Exhibit 99.1

FOR IMMEDIATE RELEASE

 

Company Contact:

 

David Weinberg

Chief Operating Officer

John Vandemore

Chief Financial Officer

SKECHERS USA, Inc.

(310) 318-3100

 

Investor Relations:

 

Andrew Greenebaum

Addo Investor Relations

(310) 829-5400

 

Press:

 

Jennifer Clay

Vice President,

Corporate Communications

SKECHERS USA, Inc.

(310) 318-3100

 

 

 

 

SKECHERS ANNOUNCES SECOND QUARTER 2020 FINANCIAL RESULTS

 

 

 

MANHATTAN BEACH, CA. – July 23, 2020 – SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the second quarter ended June 30, 2020.

 

Second Quarter Results

 

Sales of $729.5 million, a 42.0 percent decrease

 

Company-owned e-commerce sales grew 428.2 percent

 

China sales grew 11.5 percent

 

Diluted loss per share was $0.44

 

Cash, cash equivalents and investments were $1.56 billion

 

 

“Skechers, like most businesses around the world, has never faced a more challenging time than during the pandemic, which caused the closing of nearly every market worldwide,” stated Robert Greenberg, chief executive officer of Skechers. “COVID-19 continues to be a serious concern globally, and the health and welfare of our team, partners and customers remain our number one priority. In the face of this on-going challenge, I am extremely proud of our company. We are a resilient organization driven by a dedicated and flexible team determined to do what it takes to not only survive but position ourselves for a return to profitability. Now, with more than 90 percent of our Skechers stores safely re-opened and some markets in the early stages of recovery, we believe that we will remain a brand consumers and retailers trust to deliver comfort, quality, and style. We are hopeful that global economies will continue to improve, and as they do, we will continue to operate efficiently and judiciously during this pandemic.”

 

“The impact of COVID-19 to Skechers’ business was significant in the second quarter as we saw much of the world outside Asia shutter nearly all businesses,” began David Weinberg, chief operating officer of Skechers. “However, we remain optimistic about the early signs of recovery we witnessed during the quarter, including a return to growth in China, consistent improvement each month in some markets outside of China, and record shattering growth of over 400 percent in our Company-owned e-commerce business. While every country’s recovery has been unique, we began to see a similar recovery trend, first reflected in China and now extending into other markets globally


The following information was filed by Skechers Usa Inc (SKX) on Thursday, July 23, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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