29
$
1.87
Diluted
$
0.41
$
0.67
$
0.29
$
1.86
Weighted average shares used in
calculating net earnings per share attributable to Skechers U.S.A,
Inc.:
Basic
154,462
153,298
154,061
153,396
Diluted
154,980
153,978
154,707
154,021
SKECHERS U.S.A., INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL
INFORMATION
(Unaudited, dollars in
thousands)
Three months ended
September 30,
Change
2020
2019
$
%
Sales:
Domestic wholesale
$
318,449
$
299,634
$
18,815
6.3
%
International wholesale
643,393
646,596
(3,203
)
(0.5
%)
Direct-to-consumer
339,044
407,768
(68,724
)
(16.9
%)
Total
$
1,300,886
$
1,353,998
$
(53,112
)
(3.9
%)
Gross profit:
Domestic wholesale
$
123,122
$
111,205
$
11,917
10.7
%
International wholesale
295,565
298,799
(3,234
)
(1.1
%)
Direct-to-consumer
206,434
243,060
(36,626
)
(15.1
%)
Total
$
625,121
$
653,064
$
(27,943
)
(4.3
%)
Gross margin percentage:
Domestic wholesale
38.7%
37.1%
International wholesale
45.9%
46.2%
Direct-to-consumer
60.9%
59.6%
Total gross margin percentage
48.1%
48.2%
Nine Months ended
September 30,
Change
2020
2019
$
%
Sales:
Domestic wholesale
$
827,148
$
951,635
$
(124,487
)
(13.1
%)
International wholesale
1,603,774
1,824,214
(220,440
)
(12.1
%)
Direct-to-consumer
841,781
1,113,470
(271,689
)
(24.4
%)
Total
$
3,272,703
$
3,889,319
$
(616,616
)
(15.9
%)
Gross profit:
Domestic wholesale
$
318,824
$
354,299
$
(35,475
)
(10.0
%)
International wholesale
716,489
837,467
(120,978
)
(14.4
%)
Direct-to-consumer
506,041
661,642
(155,601
)
(23.5
%)
Total
$
1,541,354
$
1,853,408
$
(312,054
)
(16.8
%)
Gross margin percentage:
Domestic wholesale
38.5%
37.2%
International wholesale
44.7%
45.9%
Direct-to-consumer
60.1%
59.4%
Total gross margin percentage
47.1%
47.7%
RECONCILIATION OF GAAP EARNINGS FINANCIAL
MEASURES TO CORRESPONDING NON-GAAP FINANCIAL MEASURES (Unaudited,
dollars in thousands except per share data)
Adjusted Earnings and Adjusted Diluted Earnings Per
Share
We believe that Adjusted Earnings and Adjusted Diluted Earnings
Per Share provides meaningful supplemental information to investors
in evaluating our business performance for the three and nine
months ended September 30, 2020. Adjusted Earnings and Adjusted
Diluted Earnings Per Share are not measures of financial
performance under GAAP and should be considered in addition to, and
not a substitute for, Net Earnings and Diluted Net Earnings Per
Share which are the most comparable GAAP measures. Our method of
determining non-GAAP financial measures may differ from other
companies’ methods and therefore may not be comparable to those
used by other companies. The table below includes an adjustment for
the cancellation of restricted shares in the quarter.
Constant Currency Adjustment
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,
2020
2019
Change
Reported GAAP Measure
Restricted share cancellation
adjustment(1)
Adjusted for Non-GAAP
Restricted share cancellation
Constant Currency
Adjustment
Adjusted for Non-GAAP
Measure
Reported GAAP Measure
$
%
Sales
$
1,300,886
$
-
$
1,300,886
$
(12,499
)
$
1,288,387
$
1,353,998
$
(65,611
)
(4.8
%)
Cost of sales
675,765
-
675,765
(8,646
)
667,119
700,934
(33,815
)
(4.8
%)
Gross profit
$
625,121
$
-
$
625,121
$
(3,853
)
$
621,268
$
653,064
$
(31,796
)
(4.9
%)
Royalty income
3,216
-
3,216
(74
)
3,142
6,285
(3,143
)
(50.0
%)
SG&A expenses
536,211
(18,155
)
518,056
(2,624
)
515,432
511,933
3,499
0.7
%
Earnings from operations
$
92,126
$
18,155
$
110,281
$
(1,303
)
$
108,978
$
147,416
$
(38,438
)
(26.1
%)
Other income (expense)
4,967
-
4,967
(8,463
)
(3,496
)
(2,916
)
(580
)
19.9
%
Income tax expense
14,983
(181
)
14,802
(234
)
14,568
22,766
(8,198
)
(36.0
%)
Less: Non-controlling interests
17,832
-
17,832
(414
)
17,418
18,644
(1,226
)
(6.6
%)
Net earnings
$
64,278
$
18,336
$
82,614
$
(9,118
)
$
73,496
$
103,090
$
(29,594
)
(28.7
%)
Diluted earnings per share
$
0.41
$
0.12
$
0.53
$
(0.06
)
$
0.47
$
0.67
$
(0.20
)
(29.9
%)
(1)
The effect of taxes on the adjustments used to arrive at Adjusted
Earnings is zero as not deductible. The additional tax expense
relates to the write-off of deferred tax assets associated with the
cancelled shares.
Nine months ended September
30,
2020
2019
Change
Reported GAAP Measure
Restricted share cancellation
adjustment(1)
Adjusted for Non-GAAP
Restricted share cancellation
Constant Currency
Adjustment
Adjusted for Non-GAAP
Measure
Reported GAAP Measure
$
%
Sales
$
3,272,703
$
-
$
3,272,703
$
19,929
$
3,292,632
$
3,889,319
$
(596,687
)
(15.3
%)
Cost of sales
1,731,349
-
1,731,349
11,555
1,742,904
2,035,911
(293,007
)
(14.4
%)
Gross profit
$
1,541,354
$
-
$
1,541,354
$
8,374
$
1,549,728
$
1,853,408
$
(303,680
)
(16.4
%)
Royalty income
11,061
-
11,061
(223
)
10,838
17,827
(6,989
)
(39.2
%)
SG&A expenses
1,476,450
(18,155
)
1,458,295
11,880
1,470,175
1,446,874
23,301
1.6
%
Earnings from operations
$
75,965
$
18,155
$
94,120
$
(3,729
)
$
90,391
$
424,361
$
(333,970
)
(78.7
%)
Other income (expense)
10,193
-
10,193
(3,666
)
6,527
(4,322
)
10,849
(251.0
%)
Income tax expense
18,104
(181
)
17,923
64
17,987
75,288
(57,301
)
(76.1
%)
Less: Non-controlling interests
22,771
-
22,771
(826
)
21,945
57,723
(35,778
)
(62.0
%)
Net earnings
$
45,283
$
18,336
$
63,619
$
(6,633
)
$
56,986
$
287,028
$
(230,042
)
(80.1
%)
Diluted earnings per share
$
0.29
$
0.12
$
0.41
$
(0.04
)
$
0.37
$
1.86
$
(1.49
)
(80.1
%)
(1)
The effect of taxes on the adjustments used to arrive at Adjusted
Earnings is zero as not deductible. The additional tax expense
relates to the write-off of deferred tax assets associated with the
cancelled shares.
Certain Non-GAAP Measures
We use the non-GAAP financial measures presented above to
evaluate our results of operations, financial condition, liquidity
and indebtedness. We believe that these non-GAAP measures provides
useful information to investors regarding financial and business
trends related to our results of operations, cash flows and
indebtedness and that when this non-GAAP financial information is
viewed with our GAAP financial information, investors are provided
with 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 operating performance and liquidity. In
addition, these non-GAAP measures address questions the company
routinely receives from analysts and investors and, in order to
assure that all investors have access to similar data the company
has determined that it is appropriate to make this data available
to all investors. None of the non-GAAP measures presented should be
considered as an alternative to net income or loss, operating
income, cash flows from operating activities, total indebtedness or
any other measures of operating performance and financial
condition, liquidity or indebtedness derived in accordance with
GAAP. These non-GAAP measures have important limitations as
analytical tools and should not be considered in isolation or as
substitutes for an analysis of our results as reported under GAAP.
Our use of these terms may vary from the use of similarly-titled
measures by others in our industry due to the potential
inconsistencies in the method of calculation and differences due to
items subject to interpretation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029006166/en/
Company Contact:
David Weinberg Chief Operating Officer John Vandemore Chief
Financial Officer SKECHERS USA, Inc. (310) 318-3100
Investor Relations:
Andrew Greenebaum Addo Investor Relations (310) 829-5400
Press:
Jennifer Clay Vice President, Corporate Communications SKECHERS
USA, Inc. (310) 318-3100
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