Skechers Announces Record Second Quarter 2022 Sales
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.
- Achieved record quarterly sales of $1.87 billion, a 12.4% increase.
- Wholesale sales grew significantly by 18.3%, indicating strong market demand.
- Continued investment in direct-to-consumer sales despite challenges, with growth of 4.3%.
- Diluted earnings per share decreased by 34.1% to $0.58.
- Gross margin fell to 48.1%, a decrease of 330 basis points.
- Net earnings decreased by 34.2% to $90.4 million, impacting profitability.
Second Quarter Highlights
-
Record quarterly sales of
, a year-over-year increase of$1.87 billion 12.4% -
Wholesale sales grew
18.3% -
Direct-to-Consumer sales grew
4.3% -
Diluted earnings per share of
$0.58 -
Repurchased
of common stock$24.2 million
“Skechers achieved a new quarterly sales record of
“2022 is shaping up to be another remarkable year for Skechers with two consecutive record sales quarters, the result of our talented team’s passion, determination and execution to evolve our product offering, inform the world of our exceptional comfort technologies, and effectively navigate the supply chain constraints,” began
Second Quarter 2022 Financial Results
|
|
Three Months Ended |
|
Change |
|
||||||||
(in millions, except per share data) |
|
2022 |
|
2021 |
|
$ |
|
% |
|
||||
Sales |
|
$ |
1,867.8 |
|
$ |
1,661.9 |
|
|
205.9 |
|
|
12.4 |
|
Gross profit |
|
|
897.6 |
|
|
853.6 |
|
|
44.0 |
|
|
5.2 |
|
Gross margin |
|
|
48.1 |
% |
|
51.4 |
% |
|
|
|
|
(330 |
) bps |
Operating expenses |
|
|
743.4 |
|
|
652.4 |
|
|
91.0 |
|
|
14.0 |
|
As a % of sales |
|
|
39.8 |
% |
|
39.3 |
% |
|
|
|
|
50 |
bps |
Earnings from operations |
|
|
154.2 |
|
|
201.2 |
|
|
(47.0 |
) |
|
(23.4 |
) |
Operating margin |
|
|
8.3 |
% |
|
12.1 |
% |
|
|
|
|
(390 |
) bps |
Net earnings |
|
$ |
90.4 |
|
$ |
137.4 |
|
|
(47.0 |
) |
|
(34.2 |
) |
Diluted earnings per share |
|
$ |
0.58 |
|
$ |
0.88 |
|
|
(0.30 |
) |
|
(34.1 |
) |
Second quarter sales increased
Wholesale sales growth of
Direct-to-Consumer sales growth of
Gross margin was
Operating expenses increased
Earnings from operations decreased
Net earnings were
In the second quarter, the Company’s effective income tax rate was
“Skechers continued the diligent execution of our long-term global growth strategy, achieving record quarterly sales primarily from continued strength in our Wholesale segment,” stated
Six Months 2022 Financial Results
|
|
Six Months Ended |
|
Change |
|
||||||||
(in millions, except per share data) |
|
2022 |
|
2021 |
|
$ |
|
% |
|
||||
Sales |
|
$ |
3,687.4 |
|
$ |
3,096.3 |
|
|
591.1 |
|
|
19.1 |
|
Gross profit |
|
|
1,721.7 |
|
|
1,539.3 |
|
|
182.4 |
|
|
11.9 |
|
Gross margin |
|
|
46.7 |
% |
|
49.7 |
% |
|
|
|
|
(300 |
) bps |
Operating expenses |
|
|
1,391.7 |
|
|
1,180.4 |
|
|
211.3 |
|
|
17.9 |
|
As a % of sales |
|
|
37.7 |
% |
|
38.1 |
% |
|
|
|
|
(40 |
) bps |
Earnings from operations |
|
|
330.1 |
|
|
358.9 |
|
|
(28.8 |
) |
|
(8.0 |
) |
Operating margin |
|
|
9.0 |
% |
|
11.6 |
% |
|
|
|
|
(260 |
) bps |
Net earnings |
|
$ |
211.6 |
|
$ |
235.9 |
|
|
(24.3 |
) |
|
(10.3 |
) |
Diluted earnings per share |
|
$ |
1.35 |
|
$ |
1.51 |
|
|
(0.16 |
) |
|
(10.6 |
) |
Year-to-date sales increased
Wholesale sales growth of
Direct-to-Consumer sales growth of
Gross margin was
Operating expenses increased
Earnings from operations decreased
Net earnings were
The Company’s effective income tax rate was essentially flat year-over-year at
Balance Sheet
Cash, cash equivalents and investments totaled
Inventory was
Share Repurchase
During the second quarter, the Company repurchased nearly 636,000 shares of its Class A common stock for
Outlook
For the third quarter of 2022, the Company believes it will achieve sales between
Store Count
|
|
Number of Stores |
|||||||||||
|
|
|
|
Opened |
|
Closed(1) |
|
|
|
||||
Domestic stores |
|
|
515 |
|
|
28 |
|
|
(17 |
) |
|
526 |
|
International stores |
|
|
845 |
|
|
49 |
|
|
(58 |
) |
|
836 |
|
Distributor, licensee and franchise stores |
|
|
2,946 |
|
|
202 |
|
|
(155 |
) |
|
2,993 |
|
Total Skechers stores |
|
|
4,306 |
|
|
279 |
|
|
(230 |
) |
|
4,355 |
|
(1) |
|
Does not reflect temporary closures due to the COVID-19 pandemic. |
Second Quarter 2022 Conference Call
The Company will host a conference call today at
About
Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, 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,” “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; delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation around the world, the challenging consumer retail markets in
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
|
|
As of |
|
|
As of |
|
||
(in thousands) |
|
|
|
|
|
|
||
ASSETS |
|
|||||||
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
751,904 |
|
|
$ |
796,283 |
|
Short-term investments |
|
|
105,099 |
|
|
|
98,580 |
|
Trade accounts receivable, net |
|
|
916,784 |
|
|
|
732,793 |
|
Other receivables |
|
|
55,039 |
|
|
|
80,043 |
|
Inventory |
|
|
1,563,907 |
|
|
|
1,470,994 |
|
Prepaid expenses and other |
|
|
177,236 |
|
|
|
193,547 |
|
Total current assets |
|
|
3,569,969 |
|
|
|
3,372,240 |
|
Property, plant and equipment, net |
|
|
1,225,529 |
|
|
|
1,128,909 |
|
Operating lease right-of-use assets |
|
|
1,168,385 |
|
|
|
1,224,580 |
|
Deferred tax assets |
|
|
452,747 |
|
|
|
451,355 |
|
Long-term investments |
|
|
89,423 |
|
|
|
145,590 |
|
|
|
|
93,497 |
|
|
|
93,497 |
|
Other assets, net |
|
|
77,046 |
|
|
|
75,109 |
|
Total non-current assets |
|
|
3,106,627 |
|
|
|
3,119,040 |
|
TOTAL ASSETS |
|
$ |
6,676,596 |
|
|
$ |
6,491,280 |
|
LIABILITIES AND EQUITY |
|
|||||||
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
972,399 |
|
|
$ |
876,342 |
|
Accrued expenses |
|
|
258,640 |
|
|
|
265,420 |
|
Operating lease liabilities |
|
|
223,230 |
|
|
|
225,658 |
|
Current installments of long-term borrowings |
|
|
73,414 |
|
|
|
76,967 |
|
Short-term borrowings |
|
|
— |
|
|
|
1,195 |
|
Total current liabilities |
|
|
1,527,683 |
|
|
|
1,445,582 |
|
Long-term operating lease liabilities |
|
|
1,049,330 |
|
|
|
1,094,748 |
|
Long-term borrowings |
|
|
253,260 |
|
|
|
263,445 |
|
Deferred tax liabilities |
|
|
9,712 |
|
|
|
11,820 |
|
Other long-term liabilities |
|
|
118,507 |
|
|
|
133,613 |
|
Total non-current liabilities |
|
|
1,430,809 |
|
|
|
1,503,626 |
|
Total liabilities |
|
|
2,958,492 |
|
|
|
2,949,208 |
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
Class A Common Stock |
|
|
135 |
|
|
|
135 |
|
Class B Common Stock |
|
|
21 |
|
|
|
21 |
|
Additional paid-in capital |
|
|
402,360 |
|
|
|
429,608 |
|
Accumulated other comprehensive loss |
|
|
(75,784 |
) |
|
|
(48,323 |
) |
Retained earnings |
|
|
3,089,530 |
|
|
|
2,877,903 |
|
|
|
|
3,416,262 |
|
|
|
3,259,344 |
|
Noncontrolling interests |
|
|
301,842 |
|
|
|
282,728 |
|
Total stockholders' equity |
|
|
3,718,104 |
|
|
|
3,542,072 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
6,676,596 |
|
|
$ |
6,491,280 |
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
(in thousands, except per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Sales |
|
$ |
1,867,804 |
|
|
$ |
1,661,871 |
|
|
$ |
3,687,398 |
|
|
$ |
3,096,326 |
|
Cost of sales |
|
|
970,225 |
|
|
|
808,279 |
|
|
|
1,965,656 |
|
|
|
1,557,075 |
|
Gross profit |
|
|
897,579 |
|
|
|
853,592 |
|
|
|
1,721,742 |
|
|
|
1,539,251 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
|
166,609 |
|
|
|
141,470 |
|
|
|
274,818 |
|
|
|
232,795 |
|
General and administrative |
|
|
576,812 |
|
|
|
510,912 |
|
|
|
1,116,862 |
|
|
|
947,578 |
|
Total operating expenses |
|
|
743,421 |
|
|
|
652,382 |
|
|
|
1,391,680 |
|
|
|
1,180,373 |
|
Earnings from operations |
|
|
154,158 |
|
|
|
201,210 |
|
|
|
330,062 |
|
|
|
358,878 |
|
Other income (expense) |
|
|
(19,259 |
) |
|
|
2,158 |
|
|
|
(25,005 |
) |
|
|
(12,016 |
) |
Earnings before income taxes |
|
|
134,899 |
|
|
|
203,368 |
|
|
|
305,057 |
|
|
|
346,862 |
|
Income tax expense |
|
|
28,739 |
|
|
|
41,545 |
|
|
|
62,731 |
|
|
|
70,530 |
|
Net earnings |
|
|
106,160 |
|
|
|
161,823 |
|
|
|
242,326 |
|
|
|
276,332 |
|
Less: Net earnings attributable to noncontrolling interests |
|
|
15,756 |
|
|
|
24,454 |
|
|
|
30,699 |
|
|
|
40,390 |
|
Net earnings attributable to |
|
$ |
90,404 |
|
|
$ |
137,369 |
|
|
$ |
211,627 |
|
|
$ |
235,942 |
|
Net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.58 |
|
|
$ |
0.88 |
|
|
$ |
1.36 |
|
|
$ |
1.52 |
|
Diluted |
|
$ |
0.58 |
|
|
$ |
0.88 |
|
|
$ |
1.35 |
|
|
$ |
1.51 |
|
Weighted-average shares used in calculating net earnings per share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
155,941 |
|
|
|
155,561 |
|
|
|
155,969 |
|
|
|
155,196 |
|
Diluted |
|
|
156,748 |
|
|
|
156,674 |
|
|
|
157,074 |
|
|
|
156,321 |
|
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited) |
|||||||||||||||
As previously announced, during the first quarter of 2022 Skechers refined the way it views its business operations and decision-making and now presents its reportable segment results as Wholesale and Direct-to-Consumer. Prior period results have been recast to reflect current reportable segments. There was no impact to the consolidated financial results of the Company as a result of this change. |
|||||||||||||||
Segment Information |
|||||||||||||||
|
|
Three Months Ended |
|
|
Change |
|
|||||||||
(in millions) |
|
2022 |
|
|
2021 |
|
|
$ |
|
% |
|
||||
Wholesale sales |
|
$ |
1,140.3 |
|
|
$ |
964.2 |
|
|
|
176.1 |
|
|
18.3 |
|
Gross profit |
|
|
414.5 |
|
|
|
379.4 |
|
|
|
35.1 |
|
|
9.2 |
|
Gross margin |
|
|
36.3 |
% |
|
|
39.4 |
% |
|
|
|
|
|
(300 |
) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct-to-Consumer sales |
|
$ |
727.5 |
|
|
$ |
697.7 |
|
|
|
29.8 |
|
|
4.3 |
|
Gross profit |
|
|
483.1 |
|
|
|
474.2 |
|
|
|
8.9 |
|
|
1.9 |
|
Gross margin |
|
|
66.4 |
% |
|
|
68.0 |
% |
|
|
|
|
|
(160 |
) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
1,867.8 |
|
|
$ |
1,661.9 |
|
|
|
205.9 |
|
|
12.4 |
|
Gross profit |
|
|
897.6 |
|
|
|
853.6 |
|
|
|
44.0 |
|
|
5.2 |
|
Gross margin |
|
|
48.1 |
% |
|
|
51.4 |
% |
|
|
|
|
|
(330 |
) bps |
|
|
Six Months Ended |
|
|
Change |
|
|||||||||
(in millions) |
|
2022 |
|
|
2021 |
|
|
$ |
|
% |
|
||||
Wholesale sales |
|
$ |
2,391.6 |
|
|
$ |
1,907.3 |
|
|
|
484.3 |
|
|
25.4 |
|
Gross profit |
|
|
869.4 |
|
|
|
749.0 |
|
|
|
120.4 |
|
|
16.1 |
|
Gross margin |
|
|
36.4 |
% |
|
|
39.3 |
% |
|
|
|
|
|
(290 |
) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct-to-Consumer sales |
|
$ |
1,295.8 |
|
|
$ |
1,189.0 |
|
|
|
106.8 |
|
|
9.0 |
|
Gross profit |
|
|
852.3 |
|
|
|
790.3 |
|
|
|
62.0 |
|
|
7.9 |
|
Gross margin |
|
|
65.8 |
% |
|
|
66.5 |
% |
|
|
|
|
|
(70 |
) bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
3,687.4 |
|
|
$ |
3,096.3 |
|
|
|
591.1 |
|
|
19.1 |
|
Gross profit |
|
|
1,721.7 |
|
|
|
1,539.3 |
|
|
|
182.4 |
|
|
11.9 |
|
Gross margin |
|
|
46.7 |
% |
|
|
49.7 |
% |
|
|
|
|
|
(300 |
) bps |
Additional Sales Information |
|||||||||||||||
|
Three Months Ended |
|
Change |
|
|||||||||||
(in millions) |
2022 |
2021 |
$ |
|
% |
|
|||||||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|||||
Wholesale |
$ |
521.0 |
$ |
401.3 |
|
119.7 |
|
|
29.8 |
|
|||||
Direct-to-Consumer |
|
319.5 |
|
327.0 |
|
(7.5 |
) |
|
(2.3 |
) |
|||||
Total domestic sales |
|
840.5 |
|
728.3 |
|
112.2 |
|
|
15.4 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
International |
|
|
|
|
|
|
|
|
|
|
|||||
Wholesale |
|
619.3 |
|
562.9 |
|
56.4 |
|
|
10.0 |
|
|||||
Direct-to-Consumer |
|
408.0 |
|
370.7 |
|
37.3 |
|
|
10.1 |
|
|||||
Total international sales |
|
1,027.3 |
|
933.6 |
|
93.7 |
|
|
10.0 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Total sales |
$ |
1,867.8 |
$ |
1,661.9 |
|
205.9 |
|
|
12.4 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|||||
|
$ |
1,033.9 |
$ |
855.2 |
|
178.7 |
|
|
20.9 |
|
|||||
|
|
374.5 |
|
348.1 |
|
26.4 |
|
|
7.6 |
|
|||||
|
|
459.4 |
|
458.6 |
|
0.8 |
|
|
0.2 |
|
|||||
Total sales |
$ |
1,867.8 |
$ |
1,661.9 |
|
205.9 |
|
|
12.4 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
$ |
254.9 |
$ |
316.9 |
|
(62.0 |
) |
|
(19.6 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Distributor sales |
$ |
128.4 |
$ |
96.7 |
|
31.7 |
|
|
32.8 |
|
|
|
Six Months Ended |
|
|
Change |
|
|||||||||
(in millions) |
|
2022 |
|
2021 |
|
|
$ |
|
% |
|
|||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
|
$ |
1,059.6 |
|
|
$ |
778.5 |
|
|
|
281.1 |
|
|
36.1 |
|
Direct-to-Consumer |
|
|
559.0 |
|
|
|
554.4 |
|
|
|
4.6 |
|
|
0.8 |
|
Total domestic sales |
|
|
1,618.6 |
|
|
|
1,332.9 |
|
|
|
285.7 |
|
|
21.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale |
|
|
1,332.0 |
|
|
|
1,128.8 |
|
|
|
203.2 |
|
|
18.0 |
|
Direct-to-Consumer |
|
|
736.8 |
|
|
|
634.6 |
|
|
|
102.2 |
|
|
16.1 |
|
Total international sales |
|
|
2,068.8 |
|
|
|
1,763.4 |
|
|
|
305.4 |
|
|
17.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
3,687.4 |
|
|
$ |
3,096.3 |
|
|
|
591.1 |
|
|
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,980.8 |
|
|
$ |
1,580.9 |
|
|
|
399.9 |
|
|
25.3 |
|
|
|
|
815.7 |
|
|
|
643.5 |
|
|
|
172.2 |
|
|
26.8 |
|
|
|
|
890.9 |
|
|
|
871.9 |
|
|
|
19.0 |
|
|
2.2 |
|
Total sales |
|
$ |
3,687.4 |
|
|
$ |
3,096.3 |
|
|
|
591.1 |
|
|
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
527.9 |
|
|
$ |
567.5 |
|
|
|
(39.6 |
) |
|
(7.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributor sales |
|
$ |
225.4 |
|
|
$ |
176.9 |
|
|
|
48.5 |
|
|
27.4 |
|
RECONCILIATION OF GAAP EARNINGS FINANCIAL MEASURES TO CORRESPONDING NON-GAAP FINANCIAL MEASURES (Unaudited) |
||||||||||||||||||||||||
Constant Currency Adjustment (Non-GAAP Financial Measure) 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 |
|
|||||||||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non- GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
1,867.8 |
|
|
$ |
65.9 |
|
|
$ |
1,933.7 |
|
|
$ |
1,661.9 |
|
|
|
271.8 |
|
|
|
16.4 |
|
Cost of sales |
|
|
970.2 |
|
|
|
38.5 |
|
|
|
1,008.7 |
|
|
|
808.3 |
|
|
|
200.4 |
|
|
|
24.8 |
|
Gross profit |
|
|
897.6 |
|
|
|
27.4 |
|
|
|
925.0 |
|
|
|
853.6 |
|
|
|
71.4 |
|
|
|
8.4 |
|
Operating expenses |
|
|
743.4 |
|
|
|
23.3 |
|
|
|
766.7 |
|
|
|
652.4 |
|
|
|
114.3 |
|
|
|
17.5 |
|
Earnings from operations |
|
|
154.2 |
|
|
|
4.1 |
|
|
|
158.3 |
|
|
|
201.2 |
|
|
|
(42.9 |
) |
|
|
(21.3 |
) |
Other income (expense) |
|
|
(19.3 |
) |
|
|
16.2 |
|
|
|
(3.1 |
) |
|
|
2.2 |
|
|
|
(5.3 |
) |
|
n/m |
|
|
Income tax expense |
|
|
28.7 |
|
|
|
1.3 |
|
|
|
30.0 |
|
|
|
41.5 |
|
|
|
(11.5 |
) |
|
|
(27.7 |
) |
Less: Noncontrolling interests |
|
|
15.8 |
|
|
|
0.5 |
|
|
|
16.3 |
|
|
|
24.5 |
|
|
|
(8.2 |
) |
|
|
(33.5 |
) |
Net earnings |
|
$ |
90.4 |
|
|
$ |
18.5 |
|
|
$ |
108.9 |
|
|
$ |
137.4 |
|
|
|
(28.5 |
) |
|
|
(20.7 |
) |
Diluted earnings per share |
|
$ |
0.58 |
|
|
$ |
0.11 |
|
|
$ |
0.69 |
|
|
$ |
0.88 |
|
|
|
(0.19 |
) |
|
|
(21.6 |
) |
|
|
Six Months Ended |
|
|||||||||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non- GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
3,687.4 |
|
|
$ |
93.0 |
|
|
$ |
3,780.4 |
|
|
$ |
3,096.3 |
|
|
|
684.1 |
|
|
|
22.1 |
|
Cost of sales |
|
|
1,965.7 |
|
|
|
57.0 |
|
|
|
2,022.7 |
|
|
|
1,557.0 |
|
|
|
465.7 |
|
|
|
29.9 |
|
Gross profit |
|
|
1,721.7 |
|
|
|
36.0 |
|
|
|
1,757.7 |
|
|
|
1,539.3 |
|
|
|
218.4 |
|
|
|
14.2 |
|
Operating expenses |
|
|
1,391.7 |
|
|
|
30.0 |
|
|
|
1,421.7 |
|
|
|
1,180.4 |
|
|
|
241.3 |
|
|
|
20.4 |
|
Earnings from operations |
|
|
330.1 |
|
|
|
6.0 |
|
|
|
336.0 |
|
|
|
358.9 |
|
|
|
(22.9 |
) |
|
|
(6.4 |
) |
Other income (expense) |
|
|
(25.1 |
) |
|
|
18.7 |
|
|
|
(6.4 |
) |
|
|
(12.1 |
) |
|
|
5.7 |
|
|
|
(47.1 |
) |
Income tax expense |
|
|
62.7 |
|
|
|
1.3 |
|
|
|
64.0 |
|
|
|
70.5 |
|
|
|
(6.5 |
) |
|
|
(9.2 |
) |
Less: Noncontrolling interests |
|
|
30.7 |
|
|
|
0.2 |
|
|
|
30.9 |
|
|
|
40.4 |
|
|
|
(9.5 |
) |
|
|
(23.5 |
) |
Net earnings |
|
$ |
211.6 |
|
|
$ |
23.2 |
|
|
$ |
234.7 |
|
|
$ |
235.9 |
|
|
|
(1.2 |
) |
|
|
(0.5 |
) |
Diluted earnings per share |
|
$ |
1.35 |
|
|
$ |
0.14 |
|
|
$ |
1.49 |
|
|
$ |
1.51 |
|
|
|
(0.02 |
) |
|
|
(1.3 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005339/en/
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Source:
FAQ
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