Skechers Usa Inc (SKX) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Earnings Press Release
10-K Annual Report
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Skechers Usa Inc
Ticker: SKX CIK: 1065837

Exhibit 99.1

Investor Relations:

Andrew Greenebaum

Addo Investor Relations

investors@skx.com

Press:

Jennifer Clay

Vice President,

Corporate Communications

SKECHERS U.S.A., Inc.

(310) 318-3100

SKECHERS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS

MANHATTAN BEACH, CA. – February 4, 2021 – SKECHERS U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), a global footwear leader, today announced financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter Highlights

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Sales of $1.32 billion, a decrease of 0.5% year-over-year

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Domestic Wholesale sales grew 1.2% year-over-year

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China sales grew 29.7% year-over-year

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Diluted earnings per share were $0.34, including a one-time tax benefit of $0.10 per share

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Cash and cash equivalents were $1.37 billion at quarter-end

“For Skechers, 2020 began with positive momentum following a year of record sales, but the global pandemic put us to the test. This past year, we were forced to act and react faster and continue to do so given the on-going health crisis. In the fourth quarter, we nearly drove our sales to a new fourth quarter record,” began Robert Greenberg, Chief Executive Officer of Skechers. “Our consumers want comfort and familiarity, especially those working from home and essential workers. We are a natural and trusted choice as comfort is the cornerstone of our product. The enhanced comfort and technology features offered within our athletic and casual footwear, including the boot and work collections delivered what consumers needed. We have a history of delivering quality and value, and athletic lifestyle footwear is one of our leading product categories. In the fourth quarter, we also expanded efforts to communicate our comfort messaging across numerous digital channels as well as through more traditional advertising methods. Remaining authentic was paramount in 2020, but the challenges we faced last year and are still facing in 2021, have created an even more agile and focused company—one with products that will remain in-demand during the ongoing crisis and beyond.”

“In the face of the continuing global pandemic, Skechers experienced sales down only half a percent from the record fourth quarter sales of 2019, a significant accomplishment during this challenging time and a testament to the strength and relevance of our brand,” stated David Weinberg, Chief Operating Officer of Skechers. “Skechers has always been quick to market and able to pivot. We effectively managed the flow of our inventory to open markets, fulfilling demand as we delivered must-have products to consumers. We saw our athletic lifestyle, walking and work footwear products for men and women drive Domestic Wholesale growth. Our International Wholesale business achieved 2.5% sales growth led by a 29.7% increase in China, as well as double-digit increases in Chile, United Kingdom, Germany and Spain, among others. Though our Direct-to-Consumer sales decreased 6.4%, primarily due to the temporary closures and reduced operating hours of stores, we experienced triple-digit growth in our domestic

The following information was filed by Skechers Usa Inc (SKX) on Thursday, February 4, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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