Skechers to the Top in USA

Record Quarterly Net Sales of $768.0 Million, an Increase of 40.5 Percent

The Luxonomist. 02/06/2015
Demi Lovato
Multi-platinum recording artist Demi Lovato.

A two-billion-dollar global leader in the high performance and lifestyle footwear industry,Skechers USA, designs, develops and markets more than 3,000 styles for men, women and children. Skechers’ success stems from its employees, high-quality, varied product offering, diversified domestic and international distribution channels, and targeted multi-channel marketing.

The company offers two distinct footwear categories: a lifestyle division which includes Skechers Memory Foam and the charity line BOBS from Skechers, and Skechers Performance which includes Skechers GOrun and Skechers GOwalk footwear. Through licensing agreements, the company also offers branded apparel, bags, eyewear, toys, and more.

Celebrity product endorsees for Skechers’ collections include the world famous drummerRingo Starr, multi-platinum recording artist Demi Lovato, model and actress Kelly Brook, TV personality Brooke Burke-Charvet, legendary quarterbacks Joe Montana and Joe Namath, baseball stars Pete Rose and Mariano Rivera, andThe Voicewinner Danielle Bradbery. In addition, elite marathon champion and Boston Marathon winner Meb Keflezighi, elite runner Kara Goucher, and pro golfer Matt Kuchar represent the Skechers Performance Division.

The Company sells its footwear in department, specialty and independent stores, as well as through more than 1000 Company-owned Skechers retail stores and online at Beyond the United States, Skechers product is available in more than 120 countries and territories through an international network of subsidiaries in Canada, Brazil, Chile, Japan, and across Europe, as well as through joint ventures in Asia and distributors around the world.

Sugar Ray Leonard and Demi Lovato
Demi Lovato and Sugar Ray Leonard.

Skechers ships product through a 1.82 million square-foot, fully automated, LEED-Gold certified distribution facility in California that serves North America. The Company also operates a 753,000-square-foot facility in Belgium that serves Europe and ships directly to the rest of the planet. Headquartered in Manhattan Beach, California, Skechers is traded on the New York Stock Exchange under the symbol SKX.

SKECHERS USA, Inc. announced thatThe Wall Street Journalhave both reported that the Company has moved ahead of competing footwear brandsAdidas, New Balanceand Asicsto secure the number two brand share position in the U.S. athletic footwear market for the First Quarter 2015.

“Throughout the past year SKECHERS has focused on product development, compelling marketing, and an aggressive growth strategy that has propelled our brand, and we’re pleased to see our athletic footwear has been so well-received by U.S. consumers,” said SKECHERS president Michael Greenberg. “Earlier this month, SKECHERS’ stock rose above $100 per share for the first time in the Company’s history and we’re aiming to keep this momentum going with a diverse product line that appeals to a broad consumer audience. The global success of our walking and casual athletic footwear is driving this business growth, as well as our performance running shoes worn by elite athletes around the world, and even our flashy and colorful sport footwear collections that appeal to children and teens. Sneakers are hotter than ever in the U.S. market and in retail stores around the world, so SKECHERS will continue to deliver fresh and innovative athletic footwear designs that consumers love to wear.”

The women’s Skechers Cali Indulge, Cruising crochet sandal.

First quarter 2015 net sales were $768.0 million compared to $546.5 million in the first quarter of 2014, an increase of 40.5 percent.Gross profit for the first quarter of 2015 was $332.5 million, or 43.3 percent of net sales, compared to $240.4 million, or 44.0 percent of net sales in the first quarter of 2014. Earnings from operations for the first quarter of 2015 were $88.2 million, or 11.5 percent of net sales, compared to net earnings from operations of $48.2 million, or 8.8 percent of net sales, for the first quarter of 2014.

Net earnings in the first quarter of 2015 were $56.1 million compared to net earnings of $31.0 millionfor the first quarter of 2014. Net earnings per diluted share in the first quarter 2015 were $1.10 based on 51.1 million weighted average shares outstanding compared to a diluted net earnings per share of $0.61 based on 50.8 million weighted average shares outstanding for the same period in the prior year.

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