Skechers Announces Second Quarter 2024 Financial Results and Board Authorized $1 Billion Share Repurchase Program
Skechers (NYSE:SKX) reported record second quarter sales of $2.16 billion, a 7.2% increase year-over-year. Direct-to-Consumer sales grew 9.2% and Wholesale sales grew 5.5%. The company achieved diluted earnings per share of $0.91. Skechers saw growth across all regions: 7% in the Americas, 14% in EMEA, and 2% in Asia Pacific. The company's gross margin improved to 54.9%, up 220 basis points. However, operating margin decreased to 9.6% from 10.8% in the previous year. Skechers' Board authorized a new $1 billion share repurchase program. The company raised its full-year outlook for sales and earnings, now expecting fiscal year 2024 sales between $8.875 and $8.975 billion and diluted EPS between $4.08 and $4.18.
Skechers (NYSE:SKX) ha riportato vendite record nel secondo trimestre di 2,16 miliardi di dollari, con un aumento del 7,2% rispetto all'anno precedente. Le vendite dirette ai consumatori sono cresciute del 9,2% e le vendite all'ingrosso sono aumentate del 5,5%. L'azienda ha ottenuto un utile per azione diluito di 0,91 dollari. Skechers ha registrato una crescita in tutte le regioni: 7% nelle Americhe, 14% in EMEA e 2% nell'Asia-Pacifico. Il margine lordo è migliorato al 54,9%, in aumento di 220 punti base. Tuttavia, il margine operativo è diminuito al 9,6% rispetto al 10,8% dell'anno precedente. Il Consiglio di Amministrazione di Skechers ha autorizzato un nuovo programma di riacquisto di azioni da 1 miliardo di dollari. L'azienda ha alzato le previsioni di vendita e utili per l'intero anno, ora prevede vendite per l'anno fiscale 2024 comprese tra 8,875 e 8,975 miliardi di dollari e un utile per azione diluito tra 4,08 e 4,18 dollari.
Skechers (NYSE:SKX) reportó ventas récord en el segundo trimestre de 2.16 mil millones de dólares, un incremento del 7.2% en comparación con el año anterior. Las ventas directas al consumidor crecieron un 9.2% y las ventas mayoristas aumentaron un 5.5%. La empresa logró una ganancia por acción diluida de 0.91 dólares. Skechers observó crecimiento en todas las regiones: 7% en las Américas, 14% en EMEA y 2% en Asia-Pacífico. El margen bruto mejoró al 54.9%, un aumento de 220 puntos básicos. Sin embargo, el margen operativo disminuyó al 9.6% desde el 10.8% del año anterior. La Junta Directiva de Skechers autorizó un nuevo programa de recompra de acciones de 1 mil millones de dólares. La compañía elevó su perspectiva para el año completo en cuanto a ventas y ganancias, ahora espera ventas para el año fiscal 2024 entre 8.875 y 8.975 mil millones de dólares y una ganancia por acción diluida entre 4.08 y 4.18 dólares.
스케쳐스 (NYSE:SKX)는 2분기 기록적인 매출 21억 6천만 달러를 보고했으며, 이는 전년 대비 7.2% 증가한 수치입니다. 소비자 직접 판매는 9.2% 증가했으며, 도매 판매는 5.5% 증가했습니다. 회사는 희석 주당순이익 0.91달러를 달성했습니다. 스케쳐스는 모든 지역에서 성장을 경험했습니다: 아메리카에서 7%, EMEA에서 14%, 아시아 태평양에서 2% 성장했습니다. 회사의 매출 총이익률은 54.9%로 향상되었으며, 220 베이시스 포인트 상승했습니다. 그러나 운영 이익률은 10.8%에서 9.6%로 감소했습니다. 스케쳐스 이사회는 10억 달러 규모의 새로운 자사주 매입 프로그램을 승인했습니다. 회사는 올해 매출과 수익 전망을 상향 조정하며, 2024 회계연도의 매출을 88억 7천5백만에서 89억 7천5백만 달러 사이로, 희석 주당 순이익을 4.08에서 4.18달러로 예상하고 있습니다.
Skechers (NYSE:SKX) a rapporté des ventes record au deuxième trimestre de 2,16 milliards de dollars, ce qui représente une augmentation de 7,2 % par rapport à l'année précédente. Les ventes directes aux consommateurs ont augmenté de 9,2% et les ventes en gros ont progressé de 5,5%. L'entreprise a réalisé un bénéfice par action dilué de 0,91 dollar. Skechers a connu une croissance dans toutes les régions : 7 % dans les Amériques, 14 % en EMEA et 2 % dans la région Asie-Pacifique. La marge brute s'est améliorée à 54,9%, soit une augmentation de 220 points de base. Cependant, la marge opérationnelle a diminué à 9,6% contre 10,8 % l'année précédente. Le conseil d'administration de Skechers a autorisé un nouveau programme de rachat d'actions d'un milliard de dollars. L'entreprise a relevé ses prévisions pour l'ensemble de l'année en matière de ventes et de bénéfices, s'attendant désormais à des ventes pour l'exercice fiscal 2024 entre 8,875 et 8,975 milliards de dollars et un bénéfice par action dilué entre 4,08 et 4,18 dollars.
Skechers (NYSE:SKX) berichtete von Rekordverkäufen im zweiten Quartal in Höhe von 2,16 Milliarden Dollar, was einem Anstieg von 7,2 % im Vergleich zum Vorjahr entspricht. Der Direktvertrieb an Verbraucher wuchs um 9,2% und der Großhandel verzeichnete ein Plus von 5,5%. Das Unternehmen erzielte einen verwässerten Gewinn pro Aktie von 0,91 Dollar. Skechers verzeichnete Wachstum in allen Regionen: 7% in den Amerikas, 14% in EMEA und 2% im asiatisch-pazifischen Raum. Die Bruttomarge verbesserte sich auf 54,9%, was einem Anstieg um 220 Basispunkte entspricht. Allerdings sank die operative Marge auf 9,6% von 10,8 % im Vorjahr. Der Vorstand von Skechers genehmigte ein neues Aktienrückkaufprogramm über 1 Milliarde Dollar. Das Unternehmen hob seine Gesamtjahresprognose für Umsatz und Gewinn an und rechnet nun für das Geschäftsjahr 2024 mit einem Umsatz zwischen 8,875 und 8,975 Milliarden Dollar sowie einem verwässerten Gewinn pro Aktie zwischen 4,08 und 4,18 Dollar.
- Record second quarter sales of $2.16 billion, a 7.2% increase
- Direct-to-Consumer sales grew 9.2%
- Wholesale sales grew 5.5%
- Gross margin improved to 54.9%, up 220 basis points
- New $1 billion share repurchase program authorized
- Raised full-year outlook for sales and earnings
- International direct-to-consumer sales increased 15%
- Domestic wholesale sales increased 14%
- Operating margin decreased to 9.6% from 10.8% in the previous year
- Net earnings decreased 8.2% to $140.3 million
- Diluted earnings per share decreased 7.1% to $0.91
- Operating expenses increased 16.0% and as a percentage of sales increased 340 basis points to 45.3%
Skechers' Q2 2024 results demonstrate solid growth despite challenging macroeconomic conditions. The company achieved record second quarter sales of
Key financial highlights include:
- Gross margin improved by 220 basis points to
54.9% , primarily due to lower freight costs and favorable sales mix. - Operating expenses increased by
16.0% , outpacing revenue growth, which led to a 120 basis point decrease in operating margin to9.6% . - Diluted EPS decreased to
$0.91 from$0.98 in the prior year, a7.1% decline.
The company's balance sheet remains strong, with cash and investments totaling
The newly authorized
Skechers' Q2 results reveal interesting market dynamics and growth patterns across different regions and channels. The company's performance underscores its strong brand positioning in the comfort footwear segment.
Key market insights include:
- International sales grew by
6.9% , while domestic sales increased by7.7% , indicating balanced growth across markets. - EMEA (Europe, Middle East and Africa) showed particularly strong performance, with Direct-to-Consumer sales surging by
40.6% . - China faced challenges, with a 'lackluster 6-18' (referring to the mid-year shopping festival), suggesting potential market-specific headwinds.
- The company's strategic focus on comfort technology and innovative designs appears to be resonating well with consumers globally.
Skechers' expansion of its brand ambassador roster, including high-profile athletes like Joel Embiid and Harry Kane, along with collaborations such as John Deere, indicates a strong push to enhance brand visibility and appeal across diverse consumer segments.
The company's entry into new product categories, such as football and basketball footwear, suggests a strategy to diversify its product portfolio and capture new market segments. This approach, combined with targeted marketing efforts, positions Skechers well for continued growth and market share expansion in the competitive footwear industry.
Second Quarter Highlights
-
Record second quarter sales of
, a$2.16 billion 7.2% increase, and constant currency sales of , an$2.19 billion 8.7% increase -
Direct-to-Consumer sales grew
9.2% -
Wholesale sales grew
5.5% -
Diluted earnings per share of
$0.91 -
New
share repurchase program$1 billion
“Skechers achieved a new second quarter sales record of
“This quarter marked the 25th anniversary of our initial public offering. As we celebrated this event, we also achieved record second quarter sales and further solidified our position as the third largest athletic footwear company in the world by continuing to deliver comfortable, and innovative footwear worldwide,” began Robert Greenberg, Chief Executive Officer. “I couldn’t be prouder of the accomplishments of the entire Skechers organization and appreciative of our strong partnerships with our customers and growing roster of elite ambassadors, such as the recently signed
Second Quarter 2024 Financial Results |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
Gross profit |
|
|
1,184.4 |
|
|
|
1,060.5 |
|
|
|
123.9 |
|
|
|
11.7 |
|
Gross margin |
|
|
54.9 |
% |
|
|
52.7 |
% |
|
|
|
|
220 bps |
|
||
Operating expenses |
|
|
977.9 |
|
|
|
842.8 |
|
|
|
135.1 |
|
|
|
16.0 |
|
As a % of sales |
|
|
45.3 |
% |
|
|
41.9 |
% |
|
|
|
|
340 bps |
|
||
Earnings from operations |
|
|
206.5 |
|
|
|
217.7 |
|
|
|
(11.2 |
) |
|
|
(5.1 |
) |
Operating margin |
|
|
9.6 |
% |
|
|
10.8 |
% |
|
|
|
|
|
(120) bps |
|
|
Net earnings attributable to Skechers U.S.A., Inc. |
|
|
140.3 |
|
|
|
152.8 |
|
|
|
(12.5 |
) |
|
|
(8.2 |
) |
Diluted earnings per share |
|
$ |
0.91 |
|
|
$ |
0.98 |
|
|
|
(0.07 |
) |
|
|
(7.1 |
) |
Second quarter sales increased
Wholesale sales grew
Direct-to-Consumer sales grew
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
“In the face of significant operational and foreign exchange headwinds, Skechers delivered meaningful sales growth during the quarter, demonstrating the strength of our brand as the comfort technology leader,” stated John Vandemore, Chief Financial Officer of Skechers. “Demand for our innovative and diverse product portfolio remains robust, leading us to raise both sales and earnings expectations for the full year. We remain committed to and confident of achieving our long-term target of
Six Months 2024 Financial Results |
||||||||||||||||
|
|
Six Months Ended June 30, |
|
|
Change |
|
||||||||||
(in millions, except per share data) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
Gross profit |
|
|
2,366.1 |
|
|
|
2,039.1 |
|
|
|
327.0 |
|
|
|
16.0 |
|
Gross margin |
|
|
53.7 |
% |
|
|
50.8 |
% |
|
|
|
|
290 bps |
|
||
Operating expenses |
|
|
1,860.7 |
|
|
|
1,597.8 |
|
|
|
262.9 |
|
|
|
16.5 |
|
As a % of sales |
|
|
42.2 |
% |
|
|
39.8 |
% |
|
|
|
|
240 bps |
|
||
Earnings from operations |
|
|
505.3 |
|
|
|
441.3 |
|
|
|
64.0 |
|
|
|
14.5 |
|
Operating margin |
|
|
11.5 |
% |
|
|
11.0 |
% |
|
|
|
|
50 bps |
|
||
Net earnings attributable to Skechers U.S.A., Inc. |
|
|
346.9 |
|
|
|
313.2 |
|
|
|
33.7 |
|
|
|
10.8 |
|
Diluted earnings per share |
|
$ |
2.24 |
|
|
$ |
2.00 |
|
|
|
0.24 |
|
|
|
12.0 |
|
Year-to-date sales increased
Wholesale sales increased
Direct-to-Consumer sales grew
Gross margin was
Operating expenses increased
Earnings from operations increased
Net earnings were
The Company’s effective income tax rate was
Balance Sheet
Cash, cash equivalents and investments totaled
Inventory was
Share Repurchase
During the second quarter, the Company repurchased 0.9 million shares of its Class A common stock at a cost of
On July 23, 2024, the Company’s Board of Directors authorized a share repurchase program effective July 25, 2024, pursuant to which the Company may, from time to time, purchase shares of its Class A common stock, for an aggregate repurchase price not to exceed
Outlook
For the third quarter of 2024, the Company believes it will achieve sales between
Store Count |
||||||||||||||||
|
|
Number of Stores |
|
|||||||||||||
|
|
December 31, 2023 |
|
|
Opened |
|
|
Closed |
|
|
June 30, 2024 |
|
||||
Domestic stores |
|
|
563 |
|
|
|
25 |
|
|
|
(12 |
) |
|
|
576 |
|
International stores |
|
|
1,085 |
|
|
|
98 |
|
|
|
(57 |
) |
|
|
1,126 |
|
Distributor, licensee and franchise stores |
|
|
3,520 |
|
|
|
194 |
|
|
|
(149 |
) |
|
|
3,565 |
|
Total Skechers stores |
|
|
5,168 |
|
|
|
317 |
|
|
|
(218 |
) |
|
|
5,267 |
|
Second Quarter 2024 Conference Call
The Company will host a conference call at 4:30 p.m. ET / 1:30 p.m. PT on July 25, 2024 to discuss its second quarter 2024 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 July 25, 2024, at 7:30 p.m. ET, through August 8, 2024, at 11:59 p.m. ET. To access the replay, dial 844-512-2921 (
About Skechers U.S.A., Inc.
Skechers, The Comfort Technology Company® based in
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` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in
SKECHERS U.S.A., INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
|
|
As of |
|
|
As of |
|
||
(in thousands) |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
ASSETS |
|
|||||||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,280,430 |
|
|
$ |
1,189,910 |
|
Short-term investments |
|
|
130,111 |
|
|
|
72,595 |
|
Trade accounts receivable, net |
|
|
1,027,231 |
|
|
|
860,300 |
|
Other receivables |
|
|
77,921 |
|
|
|
82,253 |
|
Inventory |
|
|
1,514,512 |
|
|
|
1,525,409 |
|
Prepaid expenses and other |
|
|
223,819 |
|
|
|
222,137 |
|
Total current assets |
|
|
4,254,024 |
|
|
|
3,952,604 |
|
Property, plant and equipment, net |
|
|
1,587,433 |
|
|
|
1,506,690 |
|
Operating lease right-of-use assets |
|
|
1,327,795 |
|
|
|
1,276,171 |
|
Deferred tax assets |
|
|
435,404 |
|
|
|
450,574 |
|
Long-term investments |
|
|
137,379 |
|
|
|
123,996 |
|
Goodwill |
|
|
101,230 |
|
|
|
101,230 |
|
Other assets, net |
|
|
131,686 |
|
|
|
136,086 |
|
Total non-current assets |
|
|
3,720,927 |
|
|
|
3,594,747 |
|
TOTAL ASSETS |
|
$ |
7,974,951 |
|
|
$ |
7,547,351 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
|
|||||||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
1,176,668 |
|
|
$ |
1,008,001 |
|
Accrued expenses |
|
|
305,144 |
|
|
|
320,105 |
|
Operating lease liabilities |
|
|
286,535 |
|
|
|
274,296 |
|
Current installments of long-term borrowings |
|
|
292,891 |
|
|
|
46,571 |
|
Short-term borrowings |
|
|
— |
|
|
|
11,894 |
|
Total current liabilities |
|
|
2,061,238 |
|
|
|
1,660,867 |
|
Long-term operating lease liabilities |
|
|
1,145,090 |
|
|
|
1,108,110 |
|
Long-term borrowings |
|
|
45,702 |
|
|
|
242,944 |
|
Deferred tax liabilities |
|
|
11,666 |
|
|
|
12,594 |
|
Other long-term liabilities |
|
|
104,107 |
|
|
|
122,794 |
|
Total non-current liabilities |
|
|
1,306,565 |
|
|
|
1,486,442 |
|
Total liabilities |
|
|
3,367,803 |
|
|
|
3,147,309 |
|
Redeemable noncontrolling interest |
|
|
93,576 |
|
|
|
89,832 |
|
Stockholders’ equity |
|
|
|
|
|
|
||
Preferred Stock |
|
|
— |
|
|
|
— |
|
Class A Common Stock |
|
|
132 |
|
|
|
133 |
|
Class B Common Stock |
|
|
20 |
|
|
|
20 |
|
Additional paid-in capital |
|
|
178,148 |
|
|
|
295,847 |
|
Accumulated other comprehensive loss |
|
|
(100,670 |
) |
|
|
(73,388 |
) |
Retained earnings |
|
|
4,143,654 |
|
|
|
3,796,730 |
|
Skechers U.S.A., Inc. equity |
|
|
4,221,284 |
|
|
|
4,019,342 |
|
Noncontrolling interests |
|
|
292,288 |
|
|
|
290,868 |
|
Total stockholders' equity |
|
|
4,513,572 |
|
|
|
4,310,210 |
|
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
|
$ |
7,974,951 |
|
|
$ |
7,547,351 |
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (Unaudited) |
||||||||||||||||
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|||||||||||
(in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Sales |
|
$ |
2,157,643 |
|
|
$ |
2,012,516 |
|
|
$ |
4,409,230 |
|
|
$ |
4,014,444 |
|
Cost of sales |
|
|
973,206 |
|
|
|
951,992 |
|
|
|
2,043,159 |
|
|
|
1,975,341 |
|
Gross profit |
|
|
1,184,437 |
|
|
|
1,060,524 |
|
|
|
2,366,071 |
|
|
|
2,039,103 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling |
|
|
235,870 |
|
|
|
187,118 |
|
|
|
392,371 |
|
|
|
315,678 |
|
General and administrative |
|
|
742,036 |
|
|
|
655,673 |
|
|
|
1,468,371 |
|
|
|
1,282,115 |
|
Total operating expenses |
|
|
977,906 |
|
|
|
842,791 |
|
|
|
1,860,742 |
|
|
|
1,597,793 |
|
Earnings from operations |
|
|
206,531 |
|
|
|
217,733 |
|
|
|
505,329 |
|
|
|
441,310 |
|
Other (expense) income |
|
|
(1,652 |
) |
|
|
2,792 |
|
|
|
(3,702 |
) |
|
|
12,715 |
|
Earnings before income taxes |
|
|
204,879 |
|
|
|
220,525 |
|
|
|
501,627 |
|
|
|
454,025 |
|
Income tax expense |
|
|
40,355 |
|
|
|
38,942 |
|
|
|
96,725 |
|
|
|
82,158 |
|
Net earnings |
|
|
164,524 |
|
|
|
181,583 |
|
|
|
404,902 |
|
|
|
371,867 |
|
Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest |
|
|
24,222 |
|
|
|
28,824 |
|
|
|
57,978 |
|
|
|
58,665 |
|
Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
140,302 |
|
|
$ |
152,759 |
|
|
$ |
346,924 |
|
|
$ |
313,202 |
|
Net earnings per share attributable to Skechers U.S.A., Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.92 |
|
|
$ |
0.99 |
|
|
$ |
2.27 |
|
|
$ |
2.02 |
|
Diluted |
|
$ |
0.91 |
|
|
$ |
0.98 |
|
|
$ |
2.24 |
|
|
$ |
2.00 |
|
Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
152,503 |
|
|
|
154,970 |
|
|
|
152,707 |
|
|
|
155,055 |
|
Diluted |
|
|
154,176 |
|
|
|
156,571 |
|
|
|
154,640 |
|
|
|
156,654 |
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES Supplemental Financial Information (Unaudited) |
||||||||||||||||
Segment Information |
||||||||||||||||
|
Three Months Ended June 30, |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
1,132.1 |
|
|
$ |
1,073.0 |
|
|
|
59.1 |
|
|
|
5.5 |
|
Gross profit |
|
|
496.9 |
|
|
|
431.5 |
|
|
|
65.4 |
|
|
|
15.2 |
|
Gross margin |
|
|
43.9 |
% |
|
|
40.2 |
% |
|
|
|
|
370 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
1,025.5 |
|
|
$ |
939.5 |
|
|
|
86.0 |
|
|
|
9.2 |
|
Gross profit |
|
|
687.5 |
|
|
|
629.0 |
|
|
|
58.5 |
|
|
|
9.3 |
|
Gross margin |
|
|
67.0 |
% |
|
|
66.9 |
% |
|
|
|
|
10 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
Gross profit |
|
|
1,184.4 |
|
|
|
1,060.5 |
|
|
|
123.9 |
|
|
|
11.7 |
|
Gross margin |
|
|
54.9 |
% |
|
|
52.7 |
% |
|
|
|
|
220 bps |
|
|
Six Months Ended June 30, |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Wholesale sales |
|
$ |
2,553.8 |
|
|
$ |
2,367.6 |
|
|
|
186.2 |
|
|
|
7.9 |
|
Gross profit |
|
|
1,133.1 |
|
|
|
943.5 |
|
|
|
189.6 |
|
|
|
20.1 |
|
Gross margin |
|
|
44.4 |
% |
|
|
39.9 |
% |
|
|
|
|
450 bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Direct-to-Consumer sales |
|
$ |
1,855.4 |
|
|
$ |
1,646.8 |
|
|
|
208.6 |
|
|
|
12.7 |
|
Gross profit |
|
|
1,233.0 |
|
|
|
1,095.6 |
|
|
|
137.4 |
|
|
|
12.6 |
|
Gross margin |
|
|
66.5 |
% |
|
|
66.5 |
% |
|
|
|
|
(10) bps |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
Gross profit |
|
|
2,366.1 |
|
|
|
2,039.1 |
|
|
|
327.0 |
|
|
|
16.0 |
|
Gross margin |
|
|
53.7 |
% |
|
|
50.8 |
% |
|
|
|
|
290 bps |
|
Additional Sales Information |
||||||||||||||||
|
Three Months Ended June 30, |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
446.9 |
|
|
$ |
390.8 |
|
|
|
56.1 |
|
|
|
14.4 |
|
Direct-to-Consumer |
|
|
416.9 |
|
|
|
411.1 |
|
|
|
5.8 |
|
|
|
1.4 |
|
Total domestic sales |
|
|
863.8 |
|
|
|
801.9 |
|
|
|
61.9 |
|
|
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
685.2 |
|
|
|
682.2 |
|
|
|
3.0 |
|
|
|
0.4 |
|
Direct-to-Consumer |
|
|
608.6 |
|
|
|
528.4 |
|
|
|
80.2 |
|
|
|
15.2 |
|
Total international sales |
|
|
1,293.8 |
|
|
|
1,210.6 |
|
|
|
83.2 |
|
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,100.9 |
|
|
$ |
1,027.0 |
|
|
|
73.9 |
|
|
|
7.2 |
|
|
|
|
492.5 |
|
|
|
433.3 |
|
|
|
59.2 |
|
|
|
13.7 |
|
|
|
|
564.2 |
|
|
|
552.2 |
|
|
|
12.0 |
|
|
|
2.2 |
|
Total sales |
|
$ |
2,157.6 |
|
|
$ |
2,012.5 |
|
|
|
145.1 |
|
|
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
312.7 |
|
|
$ |
302.4 |
|
|
|
10.3 |
|
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
112.8 |
|
|
$ |
99.8 |
|
|
|
13.0 |
|
|
|
13.0 |
|
|
Six Months Ended June 30, |
|
|
Change |
|
|||||||||||
(in millions) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Geographic sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domestic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
$ |
922.9 |
|
|
$ |
832.7 |
|
|
|
90.2 |
|
|
|
10.8 |
|
Direct-to-Consumer |
|
|
739.7 |
|
|
|
710.0 |
|
|
|
29.7 |
|
|
|
4.2 |
|
Total domestic sales |
|
|
1,662.6 |
|
|
|
1,542.7 |
|
|
|
119.9 |
|
|
|
7.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
1,630.9 |
|
|
|
1,534.9 |
|
|
|
96.0 |
|
|
|
6.3 |
|
Direct-to-Consumer |
|
|
1,115.7 |
|
|
|
936.8 |
|
|
|
178.9 |
|
|
|
19.1 |
|
Total international sales |
|
|
2,746.6 |
|
|
|
2,471.7 |
|
|
|
274.9 |
|
|
|
11.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regional sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
2,120.4 |
|
|
$ |
1,972.9 |
|
|
147.5 |
|
|
|
7.5 |
|
|
|
|
|
1,120.2 |
|
|
|
967.8 |
|
|
|
152.4 |
|
|
|
15.7 |
|
|
|
|
1,168.6 |
|
|
|
1,073.7 |
|
|
|
94.9 |
|
|
|
8.8 |
|
Total sales |
|
$ |
4,409.2 |
|
|
$ |
4,014.4 |
|
|
|
394.8 |
|
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
632.3 |
|
|
$ |
584.4 |
|
|
|
47.9 |
|
|
|
8.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributor sales |
|
$ |
238.7 |
|
|
$ |
203.8 |
|
|
|
34.9 |
|
|
|
17.2 |
|
SKECHERS U.S.A., INC. AND SUBSIDIARIES
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 June 30, |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non-GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
2,157.6 |
|
|
$ |
29.3 |
|
|
$ |
2,186.9 |
|
|
$ |
2,012.5 |
|
|
|
174.4 |
|
|
|
8.7 |
|
Cost of sales |
|
|
973.2 |
|
|
|
11.3 |
|
|
|
984.5 |
|
|
|
952.0 |
|
|
|
32.5 |
|
|
|
3.4 |
|
Gross profit |
|
|
1,184.4 |
|
|
|
18.0 |
|
|
|
1,202.4 |
|
|
|
1,060.5 |
|
|
|
141.9 |
|
|
|
13.4 |
|
Operating expenses |
|
|
977.9 |
|
|
|
12.8 |
|
|
|
990.7 |
|
|
|
842.8 |
|
|
|
147.9 |
|
|
|
17.5 |
|
Earnings from operations |
|
|
206.5 |
|
|
|
5.2 |
|
|
|
211.7 |
|
|
|
217.7 |
|
|
|
(6.0 |
) |
|
|
(2.8 |
) |
Other (expense) income |
|
|
(1.6 |
) |
|
|
6.0 |
|
|
|
4.4 |
|
|
|
2.8 |
|
|
|
1.6 |
|
|
|
57.1 |
|
Income tax expense |
|
|
40.4 |
|
|
|
0.7 |
|
|
|
41.1 |
|
|
|
38.9 |
|
|
|
2.2 |
|
|
|
5.6 |
|
Less: Noncontrolling interests and redeemable noncontrolling interest |
|
|
24.2 |
|
|
|
0.7 |
|
|
|
24.9 |
|
|
|
28.8 |
|
|
|
(3.9 |
) |
|
|
(13.7 |
) |
Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
140.3 |
|
|
$ |
9.8 |
|
|
$ |
150.1 |
|
|
$ |
152.8 |
|
|
|
(2.7 |
) |
|
|
(1.8 |
) |
Diluted earnings per share |
|
$ |
0.91 |
|
|
$ |
0.06 |
|
|
$ |
0.97 |
|
|
$ |
0.98 |
|
|
|
(0.01 |
) |
|
|
(1.0 |
) |
|
|
Six Months Ended June 30, |
|
|||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|||||||||||||||
(in millions, except per share data) |
|
Reported GAAP Measure |
|
|
Constant Currency Adjustment |
|
|
Adjusted for Non-GAAP Measures |
|
|
Reported GAAP Measure |
|
|
$ |
|
|
% |
|
||||||
Sales |
|
$ |
4,409.2 |
|
|
$ |
47.6 |
|
|
$ |
4,456.8 |
|
|
$ |
4,014.4 |
|
|
|
442.4 |
|
|
|
11.0 |
|
Cost of sales |
|
|
2,043.1 |
|
|
|
18.4 |
|
|
|
2,061.5 |
|
|
|
1,975.3 |
|
|
|
86.2 |
|
|
|
4.4 |
|
Gross profit |
|
|
2,366.1 |
|
|
|
29.2 |
|
|
|
2,395.3 |
|
|
|
2,039.1 |
|
|
|
356.2 |
|
|
|
17.5 |
|
Operating expenses |
|
|
1,860.7 |
|
|
|
21.5 |
|
|
|
1,882.2 |
|
|
|
1,597.8 |
|
|
|
284.4 |
|
|
|
17.8 |
|
Earnings from operations |
|
|
505.3 |
|
|
|
7.8 |
|
|
|
513.1 |
|
|
|
441.3 |
|
|
|
71.8 |
|
|
|
16.3 |
|
Other (expense) income |
|
|
(3.7 |
) |
|
|
10.4 |
|
|
|
6.7 |
|
|
|
12.8 |
|
|
|
(6.1 |
) |
|
|
(47.7 |
) |
Income tax expense |
|
|
96.7 |
|
|
|
1.4 |
|
|
|
98.1 |
|
|
|
82.2 |
|
|
|
15.9 |
|
|
|
19.4 |
|
Less: Noncontrolling interests and redeemable noncontrolling interest |
|
|
58.0 |
|
|
|
1.7 |
|
|
|
59.7 |
|
|
|
58.7 |
|
|
|
1.0 |
|
|
|
1.7 |
|
Net earnings attributable to Skechers U.S.A., Inc. |
|
$ |
346.9 |
|
|
$ |
15.1 |
|
|
$ |
362.0 |
|
|
$ |
313.2 |
|
|
|
48.8 |
|
|
|
15.6 |
|
Diluted earnings per share |
|
$ |
2.24 |
|
|
$ |
0.10 |
|
|
$ |
2.34 |
|
|
$ |
2.00 |
|
|
|
0.34 |
|
|
|
17.0 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725009968/en/
Investor Relations
Sonia Reback
Eunice Han
investors@skechers.com
Press
Jennifer Clay
jennc@skechers.com
Source: Skechers U.S.A., Inc.
FAQ
What was Skechers' (SKX) revenue in Q2 2024?
How much did Skechers' (SKX) Direct-to-Consumer sales grow in Q2 2024?
What was Skechers' (SKX) earnings per share in Q2 2024?
Did Skechers (SKX) announce a new share repurchase program in Q2 2024?