SKECHERS U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX),
a global footwear leader, today announced financial results for the
fourth quarter and full year ended December 31, 2020.
Fourth Quarter
Highlights
- Sales of $1.32 billion, a decrease of 0.5%
year-over-year
- Domestic Wholesale sales grew 1.2% year-over-year
- China sales grew 29.7% year-over-year
- Diluted earnings per share were $0.34, including a one-time
tax benefit of $0.10 per share
- Cash and cash equivalents were $1.37 billion at
quarter-end
“For Skechers, 2020 began with positive momentum following a
year of record sales, but the global pandemic put us to the test.
This past year, we were forced to act and react faster and continue
to do so given the on-going health crisis. In the fourth quarter,
we nearly drove our sales to a new fourth quarter record,” began
Robert Greenberg, Chief Executive Officer of Skechers. “Our
consumers want comfort and familiarity, especially those working
from home and essential workers. We are a natural and trusted
choice as comfort is the cornerstone of our product. The enhanced
comfort and technology features offered within our athletic and
casual footwear, including the boot and work collections delivered
what consumers needed. We have a history of delivering quality and
value, and athletic lifestyle footwear is one of our leading
product categories. In the fourth quarter, we also expanded efforts
to communicate our comfort messaging across numerous digital
channels as well as through more traditional advertising methods.
Remaining authentic was paramount in 2020, but the challenges we
faced last year and are still facing in 2021, have created an even
more agile and focused company—one with products that will remain
in-demand during the ongoing crisis and beyond."
“In the face of the continuing global pandemic, Skechers
experienced sales down only half a percent from the record fourth
quarter sales of 2019, a significant accomplishment during this
challenging time and a testament to the strength and relevance of
our brand,” stated David Weinberg, Chief Operating Officer of
Skechers. “Skechers has always been quick to market and able to
pivot. We effectively managed the flow of our inventory to open
markets, fulfilling demand as we delivered must-have products to
consumers. We saw our athletic lifestyle, walking and work footwear
products for men and women drive Domestic Wholesale growth. Our
International Wholesale business achieved 2.5% sales growth led by
a 29.7% increase in China, as well as double-digit increases in
Chile, United Kingdom, Germany and Spain, among others. Though our
Direct-to-Consumer sales decreased 6.4%, primarily due to the
temporary closures and reduced operating hours of stores, we
experienced triple-digit growth in our domestic e-commerce sales.
New Skechers stores opened in select domestic and international
markets, including our first dedicated golf store, located at the
premier Mission Hills resort in China. While we understand the
economic recovery from the COVID-19 pandemic will not be quick and
many regions are still being impacted, Skechers remains a desired
brand. As we plan for future success, we continue to invest in our
long-term growth potential, including improving our supply chain in
the United States, Asia and Europe and other select markets,
scaling innovation within our operations, and further enhancing our
digital capabilities with the planned roll out of e-commerce
platforms around the world.”
Fourth Quarter 2020 Financial
Results
Three Months Ended
December 31,
Change
(in millions, except per share data)
2020
2019
$
%
Sales
$
1,324.7
$
1,330.7
$
(6.0
)
(0.5
%)
Gross profit
648.4
637.7
10.7
1.7
%
Gross margin
48.9
%
47.9
%
SG&A expenses
595.7
548.3
47.4
8.6
%
As a % of sales
45.0
%
41.2
%
Earnings from operations
57.7
94.1
(36.4
)
(38.7
%)
Operating margin
4.4
%
7.1
%
Net earnings
53.3
59.5
(6.2
)
(10.4
%)
Diluted earnings per share
$
0.34
$
0.39
$
(0.05
)
(12.8
%)
Adjusted diluted earnings per share
$
0.24
$
0.39
$
(0.15
)
(38.5
%)
Fourth quarter sales decreased 0.5% as a result of a 2.8%
decrease in the Company’s domestic sales partially offset by a 1.1%
increase internationally. Domestic declines were driven by lower
retail sales partially offset by growth of 142.7% in e-commerce and
growth in the wholesale channel. Increases in international sales
were driven by wholesale partially offset by declines in
retail.
The Company’s Domestic Wholesale sales increased 1.2%,
International Wholesale sales increased 2.5% and its
Direct-to-Consumer sales decreased 6.4%. Increases in the Company’s
International Wholesale segment were driven by growth in its
international wholesale subsidiaries and joint ventures, led by
increases of 29.7% in China and 22.9% in Europe partially offset by
a decline of 57.9% in its distributor sales. Direct-to-Consumer
comparable same store sales decreased 13.4%, including decreases of
9.8% domestically and 21.7% internationally.
Gross margin increased 102 basis points to 48.9%, rising in all
segments, driven by a favorable mix of international and e-commerce
sales and average selling price increases in Domestic
Wholesale.
SG&A expenses increased $47.4 million, or 8.6% in the
quarter. Selling expenses increased by $9.2 million, or 10.4%,
primarily due to higher domestic marketing expenses. General and
administrative expenses increased by $38.1 million, or 8.3%. The
increase was primarily the result of increases in warehouse and
distribution expenses globally.
Earnings from operations decreased $36.4 million, or 38.7%, to
$57.7 million.
Net earnings were $53.3 million and diluted earnings per share
were $0.34. Net earnings include a one-time tax benefit of $15.9
million resulting from changes in the tax structure of our
operations and related benefits provided by the Coronavirus Aid,
Relief, and Economic Security (“CARES”) Act. Excluding the effects
of this one-time tax benefit, adjusted diluted earnings per share
were $0.24.
In the fourth quarter, the Company’s effective income tax rate
was a negative 14.0% primarily driven by the aforementioned global
restructuring.
“2020 was an extremely challenging year and the fourth quarter
was no exception. Multiple markets experienced temporary store
closures and significantly restricted operating environments; a
situation we expect to continue through the first half of 2021.
Despite this, the Skechers brand continued to perform exceptionally
well with strong sell through and gross margins, and the Skechers
organization continued to manage effectively for today while also
investing for the future,” stated, John Vandemore, Chief Financial
Officer. “We believe that the strength of our financial position,
the prudent investments in our infrastructure around the globe, and
the focus on enhancing our digital capabilities, will position
Skechers for meaningful long-term growth and shareholder value
creation.”
Full Year 2020 Financial
Results
Year Ended
December 31,
Change
(in millions, except per share data)
2020
2019
$
%
Sales
$
4,597.4
$
5,220.1
$
(622.7
)
(11.9
%)
Gross profit
2,189.8
2,491.2
(301.4
)
(12.1
%)
Gross margin
47.6
%
47.7
%
SG&A expenses
2,072.1
1,995.2
76.9
3.9
%
As a % of sales
45.1
%
38.2
%
Earnings from operations
133.7
518.4
(384.7
)
(74.2
%)
Operating margin
2.9
%
9.9
%
Net earnings
98.6
346.6
(248.0
)
(71.6
%)
Diluted earnings per share
$
0.64
$
2.25
$
(1.61
)
(71.6
%)
Adjusted diluted earnings per share
$
0.65
$
2.25
$
(1.60
)
(71.1
%)
Full year sales decreased 11.9%, reflecting the impact of the
global pandemic on the Company’s businesses worldwide.
Gross margin of 47.6% was relatively flat to the prior year with
increases of 160 basis points in Domestic Wholesale and 101 basis
points in Direct-to-Consumer offset by a decrease of 71 basis
points in International Wholesale.
SG&A expenses increased by $76.9 million or 3.9%. Selling
expenses decreased by $51.8 million or 14.0%, primarily due to
lower advertising and marketing expenses. General and
administrative expenses increased by $128.7 million or 7.9%,
primarily driven by increased domestic and international warehouse
and distribution expenses, increased depreciation and amortization,
including the Skechers Mexico acquisition, and a one-time, non-cash
compensation charge related to the cancellation of restricted share
grants in the third quarter.
Earnings from operations decreased $384.7 million, or 74.2%, to
$133.7 million.
Net earnings were $98.6 million and diluted earnings per share
were $0.64. Adjusted to exclude the one-time effects of the third
quarter non-cash compensation charge and fourth quarter tax
benefit, adjusted diluted earnings per share were $0.65.
Balance Sheet
Cash and cash equivalents totaled $1.37 billion, an increase of
$545.9 million, or 66.2% from December 31, 2019. The increase
primarily reflects the Company’s outstanding borrowings of $452.5
million against its senior unsecured credit facility.
Total inventory was $1.02 billion, a decrease of $53.1 million
or 5.0% from December 31, 2019. Strong inventory management
resulted in decreased inventory levels in the Company’s Domestic
Wholesale and Direct-to-Consumer segments offset by increased
inventory in International Wholesale, primarily to support sales
growth in China.
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 COVID-19 pandemic on its
business globally.
Store Count
Number of Store Locations as
of
Number of Store Locations as
of
December 31, 2019
Opened
Closed(1)
December 31, 2020
Domestic stores
497
36
(10
)
523
International stores
303
31
(3
)
331
Joint venture stores
354
142
(29
)
467
Distributor, licensee and franchise
stores
2,393
430
(253
)
2,570
Total Skechers stores
3,547
639
(295
)
3,891
(1) Does not reflect temporary closures due to the COVID-19
pandemic.
Certain Non-GAAP
Measures
To supplement our unaudited condensed consolidated financial
statements presented under generally accepted accounting principles
in the United States (“GAAP”), 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 provide 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 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.
Reconciliations of these non-GAAP financial measures to the most
nearly comparable GAAP financial measures are presented below.
Fourth 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 fourth 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 February 4,
2021 at 7:30 p.m. ET, through February 18, 2021, at 11:59 p.m. ET.
To access the replay, dial 844-512-2921 (U.S.) or 412-317-6671
(International) and use passcode: 13715391.
About SKECHERS U.S.A.,
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 3,891 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 September 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)
As of December 31,
(in thousands, except par values)
2020
2019
ASSETS
Current assets:
Cash and cash equivalents
$
1,370,826
$
824,876
Short-term investments
100,767
112,037
Trade accounts receivable, net
619,800
645,303
Other receivables
69,222
53,932
Total receivables
689,022
699,235
Inventory
1,016,774
1,069,863
Prepaid expenses and other current
assets
166,962
113,580
Total current assets
3,344,351
2,819,591
Property, plant and equipment, net
935,441
738,925
Operating lease right-of-use assets
1,171,521
1,073,660
Deferred tax assets
63,884
49,088
Long-term investments
108,412
94,589
Goodwill
93,497
71,412
Other assets, net
95,263
45,678
Total non-current assets
2,468,018
2,073,352
TOTAL ASSETS
$
5,812,369
$
4,892,943
LIABILITIES AND EQUITY
Current liabilities:
Current installments of long-term
borrowings
$
52,250
$
66,234
Short-term borrowings
3,297
5,789
Accounts payable
744,077
764,844
Operating lease liabilities
204,370
191,129
Accrued expenses
208,712
210,235
Total current liabilities
1,212,706
1,238,231
Long-term borrowings, excluding current
installments
679,415
49,183
Long-term operating lease liabilities
1,065,069
966,011
Deferred tax liabilities
11,439
322
Other long-term liabilities
118,077
103,089
Total non-current liabilities
1,874,000
1,118,605
Total liabilities
3,086,706
2,356,836
Stockholders’ equity:
Preferred Stock
—
—
Class A Common Stock
134
131
Class B Common Stock
21
22
Additional paid-in capital
372,165
306,669
Accumulated other comprehensive loss
(27,285
)
(29,993
)
Retained earnings
2,136,400
2,037,836
Skechers U.S.A., Inc. equity
2,481,435
2,314,665
Noncontrolling interests
244,228
221,442
Total stockholders' equity
2,725,663
2,536,107
TOTAL LIABILITIES AND EQUITY
$
5,812,369
$
4,892,943
SKECHERS U.S.A., INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands, except per share data)
2020
2019
2020
2019
Sales
$
1,324,711
$
1,330,732
$
4,597,414
$
5,220,051
Cost of sales
676,284
692,983
2,407,633
2,728,894
Gross profit
648,427
637,749
2,189,781
2,491,157
Royalty income
4,955
4,666
16,017
22,493
653,382
642,415
2,205,798
2,513,650
Operating expenses:
Selling
97,875
88,664
318,097
369,901
General and administrative
497,788
459,669
1,754,017
1,625,306
Selling, general and administrative
595,663
548,333
2,072,114
1,995,207
Earnings from operations
57,719
94,082
133,684
518,443
Other income (expense):
Interest income
173
2,282
5,912
11,782
Interest expense
(4,899
)
(2,315
)
(16,327
)
(7,509
)
Other, net
15,577
1,917
31,460
(6,711
)
Total other income (expense)
10,851
1,884
21,045
(2,438
)
Earnings before income tax expense
68,570
95,966
154,729
516,005
Income tax (benefit) expense
(9,602
)
13,465
8,502
88,753
Net earnings
78,172
82,501
146,227
427,252
Less: Net earnings attributable to
noncontrolling interests
24,891
22,969
47,663
80,692
Net earnings attributable to Skechers
U.S.A., Inc.
$
53,281
$
59,532
$
98,564
$
346,560
Net earnings per share attributable to
Skechers U.S.A., Inc.:
Basic
$
0.34
$
0.39
$
0.64
$
2.26
Diluted
$
0.34
$
0.39
$
0.64
$
2.25
Weighted average shares used in
calculating net earnings per share attributable to Skechers U.S.A,
Inc.:
Basic
154,548
153,379
154,184
153,392
Diluted
155,397
154,630
154,894
154,151
SKECHERS U.S.A., INC. AND
SUBSIDIARIES
SUPPLEMENTAL FINANCIAL
INFORMATION
(Unaudited)
Three Months Ended
Year Ended
December 31,
Change
December 31,
Change
(in millions)
2020
2019
$
%
2020
2019
$
%
Domestic Wholesale
Sales
$
299.4
$
295.9
3.5
1.2
$
1,126.6
$
1,247.6
(121.0
)
(9.7
)
Gross margin
37.7
%
35.0
%
264
bps
38.3
%
36.7
%
160
bps
International Wholesale
Sales
$
654.1
$
638.4
15.7
2.5
$
2,257.8
$
2,462.6
(204.8
)
(8.3
)
Gross margin
46.9
%
46.4
%
51
bps
45.3
%
46.0
%
(71
)bps
Direct-to-Consumer
Sales
$
371.2
$
396.4
(25.2
)
(6.4
)
$
1,213.0
$
1,509.9
(296.9
)
(19.7
)
Gross margin
61.7
%
60.0
%
164
bps
60.6
%
59.6
%
101
bps
Total
Sales
$
1,324.7
$
1,330.7
(6.0
)
(0.5
)
$
4,597.4
$
5,220.1
(622.7
)
(11.9
)
Gross margin
48.9
%
47.9
%
102
bps
47.6
%
47.7
%
(9
)bps
SKECHERS U.S.A., INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING
NON-GAAP FINANCIAL MEASURES (Unaudited)
Adjusted Earnings and Adjusted Diluted Earnings Per Share
We believe that Adjusted Earnings and Adjusted Diluted Earnings Per
Share provide meaningful supplemental information to investors in
evaluating our business performance for the quarter and year ended
December 31, 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 tables below include adjustments for a one-time tax benefit, in
the fourth quarter, due to the combination of an international
restructuring and the CARES Act as well as the non-cash
compensation charge related to the cancellation of restricted share
grants in the year-to-date results.
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 December
31,
2020
2019
Change
(in millions,
except per share data)
Reported GAAP Measure
Tax Adjustment
Adjusted for Tax
Adjustment
Constant Currency
Adjustment
Adjusted for Non- GAAP
Measures
Reported GAAP Measure
$
%
Sales
$
1,324.7
$
-
$
1,324.7
$
(27.5
)
$
1,297.2
$
1,330.7
(33.5
)
(2.5
)
Cost of sales
676.3
-
676.3
(13.0
)
663.3
693.0
(29.7
)
(4.3
)
Gross profit
$
648.4
$
-
$
648.4
$
(14.5
)
$
633.9
$
637.7
(3.8
)
(0.6
)
Royalty income
5.0
-
5.0
(0.3
)
4.7
4.7
-
-
SG&A expenses
595.7
-
595.7
(12.1
)
583.6
548.3
35.3
6.4
Earnings from operations
$
57.7
$
-
$
57.7
$
(2.7
)
$
55.0
$
94.1
(39.1
)
(41.6
)
Other income (expense)
10.9
-
10.9
(16.9
)
(6.0
)
1.9
(7.9
)
(415.8
)
Income tax (benefit) expense
(9.6
)
15.9
6.3
(0.6
)
5.7
13.5
(7.8
)
(57.8
)
Less: Noncontrolling interests
24.9
-
24.9
(1.3
)
23.6
23.0
0.6
2.6
Net earnings
$
53.3
$
(15.9
)
$
37.4
$
(17.7
)
$
19.7
$
59.5
(39.8
)
(66.9
)
Diluted earnings per share
$
0.34
$
(0.10
)
$
0.24
$
(0.11
)
$
0.13
$
0.39
(0.26
)
(66.7
)
Year Ended December
31,
2020
2019
Change
(in millions,
except per share data)
Reported GAAP Measure
Tax and Restricted Share
Cancellation Adjustments(1)
Adjusted for Non- GAAP
Items
Constant Currency
Adjustment
Adjusted for Non- GAAP
Measures
Reported GAAP Measure
$
%
Sales
$
4,597.4
$
-
$
4,597.4
$
(7.5
)
$
4,589.9
$
5,220.1
(630.2
)
(12.1
)
Cost of sales
2,407.6
-
2,407.6
(1.3
)
2,406.3
2,728.9
(322.6
)
(11.8
)
Gross profit
$
2,189.8
$
-
$
2,189.8
$
(6.2
)
$
2,183.6
$
2,491.2
(307.6
)
(12.3
)
Royalty income
16.0
-
16.0
(0.5
)
15.5
22.5
(7.0
)
(31.1
)
SG&A expenses
2,072.1
(18.2
)
2,053.9
(0.3
)
2,053.6
1,995.2
58.4
2.9
Earnings from operations
$
133.7
$
18.2
$
151.9
$
(6.4
)
$
145.5
$
518.4
(372.9
)
(71.9
)
Other income (expense)
21.1
-
21.1
(20.6
)
0.5
(2.4
)
2.9
(120.8
)
Income tax expense
8.5
15.7
24.2
(0.5
)
23.7
88.8
(65.1
)
(73.3
)
Less: Noncontrolling interests
47.7
-
47.7
(2.2
)
45.5
80.7
(35.2
)
(43.6
)
Net earnings
$
98.6
$
2.5
$
101.1
$
(24.3
)
$
76.8
$
346.6
(269.8
)
(77.8
)
Diluted earnings per share
$
0.64
$
0.01
$
0.65
$
(0.15
)
$
0.50
$
2.25
(1.75
)
(77.8
)
(1) The effect of taxes on the restricted share cancellation
adjustments used to arrive net earnings adjusted for non-GAAP
measures was zero and it was not deductible. The additional tax
expense related to the write-off of deferred tax assets associated
with the cancelled shares.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210204006023/en/
Investor Relations: Andrew Greenebaum Addo Investor Relations
investors@skx.com
Press: Jennifer Clay Vice President, Corporate Communications
SKECHERS U.S.A., Inc. (310) 318-3100
Skechers USA (NYSE:SKX)
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