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Skechers Temporarily Suspends Shipments to Russia and Provides $250,000 in Humanitarian Aid to Ukraine
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Skechers USA, Inc. (NYSE:SKX) has announced a temporary suspension of shipments to Russia amid the ongoing conflict in Ukraine. The company is committing $250,000 in humanitarian aid to organizations supporting Ukrainians and matching employee donations up to another $250,000. Skechers is also collaborating with CORE to provide emergency assistance to Ukrainian refugees in Poland. The company has a long-standing relationship with the Tikva Children's Home in Odessa and plans to contribute additional supplies to support the influx of refugees, now exceeding 2 million.
Positive
Donation of $250,000 in humanitarian aid for Ukraine.
Matching employee donations, potentially increasing total aid up to $500,000.
Active support for Ukrainian refugees through CORE and other organizations.
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The Company Offers to Match an Additional $250,000 in Donations, Totaling Up to $500,000 for CORE and Other Organizations to Help Ukrainians
LOS ANGELES--(BUSINESS WIRE)--
Skechers USA, Inc. (NYSE:SKX) announced that last week, the Company temporarily suspended shipments to Russia due to the conflict in Ukraine. Skechers is also donating $250,000 in humanitarian aid to organizations on the ground in Ukraine and Poland, as well as matching employee donations up to an additional $250,000 to support the Ukrainian people.
“We have deep concern for Ukraine and its citizens, who are doing all they can to defend their country and survive while under siege. And while our team in Ukraine is currently safe, this has been a heartbreaking time for them, their families and neighbors,” said Michael Greenberg, president of Skechers. “We’ve been moved by the Skechers community, who has reached out with an outpouring of support and has asked how we could collectively help. This inspired us to potentially double our donation through CORE, an organization whom we worked with last year in Haiti. We will do all we can for the humanitarian efforts that are taking place throughout the region and join the world in hoping for peace.”
The Company has already made a donation to Tikva Children's Home, an Odessa-based organization with whom the Company has had a long relationship, and is looking into additional contributions of shoes and socks to further support Ukraine’s citizens and refugees, which now total more than 2 million people.
CORE’s team is on the ground in Poland providing emergency assistance to Ukrainian refugees who have crossed the border. The crisis response organization is distributing kits with essential hygiene items, thermal blankets, and other critical resources, and is also supporting community-based refugee centers by providing them with supplies and institutional aid to support the overwhelming influx of individuals fleeing the war.
About SKECHERS USA, Inc.
Skechers USA, Inc., The Comfort Technology Company™ based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in the United States and over 180 countries and territories via department and specialty stores, and direct to consumers through 4,306 Company and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.
This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of 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 be,” “will continue,” “will result,” “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 challenging consumer retail markets in the United States; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2021. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.
