PART I [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's Q2 2025 financial statements show strong asset growth, record sales, and increased net income, with notable merger-related costs [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$9.28 billion** by June 30, 2025, driven by cash, with liabilities at **$3.90 billion** and equity at **$5.27 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $4,851,711 | $4,449,423 | | Cash and cash equivalents | $1,377,152 | $1,116,516 | | Inventory | $1,871,805 | $1,919,386 | | **Total Assets** | **$9,278,116** | **$8,455,758** | | **Total Current Liabilities** | $2,315,937 | $2,256,484 | | **Total Liabilities** | **$3,902,607** | **$3,635,494** | | **Total Stockholders' Equity** | **$5,273,135** | **$4,730,165** | [Condensed Consolidated Statements of Earnings](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q2 2025 sales grew 13.1% to **$2.44 billion**, with net earnings at **$170.5 million** and diluted EPS at **$1.13**, reflecting strong performance Q2 2025 vs Q2 2024 Earnings (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales | $2,440,024 | $2,157,643 | 13.1% | | Gross Profit | $1,301,303 | $1,184,437 | 9.9% | | Earnings from Operations | $173,082 | $206,531 | (16.2)% | | Net Earnings Attributable to Skechers | $170,498 | $140,302 | 21.5% | | Diluted EPS | $1.13 | $0.91 | 24.2% | Six Months 2025 vs 2024 Earnings (in thousands, except per share data) | Metric | Six Months 2025 | Six Months 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales | $4,851,595 | $4,409,230 | 10.0% | | Gross Profit | $2,555,677 | $2,366,071 | 8.0% | | Earnings from Operations | $438,207 | $505,329 | (13.3)% | | Net Earnings Attributable to Skechers | $372,934 | $346,924 | 7.5% | | Diluted EPS | $2.46 | $2.24 | 9.8% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Six-month operating cash flow was **$448.2 million**, with **$315.0 million** used in investing and **$100.1 million** provided by financing, a shift from prior year Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $448,178 | $494,432 | | Net cash used in investing activities | ($314,958) | ($240,436) | | Net cash provided by (used in) financing activities | $100,132 | ($163,718) | | **Net change in cash and cash equivalents** | **$260,636** | **$90,520** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key disclosures include a proposed merger with **$9.3 million** in Q2 transaction costs, growth across all segments, no share repurchases, and a reduced effective tax rate of **16.4%** - On May 4, 2025, the Company entered into a Merger Agreement with Beach Acquisition Co Parent, LLC. The company recognized **$9.3 million** in transaction costs related to the merger in Q2 2025[25](index=25&type=chunk)[29](index=29&type=chunk) - The company's joint ventures in China, Israel, South Korea, Mexico, and Southeast Asia are considered variable interest entities (VIEs) and are consolidated in the financial statements[31](index=31&type=chunk) - As of June 30, 2025, the company had **$584.3 million** in outstanding borrowings, including amounts under its corporate revolving credit facility and various loans for distribution centers[121](index=121&type=chunk) - No shares were repurchased during the six months ended June 30, 2025. The company had **$789.9 million** remaining under its share repurchase program as of June 30, 2025[55](index=55&type=chunk)[56](index=56&type=chunk) - The effective tax rate for Q2 2025 was **16.4%**, a decrease from **19.7%** in Q2 2024, primarily due to lower earnings in higher tax jurisdictions[64](index=64&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported record Q2 sales of **$2.44 billion**, up 13.1%, driven by international growth, despite gross margin decline and increased operating expenses [Overview](index=25&type=section&id=Overview) The company achieved record Q2 2025 sales of **$2.44 billion**, up 13.1%, with broad-based growth, targeting **$10 billion** annual sales by 2026 Q2 2025 Key Highlights | Metric | Value | Note | | :--- | :--- | :--- | | Sales | $2.44 billion | Record quarterly sales, +13.1% YoY | | Gross Margin | 53.3% | - | | Segment Growth | Positive | Increased sales in both Wholesale and DTC | | Regional Growth | Positive | Increased sales in EMEA, APAC, and Americas | | Diluted EPS | $1.13 | - | - The company is focused on building efficiencies to scale for profitable growth and is confident in its goal of reaching **$10 billion** in annual sales by 2026[87](index=87&type=chunk) [Results of Operations – Second Quarter](index=25&type=section&id=Results%20of%20Operations%20%E2%80%93%20Second%20Quarter) Q2 2025 sales grew 13.1% to **$2.44 billion**, driven by international business, though gross margin declined to **53.3%** and operating expenses increased 15.4% - Sales increased **13.1%** due to a **22.0%** increase internationally, with Wholesale up **15.0%** and Direct-to-Consumer up **11.0%**[91](index=91&type=chunk) - Gross margin declined **160 bps** to **53.3%** due to higher costs per unit, driven by higher domestic duties from increased tariff rates[92](index=92&type=chunk) - Operating expenses increased **15.4%**, driven by higher labor costs (**$53.4 million**), facility costs (**$28.3 million**), and distribution costs (**$24.9 million**)[93](index=93&type=chunk) - The effective tax rate decreased to **16.4%** from **19.7%** in the prior year, due to lower earnings in higher tax jurisdictions[95](index=95&type=chunk) [Results of Segment Operations – Second Quarter](index=26&type=section&id=Results%20of%20Segment%20Operations%20%E2%80%93%20Second%20Quarter) Q2 2025 Wholesale sales grew 15.0% to **$1.3 billion**, with gross margin at **41.4%**, while Direct-to-Consumer sales rose 11.0% to **$1.1 billion** with stable gross margin Q2 2025 Wholesale Segment Performance | Metric | Value | Change vs Q2 2024 | | :--- | :--- | :--- | | Sales | $1.30 billion | +15.0% | | Gross Profit | $538.4 million | +8.3% | | Gross Margin | 41.4% | -250 bps | - Wholesale growth was driven by increases in EMEA (**+58.7%**) and APAC (**+4.0%**), partially offset by a decrease in the Americas (**-5.9%**)[99](index=99&type=chunk) Q2 2025 Direct-to-Consumer Segment Performance | Metric | Value | Change vs Q2 2024 | | :--- | :--- | :--- | | Sales | $1.14 billion | +11.0% | | Gross Profit | $762.9 million | +11.0% | | Gross Margin | 67.0% | 0 bps | - Direct-to-Consumer growth was driven by increases in the Americas (**+8.6%**), EMEA (**+27.8%**), and APAC (**+6.6%**)[100](index=100&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with **$1.38 billion** cash and **$614.1 million** unused credit, with working capital at **$2.5 billion**, and **$330.7 million** in capital expenditures - As of June 30, 2025, the company had cash and cash equivalents of **$1,377.2 million**, with **95.0%** held outside the U.S[113](index=113&type=chunk) - Working capital was **$2.5 billion**, an increase of **$342.8 million** from December 31, 2024[115](index=115&type=chunk) - Capital expenditures for the first six months of 2025 were **$330.7 million**, primarily for global distribution expansion and retail investments[118](index=118&type=chunk) - Financing activities provided **$100.1 million** in cash, a **$263.9 million** positive swing from the prior year, mainly due to increased borrowings and no share repurchases[119](index=119&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposures were reported from the information previously disclosed in the 2024 Annual Report on Form 10-K - There have been no material changes from the market risk information previously reported in the 2024 Annual Report on Form 10-K[123](index=123&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of Q2 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[124](index=124&type=chunk) - There were no material changes in internal control over financial reporting during the second quarter of 2025[125](index=125&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company faces new patent infringement lawsuits from Kizik and shareholder litigation regarding the proposed merger, alongside ongoing patent disputes with Nike - On July 24, 2025, Kizik filed a patent infringement lawsuit against the company concerning Skechers Slip-ins shoes[126](index=126&type=chunk) - A shareholder lawsuit (Key West Action) was filed on May 29, 2025, related to the proposed merger, seeking to enjoin the transaction pending further disclosures. A motion for a preliminary injunction was denied[127](index=127&type=chunk) - Litigation with Nike, Inc. regarding alleged infringement of six utility patents is resuming after a stay was lifted by the District Court[128](index=128&type=chunk)[129](index=129&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) New risks from the pending merger include potential adverse effects on business, stock price, and relationships, with uncertainty regarding timely completion and interim restrictive covenants - The announcement and pendency of the merger with Beach Acquisition Co Parent, LLC may adversely affect business, operating results, stock price, and relationships with employees, customers, and suppliers[132](index=132&type=chunk) - Completion of the merger is subject to conditions, including regulatory approvals, and may not be completed on a timely basis or at all. Failure to complete the merger could negatively affect the company's stock price and business[133](index=133&type=chunk)[136](index=136&type=chunk) - The company will incur substantial direct and indirect costs related to the merger, regardless of whether it is consummated[138](index=138&type=chunk) - During the pending merger, the company is subject to contractual restrictions that could limit its ability to respond to competitive pressures and business opportunities[139](index=139&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any Class A Common Stock in Q2 2025, with **$789.9 million** remaining available under the share repurchase program expiring July 2027 Share Repurchase Activity (Q2 2025) | Month Ended | Total Number of Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 30, 2025 | — | $ — | | May 31, 2025 | — | $ — | | June 30, 2025 | — | $ — | | **Total** | **—** | **$ —** | - As of June 30, 2025, **$789.9 million** remained available for repurchase under the company's share repurchase program[147](index=147&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) The Board adopted a U.S. Employee Change in Control Severance Plan on August 7, 2025, providing benefits to eligible employees terminated post-merger - On August 7, 2025, the company's Board of Directors adopted a U.S. Employee Change in Control Severance Plan[150](index=150&type=chunk) - The plan provides severance benefits to eligible U.S. employees whose employment is terminated without 'cause' or for 'good reason' within 12 months following the closing of the merger[150](index=150&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Merger Agreement, corporate governance documents, and CEO/CFO certifications [Signatures](index=42&type=section&id=Signatures) The report is duly signed on August 8, 2025, by John Vandemore, Chief Financial Officer of Skechers U.S.A., Inc

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) Skechers reported strong top-line growth in the second quarter of 2025, with sales increasing 13.1% year-over-year to $2.44 billion, while profitability was impacted by higher operating expenses Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales | $2,440.0M | $2,157.6M | 13.1% | | Gross Profit | $1,301.3M | $1,184.4M | 9.9% | | Gross Margin | 53.3% | 54.9% | (160) bps | | Earnings from Operations | $173.1M | $206.5M | (16.2)% | | Operating Margin | 7.1% | 9.6% | (250) bps | | Net Earnings | $170.5M | $140.3M | 21.5% | | Diluted EPS | $1.13 | $0.91 | 24.2% | - Sales growth was positively impacted by foreign currency exchange rates, which contributed **$33.9 million**[6](index=6&type=chunk) - On a constant currency basis, sales grew **11.5%**[6](index=6&type=chunk) - Growth was observed across both major sales channels: **Wholesale Sales** grew **15.0%**, and **Direct-to-Consumer Sales** grew **11.0%**[6](index=6&type=chunk) [First Half 2025 Financial Results](index=1&type=section&id=Six%20Months%202025%20Financial%20Results) For the first six months of 2025, Skechers achieved sales of $4.85 billion, a 10.0% increase, but experienced margin contraction similar to the quarterly results H1 2025 Financial Highlights (vs. H1 2024) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales | $4,851.6M | $4,409.2M | 10.0% | | Gross Profit | $2,555.7M | $2,366.1M | 8.0% | | Gross Margin | 52.7% | 53.7% | (100) bps | | Earnings from Operations | $438.2M | $505.3M | (13.3)% | | Operating Margin | 9.0% | 11.5% | (240) bps | | Net Earnings | $372.9M | $346.9M | 7.5% | | Diluted EPS | $2.46 | $2.24 | 9.8% | [Segment and Geographic Performance](index=5&type=section&id=Segment%20and%20Geographic%20Performance) [Performance by Sales Channel](index=5&type=section&id=Performance%20by%20Sales%20Channel) In Q2 2025, both sales channels demonstrated growth, with Wholesale sales increasing by 15.0% and Direct-to-Consumer (DTC) sales growing 11.0%, though Wholesale gross margin compressed Q2 2025 Sales Channel Performance (vs. Q2 2024) | Channel | Sales | Growth (%) | Gross Margin | Margin Change (bps) | | :--- | :--- | :--- | :--- | :--- | | Wholesale | $1,301.4M | 15.0% | 41.4% | (250) bps | | Direct-to-Consumer | $1,138.6M | 11.0% | 67.0% | 0 bps | H1 2025 Sales Channel Performance (vs. H1 2024) | Channel | Sales | Growth (%) | Gross Margin | Margin Change (bps) | | :--- | :--- | :--- | :--- | :--- | | Wholesale | $2,833.6M | 11.0% | 42.8% | (150) bps | | Direct-to-Consumer | $2,018.0M | 8.8% | 66.5% | 0 bps | [Performance by Geography](index=6&type=section&id=Performance%20by%20Geography) International markets, particularly EMEA, drove Q2 2025 growth with a 22.0% surge, while domestic sales were nearly flat and China experienced a downturn Q2 2025 Geographic Sales (vs. Q2 2024) | Geography | Sales | Growth (%) | | :--- | :--- | :--- | | **Domestic** | **$862.1M** | **(0.2)%** | | Wholesale | $413.3M | (7.5)% | | Direct-to-Consumer | $448.8M | 7.6% | | **International** | **$1,577.9M** | **22.0%** | | Wholesale | $888.1M | 29.6% | | Direct-to-Consumer | $689.8M | 13.3% | Q2 2025 Regional Sales (vs. Q2 2024) | Region | Sales | Growth (%) | | :--- | :--- | :--- | | Americas (AMER) | $1,113.0M | 1.1% | | EMEA | $731.5M | 48.5% | | Asia Pacific (APAC) | $595.5M | 5.5% | | **China (included in APAC)** | **$287.2M** | **(8.2)%** | [Financial Statements](index=3&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Skechers reported a healthy balance sheet with total assets of $9.28 billion, increased cash, and slightly decreased inventory Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | **$4,851,711** | **$4,449,423** | | Cash and cash equivalents | $1,377,152 | $1,116,516 | | Inventory | $1,871,805 | $1,919,386 | | **Total Assets** | **$9,278,116** | **$8,455,758** | | **Total Current Liabilities** | **$2,315,937** | **$2,256,484** | | **Total Liabilities** | **$3,902,607** | **$3,635,494** | | **Total Stockholders' Equity** | **$5,273,135** | **$4,730,165** | [Condensed Consolidated Statements of Earnings](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) The Q2 2025 income statement shows total sales of $2.44 billion, with increased operating expenses leading to lower earnings from operations, partially offset by significant other income Q2 2025 Statement of Earnings (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $2,440,024 | $2,157,643 | | Gross Profit | $1,301,303 | $1,184,437 | | Total Operating Expenses | $1,128,221 | $977,906 | | Earnings from Operations | $173,082 | $206,531 | | Other Income (Expense) | $45,517 | $(1,652) | | Net Earnings | $182,705 | $164,524 | | Net Earnings Attributable to Skechers | $170,498 | $140,302 | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of GAAP to Constant Currency Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Constant%20Currency%20Measures) Skechers provides non-GAAP constant currency measures to exclude foreign exchange rate volatility, revealing an 11.5% sales growth and an 8.8% diluted EPS decline year-over-year in Q2 2025 on this basis - The company presents constant currency results to facilitate period-to-period comparisons of its business performance, excluding the volatility of foreign currency exchange rates[17](index=17&type=chunk) Q2 2025 GAAP vs. Constant Currency (Non-GAAP) | Metric | Reported GAAP | Constant Currency Adj. | Non-GAAP Measure | YoY Change (Non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | Sales | $2,440.0M | $(33.9)M | $2,406.1M | 11.5% | | Net Earnings | $170.5M | $(44.2)M | $126.3M | (10.0)% | | Diluted EPS | $1.13 | $(0.30) | $0.83 | (8.8)% | [Company Information and Forward-Looking Statements](index=2&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) [About Skechers U.S.A., Inc.](index=2&type=section&id=About%20Skechers%20U.S.A.,%20Inc.) Skechers U.S.A., Inc. is a global leader in footwear, apparel, and accessories, distributing products in approximately 180 countries through wholesale partners and a direct-to-consumer network - Skechers is a global footwear leader specializing in lifestyle and performance products for men, women, and children[7](index=7&type=chunk) - The company operates a global distribution network, selling products in approximately **180 countries** through wholesale channels and approximately **5,300 Skechers-owned retail stores**[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section provides a standard safe harbor warning that the report contains forward-looking statements subject to various risks and uncertainties, including supply chain disruptions and international instability - The report includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995[8](index=8&type=chunk) - Key risks that could cause actual results to differ materially include: supply chain disruptions, international economic and political conditions (inflation, tariffs, conflicts), intense competition, and uncertainties related to a proposed merger[8](index=8&type=chunk)

Group 1 - The core viewpoint of the articles emphasizes the implementation of consumption-boosting initiatives in China, focusing on the establishment of flagship stores and the introduction of international and local brands to stimulate economic growth [1][2][3] - The "first store economy" is highlighted as a new consumption model that integrates urban renewal and consumption upgrades, with significant contributions to local economies [3][5] - Beijing has seen a surge in the opening of first stores, with 400 new stores established in the first five months of the year, and a total of 2,372 first stores expected by the end of 2024 [3][2] Group 2 - Shanghai is attracting international sports brands to set up their first stores, enhancing consumer experience through innovative service offerings like professional fitness assessments [5][6] - The city has implemented supportive policies to streamline the process for first stores, including financial incentives for high-level stores, resulting in 173 new stores in the first quarter of 2025 [6][7] - Chongqing is focusing on linking first stores with the night economy, targeting young consumers and introducing over 140 new stores by mid-2025 [7][8] Group 3 - The articles discuss the importance of creating new consumption scenarios and fostering a complete ecosystem for brand development, emphasizing the need for policies that support long-term operations of first stores [8] - The integration of diverse brands and innovative retail concepts is seen as a way to attract consumers and enhance the vibrancy of commercial districts [2][4] - The overall trend indicates a growing competition among cities to attract first stores, which is viewed as a vital component of economic revitalization [1][3]

Core Viewpoint - The Chinese government is implementing a special action plan to boost consumption by encouraging both international and domestic brands to open their first stores in various cities, thereby stimulating economic growth and enhancing consumer choice [1][2][3]. Group 1: Policy Initiatives - The Central Political Bureau of the Communist Party of China has proposed to deepen the implementation of consumption-boosting actions, focusing on expanding both goods and service consumption [1]. - The "Special Action Plan for Boosting Consumption" encourages the establishment of first stores and flagship stores for high-quality domestic and international brands [1][3]. - Beijing's new consumption plan aims to attract 2,372 first stores by the end of 2024, with nearly 400 new stores opened in the first five months of this year [3]. Group 2: Market Trends - International brands are increasingly establishing their first stores in Beijing, with notable examples including the Swedish outdoor brand "Firestick" and the French brand "Bollingen" [2]. - The first store economy is seen as a new and vibrant consumption model, with brands like Nike and Adidas setting up their China headquarters in Shanghai to better understand local consumers [5][6]. - In Chongqing, the introduction of first stores is linked to the city's night economy, with a focus on attracting young consumers through innovative retail experiences [7][8]. Group 3: Economic Impact - The presence of first stores significantly boosts foot traffic and overall consumption in shopping malls, with some stores attracting over 10,000 visitors during holidays [3]. - Shanghai has seen a rise in sports brands opening their first stores, contributing to the development of new retail formats and enhancing the city's shopping experience [4][5]. - Chongqing has hosted over 120 events related to first store launches in the past three years, indicating a strong commitment to fostering a vibrant retail environment [7].

Skechers is making kids' shoes with a hidden AirTag compartment | TechCrunch https://t.co/7NvJCEhEUS ...

Skechers introduced a line of kids' sneakers that contain a hidden compartment where parents can slip in an Apple AirTag. Inside the heel of the shoe, a small insert can be lifted to reveal the compartment. Then, parents can track the location of their child — or, at least their child's shoes. These shoes don't come with an AirTag, and they don't appear to be an actual collaboration with Apple, but rather, a third-party product that Skechers has developed on its own. The shoes were announced in mid-July to ...

Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, July 25, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Skechers U.S.A., Inc. (“Skechers” or “the Company”) (NYSE: SKX) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Skechers investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq. Investors are encouraged to contact attorn ...

截至2025年6月底，基金的第一大重仓股为台积电，对台积电的持仓市值为67.21亿美元。第二大重仓股为空客，基金对空客的持仓市值为30.21亿美元。第 三大重仓股为诺和诺德，基金对其持仓市值为29.38亿美元。第四大重仓股为SAP，基金对其持仓市值为28.01亿美元。第五大重仓股为UniCredit，基金对 其持仓市值为20.76亿美元。 【导读】资本集团旗下多只旗舰基金加仓腾讯控股 中国基金报记者吴娟娟 日前，美国万亿美元资产管理巨头资本集团旗下多只旗舰基金披露截至二季度末的持仓信息。数据显示，二季度公司多只巨无霸基金加仓中国股票。其 中，规模近万亿元的EUPAC基金加仓腾讯控股的幅度超过60%。 资本集团为总部位于洛杉矶的资管机构，拥有93年历史，最新管理规模为2.8万亿美元，在全世界15个国家拥有业务，以长线投资、深入的基本面研究和 多基金经理共管模式见长。 万亿级基金加仓腾讯控股62.62% EUPAC基金（之前基金名称为Europacific Growth Fund）为资本集团的旗舰基金，最新规模为1344.77亿美元，约合9650亿元人民币。该基金重点投资美国 以外的公司，由11位基金经理共同管理 ...

1. Global Brand 2. Product-Driven 3. Integrated Marketing Strategy 4. World-Class Infrastructure 5. Financial Strength Investor Presentation: Overview 2025 Investor Presentation Positioned for All financial metrics in this presentation are as of fiscal year end 2024, unless otherwise noted. GROWTH Global Brand …with Global Reach International Sales 62% Countries 180+ Skechers Stores Worldwide (as of 2/6/25) 5,300 + 3 RD largest footwear company in the world BELGIUM Markets with E-Comm Platforms 30+ S. KOREA ...

Summary of Key Points Core Viewpoint - Numerous companies are lowering their profit forecasts for 2025 due to the impact of tariffs and economic uncertainty, indicating a broader trend of caution across various industries. Group 1: Retail Sector - Abercrombie & Fitch lowered its full-year profit forecast for 2025, citing a $50 million hit from tariffs, including a 30% tariff on imports from China and a 10% tariff on other imports [1][2] - Macy's also reduced its earnings per share outlook for the year, attributing it to tariffs, moderation in consumer spending, and increased competition [3] - Target expects sales to decline throughout 2025, previously projecting a 1% growth, due to weaker spending linked to tariff uncertainties [3] Group 2: Consumer Goods and Food & Beverage - Diageo warned of a $150 million hit to annual profits in 2025 but plans to offset half of this impact through unspecified actions [4] - PepsiCo lowered its earnings forecast for 2025, facing higher supply chain costs due to tariffs and a volatile consumer environment [15] - Kraft Heinz also lowered its outlook, citing a volatile operating environment influenced by tariffs and inflation [13] Group 3: Automotive Industry - Ford expects tariffs to reduce its earnings before interest and taxes by about $1.5 billion in 2025 and has suspended its full-year guidance [8] - General Motors lowered its earnings forecast to between $10 billion and $12.5 billion, down from $13.7 billion to $15.7 billion, due to the impact of tariffs [12] - Toyota estimated a $1.25 billion profit loss in April and March due to U.S. tariffs, forecasting a nearly 21% dip in operating income through 2025 [5] Group 4: Technology and Electronics - AMD anticipates a $1.5 billion revenue loss in 2025 due to restrictions on chip shipments to China [7] - Apple expects a $900 million hit to its bottom line in the second quarter due to tariffs, complicating future predictions [10] - Logitech withdrew its outlook for the 2026 fiscal year due to ongoing tariff uncertainties [17] Group 5: Airlines and Transportation - JetBlue and Alaska Airlines both pulled their full-year guidance for 2025 due to macroeconomic uncertainty [13][17] - Delta Airlines withdrew its full-year guidance, citing broad macro uncertainty [18] - United Airlines issued a second guidance featuring significantly lower earnings for 2025, reflecting the unpredictable economic environment [17] Group 6: Miscellaneous - Steve Madden withdrew its financial guidance for 2025, facing heightened uncertainty from new tariffs [6] - Rivian lowered its targets for vehicle deliveries and capital spending for 2025 due to significant uncertainty in the global economic landscape [6] - Snap declined to issue guidance for its second quarter, citing uncertainty in macroeconomic conditions affecting advertising demand [14]