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

Skechers has partnered with the Professional Pickleball Association to host the Skechers Invitational Summer Championship, the first nationally televised pickleball tournament in the U.S., from August 12-14 at the Riviera Country Club in Los Angeles. The event will showcase elite players, including Skechers ambassadors Catherine Parenteau and Tyson McGuffin. 10% of ticket sales will benefit the South Bay Friendship Foundation, supporting children with special needs. Skechers aims to promote the growing sport of pickleball and will feature a retail booth for attendees.

Petco Love and BOBS from Skechers are hosting a mega adoption event on Sept. 3-4 at the George R. Brown Convention Center in Houston. This event aims to increase pet adoption awareness amid rising shelter populations. Past events led to over 38,000 adoptions, with a goal of reaching 40,000 during this event. With only 30% of pet homes adopting from shelters, the initiative is crucial. Over 1,000 pets will be available for adoption for a fee of $35, which includes spaying/neutering and vaccines.

The Pro Pickleball Association (PPA) Tour is set to showcase professional pickleball on CBS, Paramount+, and CBS Sports Network with a live broadcast of the Skechers Invitational Summer Championship on August 13, 2022. This event marks a significant partnership between CBS Sports and the PPA, aimed at enhancing the visibility of pickleball, which has gained immense popularity in the U.S. with 4.8 million active players. The tournament will feature top-ranked players at the prestigious Riviera Country Club.

The Pro Pickleball Association (PPA) Tour has announced a multi-year deal with CBS Sports to broadcast select tournaments, including the Skechers Invitational Summer Championship at the Riviera Country Club.

This event will be aired live on CBS from August 13, 2022, and streamed on Paramount+. The partnership aims to elevate pickleball's visibility, with an estimated 4.8 million active players in the U.S. showcasing their skills in a celebrity-studded event, confirming pickleball's status as a rapidly growing sport.

Skechers U.S.A. (NYSE:SKX) reported a record $1.87 billion in sales for Q2 2022, up 12.4% year-over-year. Wholesale sales surged 18.3%, while direct-to-consumer sales grew 4.3%. However, diluted earnings per share fell to $0.58, a 34.1% decrease from the previous year. Gross profit was $897.6 million with a gross margin of 48.1%, down 330 basis points. Operating expenses rose to $743.4 million. Despite macroeconomic challenges, Skechers remains optimistic about future growth, projecting Q3 sales between $1.80 billion and $1.85 billion and full-year sales between $7.2 billion and $7.4 billion.

Skechers celebrates a significant milestone as elite golfer Brooke Henderson secures her second major championship victory at the Amundi Evian Championship in France, wearing Skechers GO GOLF footwear. Henderson's outstanding performance, including back-to-back 64s, led her to finish 17 under par, winning by a single stroke. This victory marks her 12th professional title and elevates her to #2 in the Race to CME Globe standings. Skechers' president, Michael Greenberg, praised Henderson's achievements, noting the brand's commitment to excellence in golf footwear.

Skechers has announced a collaboration with tokidoki, launching a new footwear collection today. This partnership showcases a range of vibrant women’s sneakers featuring popular tokidoki characters and designs. The initial drop includes four styles, notably the Skechers Uno sneakers and Sunny Street joggers, available at select stores and online. Skechers aims to attract fashion-forward consumers while expanding its audience through this creative collaboration.

Spruce Point Capital Management released a report indicating that Skechers U.S.A. Inc. (NYSE: SKX) faces a potential 30% to 50% downside risk in its share price, estimating values between $18.60 and $26.00 per share. The report highlights a significant 25% decline in Q2 2022 revenue from China, a key market, and ongoing inventory issues that could lead to previous stock price declines of 30% to 50%. Concerns over poor corporate governance and declining financial health further exacerbate these risks, challenging the company's ability to meet Wall Street's expectations.

Skechers USA, Inc. (NYSE: SKX) is set to release its Q2 2022 financial results after market close on July 26, 2022. The announcement will be followed by a conference call at approximately 4:30 p.m. ET, hosted by COO David Weinberg and CFO John Vandemore. Investors can access the live broadcast via the Investor Relations section of the company’s website. A replay will be available for one year.