2025.05. 03 据央视新闻，当地时间5月2日，记者获悉，美国鞋类分销商和零售商协会本周致信白宫，请求豁免 美国总统特朗普所谓的"对等关税"，称这些关税对鞋类行业构成了"生存威胁"。 据悉，这封信由76个鞋类品牌签署，其中包括耐克、阿迪达斯、斯凯奇和安德玛。信中表示，许多 生产平价鞋类的公司无法承受如此高的关税，也无法转嫁这些成本。如果不立即解除对等关税，这些 公司将不得不倒闭。该协会表示，许多订单已被搁置，美国消费者的鞋类库存可能很快就会不足。 对华小额包裹免税取消=更高价格+更慢物流 2日，美国正式终止了对来自中国价值不超过800美元的小额包裹给予免征关税的政策。 受此影响，一些国家的零售商近期调整甚至暂停了对美业务 。此举还迫使一些电商平台被迫重组物 流体系，提高商品售价，并加速在美国建设本地仓库，以避免高关税的直接冲击。同时，一些外国品 牌已经停止向美国发货，而一些中小企业甚至选择退出美国市场。彭博社进一步指出，一些电商平台 的部分产品价格上涨幅度超过一倍，用户在社交平台上普遍抱怨发货延迟。 央视记者获悉，一些美国本土企业也正在做出调整。《华尔街日报》披露，美国某鞋类品牌将其库存 从加拿大转移至 ...

Group 1: Footwear Industry - The American Footwear Distributors and Retailers Association has requested the White House to exempt the footwear industry from the "reciprocal tariffs," stating that these tariffs pose a "survival threat" to the industry [1] - A letter signed by 76 footwear brands, including Nike, Adidas, Skechers, and Under Armour, indicates that many companies producing affordable footwear cannot bear the high tariffs and cannot pass on these costs to consumers [1] - The CEO of the association noted that the price of a $150 sneaker has increased to $230 due to tariffs, representing an $80 increase or a 53% rise [1][2] Group 2: Hair Care Industry - The U.S. tariff policy is causing significant price increases for many hair care products, leading to concerns among small business owners and consumers about rising costs [3] - In Los Angeles, a major center for the hair care industry, local businesses are feeling the impact of the tariff policy, with worries about increased prices for hair services [3] - A hair salon owner in Colorado mentioned that the tariff policy is affecting supply chains, and a hairstylist expressed concerns about having to pass on increased costs to customers [6]

Financial Performance - Record sales of $2.4 billion, an increase of 7.1% compared to the same period of the prior year[76] - Gross margin was 52.0%, a decline of 50 basis points from 52.5% due to lower average selling prices[82] - Operating expenses increased by $106.4 million, or 12.1%, to $989.2 million, with selling expenses rising 18.3%[83] - Net earnings attributable to Skechers U.S.A., Inc. decreased by $4.2 million, or 2.0%, to $202.4 million[80] - Direct-to-Consumer sales increased by $49.5 million, or 6.0%, to $879.4 million, with a gross margin of 65.9%[90] - Wholesale sales increased by $110.5 million, or 7.8%, to $1.5 billion, driven by growth in Europe, Middle East & Africa[88] Cash Flow and Liquidity - Cash and cash equivalents were $993.1 million as of March 31, 2025, with 90.7% held outside the U.S.[92] - Anticipated cash flows from operations and existing cash balances are expected to be sufficient for liquidity needs over the next twelve months[93] - Net cash used in operating activities was $105.6 million for the three months ended March 31, 2025, compared to $37.6 million in the prior year[95] - Net cash provided by financing activities was $111.2 million in Q1 2025, compared to a net cash used of $43.5 million in Q1 2024, reflecting a change of $154.6 million[98] Capital Expenditures - Capital expenditures increased to $90.0 million, contributing to net cash used in investing activities of $127.0 million[96] - Capital expenditures for Q1 2025 were $147.1 million, with $68.9 million for global distribution infrastructure and $44.6 million for retail and direct-to-consumer technologies[97] - The company expects annual capital expenditures for 2025 to be approximately $600 to $700 million, primarily for new stores and distribution capacity[97] Debt and Compliance - Outstanding borrowings as of March 31, 2025, totaled $584.2 million, with $285.0 million related to domestic and China distribution centers[100] - The company was in compliance with all debt covenants related to its short-term and long-term borrowings as of the reporting date[100] Accounting and Market Risk - There were no material changes in critical accounting policies and estimates during the quarter ended March 31, 2025[101] - No material changes were reported regarding market risk disclosures from the previous annual report[102]

Core Insights - Skechers reported a first-quarter revenue of $2.41 billion for 2025, a 7.1% increase year-over-year, but profits slightly decreased to $202.4 million from $206.6 million in the previous year [1][3] - The Chinese market, Skechers' largest overseas market, experienced a significant sales decline of 16% year-over-year in the first quarter of 2025, following a 0.9% decline in 2024 [3][4] - Skechers aims to achieve a global annual sales target of $10 billion by 2026, with a specific goal of reaching 30 billion yuan in sales from the Chinese market [1][5] Financial Performance - In Q1 2025, Skechers' sales reached $2.41 billion, with a fixed exchange rate sales figure of $2.46 billion, reflecting a 9% increase [1] - Profit for the same period was $202.4 million, slightly lower than the $206.6 million reported in Q1 2024 [1] Market Analysis - The Chinese market's sales decline is notable, with a 16% drop in Q1 2025 and an 11.5% decline in Q4 2024 [3][4] - Skechers has opened nearly 3,500 stores in China, with over 90% of products sold being "Made in China" [3] Strategic Focus - Skechers plans to invest in product development, marketing, and infrastructure in China, emphasizing the market's growth potential [4] - The company is focusing on exploring lower-tier markets in China, targeting cities like Xi'an, Chengdu, and Wuhan, which are seen as significant opportunities [5] Product Strategy - Skechers is positioning itself as a "comfort technology" brand, differentiating from traditional sports brands by emphasizing products like Air-Cooled Memory Foam and Goga Mat [5] - The company has signed high-profile athletes in football and basketball to enhance brand visibility and expand its product line [7] Competitive Positioning - Skechers' pricing strategy places it between high-end brands like Nike and Adidas and lower-end domestic brands, providing a competitive edge, especially in lower-tier markets [6]

Core Insights - Skechers U.S.A., Inc. reported first-quarter 2025 results with a revenue miss but earnings beat, leading to a 6.5% decline in shares due to withdrawn full-year guidance amid economic uncertainty [1][4]. Financial Performance - Earnings per share were $1.34, exceeding the Zacks Consensus Estimate of $1.17, with a year-over-year increase of 0.8% [4]. - Total sales reached $2.41 billion, missing the consensus estimate of $2.44 billion, but reflecting a 7.1% year-over-year growth driven by domestic and international sales increases of 6.9% and 7.2%, respectively [4][5]. - Wholesale sales increased 7.8% to $1.53 billion, while direct-to-consumer (DTC) sales rose 6% to $879.4 million [5]. Regional Performance - Sales in the Americas increased 8.3% to $1.10 billion, EMEA sales rose 14.4% to $718.2 million, while APAC sales decreased 2.6% to $589 million [7]. Margin and Cost Analysis - Gross profit increased 6.2% to $1.25 billion, with a gross margin decrease of 50 basis points to 52% due to lower average selling prices [9]. - Total operating expenses grew 12.1% to $989.2 million, representing 41% of sales, an increase of 180 basis points [9][10]. Cash and Financial Health - As of March 31, 2025, cash and cash equivalents totaled $993.1 million, with long-term borrowings of $82.4 million and shareholders' equity of $4.51 billion [11]. Store Expansion - Skechers operated 5,318 stores as of March 31, 2025, with 13 new domestic stores and 38 international stores opened during the first quarter [12].

Core Insights - Skechers reported a record quarterly sales of $2.41 billion for Q1 2025, reflecting a 7.1% increase compared to Q1 2024, and a 9.0% increase when adjusted for constant currency [1] - The company's direct-to-consumer (DTC) sales grew by 6.0%, while wholesale sales increased by 7.8% [1] Regional Performance - International sales accounted for 65% of total business, with Europe, the Middle East, and Africa seeing a 14% increase, and the Americas growing by 8% [1] - Although sales in the Asia-Pacific region experienced a slight decline, some markets continue to show positive growth [1] Strategic Focus - The company aims to enhance its investment in product development, marketing, and infrastructure in the Chinese market, which is viewed as having significant growth potential [1] - Skechers plans to continue focusing on innovation and expanding its successful lifestyle series while increasing investment in brand demand creation [1] Leadership Insights - The COO emphasized the strong global demand for Skechers' products, highlighting the importance of diverse distribution channels and affordable pricing [1] - The CEO noted that the brand's commitment to comfort, innovation, and quality has been fundamental to its success over the past thirty years [1] - The CFO expressed confidence in the brand's ability to navigate current market challenges and maintain resilience [1] Commitment to China - The company is dedicated to a "China for China" approach, increasing investments in product innovation, marketing upgrades, and supply chain optimization [1] - The CEO of Skechers China emphasized the strategic importance of the Chinese market and the commitment to providing better service experiences for consumers [1]

Financial Data and Key Metrics Changes - The company achieved record first-quarter sales of $2.41 billion, representing a 7.1% increase year-over-year, and $2.46 billion on a constant currency basis, up 9% [8][27] - Earnings per share were $1.34, essentially flat compared to the prior year [34] - Gross margin was 52%, down 50 basis points from the previous year, primarily due to lower average selling prices from higher promotions in certain markets [31] - Operating expenses increased 180 basis points as a percentage of sales to 41% [32] Business Line Data and Key Metrics Changes - Direct-to-consumer sales grew 6% year-over-year to $879.4 million, with domestic growth of 11% driven by strong e-commerce performance [27][17] - Wholesale sales increased 7.8% year-over-year to $1.53 billion, with international sales up 9.5% [28][16] - The domestic wholesale growth reflected broad-based demand across kids, men's, and women's categories [16] Market Data and Key Metrics Changes - Domestic and international sales both increased by 7%, with EMEA growing 14% and The Americas growing 8.3% [9][14] - In APAC, sales decreased by 2.6%, primarily due to soft consumer spending in China, but grew 12% when excluding China [10][30] - EMEA sales for the first quarter increased 14% year-over-year to $718.2 million [29] Company Strategy and Development Direction - The company views international markets as its primary growth engine, with 65% of total business coming from international sales [9][21] - Investment priorities focus on expanding distribution centers, enhancing product offerings, and growing direct-to-consumer capabilities [20][21] - The company aims to navigate current macroeconomic uncertainties by leveraging its brand strength and global market position [21][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current challenges, citing a strong demand for Skechers products globally [26][38] - The company acknowledged the uncertainty in the macroeconomic environment but remains optimistic about growth opportunities, particularly in international markets [31][38] - Management emphasized the importance of flexibility in sourcing and production to adapt to changing market conditions [92][108] Other Important Information - The company ended the quarter with $1.24 billion in cash and cash equivalents, maintaining liquidity of $1.85 billion [35] - Inventory increased by 30% year-over-year to $1.77 billion, primarily due to elongated transit times [35][36] - Capital expenditures for the quarter were $147.1 million, focusing on distribution infrastructure and new store openings [36] Q&A Session Summary Question: Discussion on tariff situation and production in China - Management indicated that they are actively pursuing cost-sharing, sourcing optimization, and pricing adjustments to address tariff impacts, with a focus on minimizing production from high-cost locations [49][50] Question: Market volatility and consumer demand - Management noted that while there is uncertainty in the U.S. and China markets, consumer demand for Skechers products remains robust, particularly in international markets [60][62] Question: Inventory management and pricing strategy - Management is closely managing inventory levels and is prepared to adjust pricing strategies based on market conditions, emphasizing the importance of consumer perception [78][97] Question: Sourcing and production flexibility - Management confirmed that they are exploring flexible sourcing options and optimizing production locations to mitigate tariff impacts, with a focus on maintaining quality and cost-effectiveness [92][108]

Financial Data and Key Metrics Changes - The company achieved record first-quarter sales of $2.41 billion, a 7.1% increase year-over-year, and $2.46 billion on a constant currency basis, up 9% [8][27] - Earnings per share were $1.34, essentially flat compared to the prior year [34] - Gross margin was 52%, down 50 basis points from the previous year, primarily due to lower average selling prices from higher promotions in certain markets [31] Business Line Data and Key Metrics Changes - Direct-to-consumer sales grew 6% year-over-year to $879.4 million, with domestic growth of 11% driven by strong e-commerce performance [27][17] - Wholesale sales increased 7.8% year-over-year to $1.53 billion, with international sales up 9.5% [28][16] - The company ended the quarter with 5,318 Skechers stores worldwide, including 1,821 company-owned locations [18] Market Data and Key Metrics Changes - Domestic and international sales both increased by 7%, with EMEA growing 14% and The Americas growing 8.3% [9][14] - In the Asia Pacific region, sales decreased by 2.6%, primarily due to soft consumer spending in China, but grew 12% when excluding China [10][30] Company Strategy and Development Direction - The company views international markets as its primary growth engine, investing in retail store networks and enhancing distribution efficiencies [10][21] - Skechers aims to expand its distribution centers in the U.S., China, and Europe to manage expected growth and improve delivery efficiency [20][21] - The company is focused on evolving and innovating its footwear to meet consumer needs and drive demand globally [21][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increasing macroeconomic uncertainty and waning consumer sentiment but expressed confidence in navigating these challenges [9][26] - The company remains committed to its strategic plan and believes it is well-positioned to thrive despite current market dynamics [26][42] - Management did not provide specific revenue or earnings guidance due to the dynamic environment but remains optimistic about growth opportunities [39][38] Other Important Information - Inventory increased by 30% year-over-year to $1.77 billion, primarily due to elongated transit times, but decreased by 7.6% compared to the prior quarter [35][36] - Capital expenditures for the quarter were $147.1 million, focusing on distribution infrastructure and new store openings [36] Q&A Session Summary Question: Can you discuss the company's production in China and tariff strategies? - Management emphasized that they are looking at sourcing optimization, vendor cost sharing, and pricing adjustments to manage tariffs, with two-thirds of the business being outside the U.S. [49][51] Question: What markets are experiencing notable volatility? - The U.S. and China are noted as presenting the most uncertainty, with robust consumer demand for Skechers products remaining strong in most other markets [60][62] Question: How do you view the potential for price increases in response to tariffs? - Management indicated that pricing is being considered but will depend on consumer receptiveness and the overall impact on the business [78][80] Question: What is the company's approach to inventory management amidst tariff changes? - The company is managing inventory closely, with a focus on minimizing at-risk inventory and ensuring high fidelity to delivery [97][99] Question: Are there specific products that are currently made in China and not in Vietnam? - Management noted that most kids' footwear is produced in China due to quality and cost considerations, but they have the ability to back up production in multiple locations [145]

Market Performance - Markets closed higher for the third consecutive session, with the Dow up 486 points (+1.23%), S&P 500 up 108 points (+2.03%), Nasdaq up 457 points (+2.74%), and Russell 2000 up 38 points (+2.00%) [1] - The indexes have increased between +2% to nearly +5% this week, despite initial concerns regarding Jerome Powell's position as Fed Chair [1] Key Stocks - The "Magnificent 7" stocks, including NVIDIA (NVDA), Amazon (AMZN), Tesla (TSLA), and Microsoft (MSFT), all rose over +3% during the session, although they remain down year-to-date, with Microsoft down -8% and Tesla down -35% [2] Economic Reports - Existing Home Sales for March were reported at 4.02 million units, below the anticipated 4.13 million and February's 4.27 million, indicating a continued housing market challenge [3] - Durable Goods Orders for March increased by +9.2%, significantly surpassing the estimated +1.6%, suggesting businesses may be pulling forward orders ahead of tariff announcements [4] - Initial Jobless Claims remained stable at 222K, reflecting a relatively calm labor market despite recent layoffs [4] Q1 Earnings Reports - Alphabet (GOOGL) reported Q1 earnings of $2.81 per share, exceeding the expected $2.02, with revenues of $76.50 billion compared to the $75.53 billion consensus [5] - Alphabet's cloud revenues reached $12.26 billion, up from $9.57 billion year-over-year, and YouTube ad revenue grew by 90 basis points to +8.93% [6] - GOOGL's shares rose +5% in after-market trading following a +2.5% increase prior to the earnings release, although it remains down roughly -10% year-to-date [6] Other Company Earnings - Intel (INTC) reported Q1 earnings of +$0.13 per share, surpassing the expected $0.01, with revenues of $12.7 billion, slightly above the $12.3 billion estimate [7] - Despite outperforming expectations, Intel's shares fell -5% in late trading due to a pullback in next-quarter guidance [7] - Skechers (SKX) reported Q1 earnings of $1.34 per share, beating the expected $1.18, but revenues of $2.41 billion fell short of the $2.44 billion projection, leading to an -8% decline in shares [8]

Core Insights - Skechers reported revenue of $2.41 billion for the quarter ended March 2025, reflecting a year-over-year increase of 7.1% [1] - The earnings per share (EPS) was $1.34, slightly up from $1.33 in the same quarter last year, with an EPS surprise of +14.53% against the consensus estimate of $1.17 [1] Revenue Performance - Geographic Revenue in Asia Pacific was $589 million, down 2.6% year-over-year and below the estimated $618.58 million [4] - Domestic Wholesale sales reached $496.20 million, representing a 4.2% increase year-over-year, but below the average estimate of $533.12 million [4] - Domestic Direct-to-Consumer sales were $357.50 million, exceeding the estimate of $335.74 million with a year-over-year growth of 10.8% [4] - Revenue from Europe, Middle East & Africa was $718.20 million, up 14.4% year-over-year and above the estimated $708.61 million [4] - International Direct-to-Consumer sales were $521.90 million, slightly below the estimate of $543.09 million, with a year-over-year increase of 2.9% [4] - Revenue from the Americas was $1.10 billion, reflecting an 8.3% year-over-year increase but below the estimated $1.12 billion [4] - International Wholesale sales were $1.04 billion, slightly above the estimate of $1.03 billion, with a year-over-year growth of 9.6% [4] - Total Wholesale sales amounted to $1.53 billion, a 7.8% increase year-over-year, but below the average estimate of $1.55 billion [4] - Total Direct-to-Consumer sales were $879.40 million, a 6% increase year-over-year, but below the estimate of $885.27 million [4] Stock Performance - Skechers shares have returned -14.8% over the past month, compared to a -5.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]