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 THIRD QUARTER 2020 FINANCIAL RESULTS

 

 

 

MANHATTAN BEACH, CA. – October 29, 2020 – SKECHERS USA, Inc. (NYSE:SKX), a global footwear leader, today announced financial results for the third quarter ended September 30, 2020.

 

Third Quarter Highlights

 

Sales of $1.30 billion, a 3.9 percent decrease year-over-year, but a 78.3 percent increase from second quarter 2020

 

Domestic wholesale business grew 6.3 percent year-over-year

 

Diluted earnings per share were $0.41 and adjusted diluted earnings per share were $0.53

 

China sales grew 23.9 percent year-over-year

 

Cash, cash equivalents and investments were $1.50 billion at quarter-end

 

 

 

“As we continued to navigate through the global pandemic in the third quarter, we capitalized on our core strengths of comfort, style, innovation and quality at a reasonable price,” began Robert Greenberg, chief executive officer of Skechers. “Skechers integrates these strengths into every collection and makes them accessible to consumers globally. Whether people continue to work remotely or return to their offices, we offer them a brand they know and trust to deliver the comfort they want. Our men’s and women’s athletic casual footwear and sandal styles experienced the strongest growth. Further, we grew our Skechers Kids business in North America despite delays to in-person classroom learning for many kids. We continue to drive sales and support our retail partners through marketing efforts that drive product awareness and inspire consumers to shop online and in stores. In the third quarter, this included the launch of our commercial featuring Dodgers ace pitcher and world champion Clayton Kershaw. Though the pandemic is still impacting economies around the world, we are confident in our product offering and our team’s ability to drive sales around the world.”

 


The following information was filed by Skechers Usa Inc (SKX) on Thursday, October 29, 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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