LOS ANGELES--(BUSINESS WIRE)--Skechers is joining forces with Vexx: an artist who has captured the digital universe, galleries and museums on three continents. The global brand’s latest Visual Artist Series capsule, Skechers x Vexx features the creator’s signature “doodles” known around the world. His detailed, vibrant characters will appear on footwear, apparel and accessories for men and women. “As an artist, it’s been a priority for me to create without compromise—and Skechers celebrates that philosop ...

LOS ANGELES--(BUSINESS WIRE)--Skechers U.S.A., Inc. (NYSE:SKX), The Comfort Technology Company® and third-largest athletic footwear brand in the world, announces that it has surpassed 5,000 Skechers-branded retail store locations throughout more than 120 countries. Expanding the reach of Skechers shopping destinations currently operating globally, key openings leading up to the milestone have been in Chile, Greece, India, Mexico, South Korea, the United States, and the 5,000th store in Bogotá, Colombia. ...

Key PointsSkechers grew its worldwide store count to 5,168 retail locations worldwide, growing annual sales to a record $8 billion.Inventory bloat caused the company to cut its EPS guidance for the full year 2024 despite operating margins improving to 9.8% and gross margins reaching 51.9% in 2023.Positive shipments and bookings in the first part of Q1 2024 make management confident and optimistic about clearing out its excess inventory in 2024.  5 stocks we like better than Skechers U.S.A.Skechers U.S.A. In ...

Petco Love Celebrates 25 Year Milestone with 25 Love Stories Grant RecipientsSAN ANTONIO, Feb. 6, 2024 /PRNewswire/ -- In a special commemoration of 25 years of heartwarming pet adoption stories, Petco Love, in partnership with BOBS® from Skechers®, is proud to announce the winners of their annual Love Stories campaign. This year's campaign, celebrating a quarter-century of transformation and joy brought by pet adoption, will award 25 grants totaling $500,000 to animal welfare organizations across the natio ...

LOS ANGELES--(BUSINESS WIRE)--A spelling lesson may be unexpected during the Big Game, yet Skechers is returning for the 11th time with a commercial that does exactly that. This year, the Company is reminding the event’s massive television audience that while the brand has never had a ‘t’ in its name, there is one very memorable ‘t’ in Skechers…Mr. T. In a follow up to his first Skechers commercial that premiered in 2023, the A-Team icon is back—this time in Skechers Hands Free Slip-ins® to illustrate ho ...

Skechers U.S.A., Inc. (SKX) delivered mixed fourth-quarter 2023 results, with the bottom line outpacing the Zacks Consensus Estimate and the top line missing the same. However, both metrics improved year over year.The company's performance improved due to the strong brand appeal and high demand for its comfort-focused products, complemented by robust marketing and distribution efforts.Demand for comfort technology products, advantageous pricing and an increase in direct-to-consumer sales positively impacted ...

After reaching an important support level, Skechers (SKX) could be a good stock pick from a technical perspective. SKX surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving a ...

Skechers tripped up in overnight trading as the trainer maker missed Wall Street forecasts in its latest quarter even though sales hit a new record. Revenue in the three months to end December rose to US$1.96 billion, with gross margin also hitting a record at 53.1%, driven by the direct-to-consumer segment, said David Weinberg, chief operating officer. International sales were especially strong in the quarter, said Weinberg, rising by 6.9% compared to a 4.4% rise overall. Total sales for the year hit US$8 ...

For the quarter ended December 2023, Skechers (SKX) reported revenue of $1.96 billion, up 4.4% over the same period last year. EPS came in at $0.56, compared to $0.48 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.02 billion, representing a surprise of -2.77%. The company delivered an EPS surprise of +7.69%, with the consensus EPS estimate being $0.52.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expe ...

Financial Data and Key Metrics Changes - The company achieved a record annual sales of $8 billion, an increase of $556 million compared to the previous year, with fourth-quarter sales reaching $1.96 billion, up 4.4% year-over-year [5][15] - Gross margin for the year was a record 51.9%, with fourth-quarter gross margins at 53.1%, an increase of 470 basis points from the prior year [5][18] - Earnings per share for the year were $3.49, marking a significant achievement for the brand [14] Business Line Data and Key Metrics Changes - Direct-to-consumer sales grew 20% year-over-year, exceeding 50% of total sales for the first time, driven by a 27% increase internationally and a 12% increase domestically [9][15] - Wholesale sales decreased 8.3% year-over-year to $962.6 million, with domestic wholesale down 10% and international wholesale down 7.1% [16][10] - The company opened 67 company-owned stores in the quarter, bringing the total to 1,648 locations, and plans to open 140 to 160 stores worldwide in 2024 [12][21] Market Data and Key Metrics Changes - International sales increased 7%, representing approximately 64% of total sales in the fourth quarter, with notable growth in Asia Pacific, where sales rose 15% year-over-year [9][17] - In China, sales grew 22%, driven by strong performance during key holiday periods, while EMEA sales decreased 7.3% year-over-year [17][10] Company Strategy and Development Direction - The company is focused on expanding its product categories, including the introduction of football and basketball lines, and enhancing its direct-to-consumer and wholesale businesses [6][8] - Strategic partnerships with athletes and celebrities are being leveraged to enhance brand visibility and consumer engagement [7][8] - The company aims to maintain a strong inventory position while managing supply chain challenges and investing in logistics capabilities [13][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges, including inflation and rising interest rates, but expressed optimism about returning to growth in the wholesale segment in 2024 [14][22] - The company expects sales for 2024 to range between $8.6 billion and $8.8 billion, with net earnings per share projected between $3.65 and $3.85 [22][23] - Management remains confident in the strength of the brand and ongoing consumer demand for its products [25] Other Important Information - The company reported a 16% year-over-year reduction in inventory levels, indicating improved inventory management [13][20] - Capital expenditures for the quarter were $85 million, with plans to invest between $350 million and $400 million in 2024 to support strategic priorities [21][23] Q&A Session Summary Question: U.S. wholesale business performance - Management clarified that domestic wholesale was down 10%, not 14%, and noted a cautious optimism for growth in 2024 based on improved order trends [28][29] Question: Performance in China - Management expressed satisfaction with the 22% growth in China and indicated early January performance was encouraging, suggesting a recovery trend [30][31] Question: Guidance for EBIT margins - Management indicated expectations for favorable gross margins in Q1, with a continued focus on achieving double-digit operating margins [37][38] Question: Store openings and productivity - Management emphasized the importance of opening the right type of stores globally and indicated plans for continued expansion beyond the current store count [42][44] Question: Impact of inventory congestion - Management described inventory congestion as temporary and specific to certain customers, with expectations for recovery in 2024 [46][48] Question: Consumer trends and gross margins - Management noted that consumers continue to trade up within the product portfolio, which may not significantly impact gross margins year-over-year [50][51] Question: Shipping and freight costs - Management reported that current shipping conditions are manageable, with early inventory purchases mitigating potential delays [53][54] Question: Growth opportunities in new categories - Management highlighted significant growth opportunities in football and basketball, with a cautious approach to market entry [57][58] Question: Direct-to-consumer growth outlook - Management expects continued growth in the direct-to-consumer segment, albeit at a slower pace than the previous year [60][62]