Skechers U.S.A., Inc. - SKX STOCK NEWS

Skechers reported a record quarterly sales of $1.88 billion for Q4 2022, reflecting a 13.5% increase year-over-year. For the full year, sales reached $7.4 billion, an 18% rise from 2021. Direct-to-Consumer sales grew 10.8%, while Wholesale sales surged 15.7%. However, net earnings fell 81.2% to $75.5 million, with diluted EPS at $0.48, down from $2.56 in the previous year. The increase in operating expenses and a 23% drop in China sales due to COVID restrictions were significant challenges. Looking ahead, Skechers targets 2023 sales between $7.75 billion and $8.0 billion.

Skechers USA, Inc. (NYSE: SKX) will release its Q4 and full year 2022 financial results after market close on February 2, 2023. Following the announcement, a conference call with David Weinberg, COO, and John Vandemore, CFO, will be held at 4:30 p.m. ET. This event will be accessible live via the Investor Relations section of the company's website, with a replay available for one year. Skechers markets a diverse range of footwear and apparel globally through a robust retail network.

Skechers, known for its comfort technology, is enhancing its presence in Ireland with the launch of a flagship store on Grafton Street, Dublin. This new 929-square-meter store showcases the brand’s diverse footwear and apparel offerings. Skechers aims for $10 billion in annual sales by 2026, continuing its expansion alongside its existing stores in Dublin. The store features innovative technologies such as Skechers Hands Free Slip-ins™ and Skechers Air-Cooled Memory Foam®. This location aims to attract both locals and tourists, driving growth across Ireland and Europe.

Skechers has unveiled a limited-edition footwear collection in collaboration with pop star Ava Max, launching two styles: Roadies Surge and Uno Hi. This partnership evolves from Ava Max's previous promotion of Skechers sneakers, including her 2021 music video featuring D’Lites. The Roadies Surge features a high-top design, while the Uno Hi offers a modern twist on the classic sneaker. Available now at skechers.com and select stores, the collection aims to resonate with fans and sneaker enthusiasts alike.

The Skechers Pier to Pier Friendship Walk has raised over $3 million this year, reaching a total of $21 million to support children with varying abilities. The event featured over 19,000 participants and was supported by various sponsors, including Kinecta Federal Credit Union. Co-founder Michael Greenberg highlighted the impact of funds on children's education and vocational training. The walk also benefits public school education foundations and offers scholarships, contributing nearly $1 million to date.

Skechers USA, Inc. (NYSE:SKX) reported that Kanye West arrived uninvited at their Los Angeles corporate office, engaging in unauthorized filming. The company quickly escorted him out and stated that they have no intention of collaborating with him, condemning his recent divisive remarks and intolerance towards hate speech. Skechers emphasizes that West's visit was unplanned and unauthorized, reaffirming their commitment to company values.

Skechers (NYSE:SKX) reported record third-quarter sales of $1.88 billion, a 20.5% year-over-year increase, driven by a 26.2% growth in wholesale sales and 11.9% in direct-to-consumer sales. Diluted earnings per share fell to $0.55, down 16.7% from last year. Despite a 280 basis points decline in gross margin to 47.1% due to rising freight costs, the company remains focused on its goal of $10 billion in annual sales by 2026. Skechers repurchased $25 million of common stock and has a remaining buyback authorization of $425.8 million.