Skechers Inc. reported a significant loss in the second quarter as store closures due to COVID-19 fed a sharp sales decline. However, both the loss and sales levels were better than analysts expected. Skechers officials also noted that China has returned to growth, and domestic comps were only down single digits in June.
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Skechers Q2 Revenues Tumble 42 Percent
Skechers USA reported a steep loss in the second quarter ended June 30 as sales plunged 42.0 percent due to store closures tied to COVID-19. The brand said more than 90 percent of its Skechers stores have re-opened and some markets are in the early stages of recovery, including a return to growth in China.
Skechers Braces For COVID-19 Disruption
Describing it as the “most unusual earnings call in our 21 years of being a public company,” David Weinberg, COO at Skechers USA, stressed that the footwear giant has taken the necessary steps to weather the fallout from COVID-19 and believes the brand is well-positioned to benefit when stores re-open. The troubling question, he admitted, is when will stores re-open.
Skechers’ Q1 Profits Slump On Pandemic’s Spread
Skechers USA Inc. reported sales slid 2.7 percent in the first quarter as COVID-19 began impacting its China business in February and spread to much of the rest of its markets in March. Earnings on an adjusted basis were down 45.1 percent. On the positive side, Skechers noted that its Chinese business is recovering and online sales are skyrocketing.
Skechers’ Animal Welfare Movement Has Raised $5.45 Million
Skechers has made a donation of more than $509,000 to the Petco Foundation, bringing the company’s total contribution to over $5.45 million for animal welfare agencies.
Skechers To Temporarily Close Stores, Withdraws Q1 Guidance
Skechers USA Inc. announced that it is temporarily closing its company-owned Skechers retail stores in North America and select European markets through March 28, 2020 and is withdrawing its first-quarter 2020 guidance due to the continuing impact of the COVID-19 outbreak and the resulting uncertainty of the global retail landscape.
Skechers Partners With Carlsbad 5000
Groundwork Endurance has announced its partnership with Skechers for the 35th annual Carlsbad 5000 presented by National University.
Skechers Signs Elite Runner Anthony Famigliett
Skechers signed two-time Olympian and six-time U.S. Champion Anthony Famiglietti to its team of ambassadors. He was with Adidas.
Skechers Delivers Broad-Based Growth In Q4
Skechers USA reported sales topped and earnings arrived at the high-end of aggressive guidance in the fourth quarter. The company’s domestic wholesale business marked a return to double-digit growth while international momentum showed little signs of slowing down despite headwinds from the coronavirus outbreak in China.
Skechers’ Q4 Revenues Jump 23 Percent
Skechers USA Inc. reported net earnings rose 25.5 percent in the fourth quarter on a 23.1 percent revenue gain. Sales topped guidance and earnings arrived at the high end of guidance.
Skechers Signs Jamie Redknapp
Skechers has partnered with Jamie Redknapp, the former Liverpool and England soccer star, to support its growing business in the UK and other European markets. He will be the first lifestyle collection endorsee that the global footwear brand has signed specifically for Europe.
Skechers Completes New $500 Million Senior Unsecured Credit Facility
Skechers USA, Inc. announced the closing of a new $500 million, five-year, senior unsecured credit facility. This new credit facility replaces the $250 million asset-backed credit facility that Skechers entered into in 2015, which was due to expire in June 2020.
Skechers Opens Store in Disneytown At The Shanghai Disney Resort
Skechers opened a Skechers flagship retail store in the Disneytown shopping district at the Shanghai Disney Resort. The new Skechers Kids Brand Experience store, which opened on October 20, is the first Skechers retail location at a Disney resort property.
Nike Fires Back At Skechers With New Patent Lawsuit
Nike Inc. this week sued Skechers USA Inc. for the second time in a month, claiming Skechers stole patented technology, which Nike had used in its Nike Air, for its Skech-Air Jumpin’ Dots and Mega shoes.
Record-breaking $2.2 Million Raised At 11th Annual Skechers Pier to Pier Friendship Walk
The Skechers Pier to Pier Friendship Walk continued the Skechers Foundation’s 11-year tradition of record-breaking donations for kids — raising more than $2.2 million for children with special needs and education at Sunday’s event, and more than $13 million in total since its start.
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