Skechers U.S.A., Inc. (“Skechers” or the “Company”) (NYSE:SKX), The Comfort Technology Company® and a global footwear leader, today announced financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Second quarter sales of $2.44 billion, a year-over-year increase of 13.1%, which includes a favorable impact due to foreign currency exchange rates of $33.9 million; sales of $2.41 billion on a constant currency basis, a year-over-year increase of 11.5%
  • Wholesale sales grew 15.0%
  • Direct-to-Consumer sales grew 11.0%
  • Diluted earnings per share of $1.13, which includes a favorable impact due to foreign currency exchange rates of $0.30 per share; diluted earnings per share on a constant currency basis of $0.83

Second Quarter 2025 Financial Results

Three Months Ended June 30,

Change

(in millions, except per share data)

2025

2024

$

%

Sales

$

2,440.0

$

2,157.6

282.4

13.1

Gross profit

1,301.3

1,184.4

116.9

9.9

Gross margin

53.3

%

54.9

%

(160) bps

Operating expenses

1,128.2

977.9

150.3

15.4

As a % of sales

46.2

%

45.3

%

90 bps

Earnings from operations

173.1

206.5

(33.4

)

(16.2

)

Operating margin

7.1

%

9.6

%

(250) bps

Net earnings attributable to Skechers U.S.A., Inc.

170.5

140.3

30.2

21.5

Diluted earnings per share

$

1.13

$

0.91

0.22

24.2

Six Months 2025 Financial Results

Six Months Ended June 30,

Change

(in millions, except per share data)

2025

2024

$

%

Sales

$

4,851.6

$

4,409.2

442.4

10.0

Gross profit

2,555.7

2,366.1

189.6

8.0

Gross margin

52.7

%

53.7

%

(100) bps

Operating expenses

2,117.5

1,860.7

256.7

13.8

As a % of sales

43.6

%

42.2

%

140 bps

Earnings from operations

438.2

505.3

(67.1

)

(13.3

)

Operating margin

9.0

%

11.5

%

(240) bps

Net earnings attributable to Skechers U.S.A., Inc.

372.9

346.9

26.0

7.5

Diluted earnings per share

$

2.46

$

2.24

0.22

9.8

About Skechers U.S.A., Inc.

Skechers (NYSE:SKX), The Comfort Technology Company® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through skechers.com and approximately 5,300 Skechers retail stores. A Fortune 500® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit about.skechers.com and follow us on Facebook, Instagram and TikTok.

Reference in this press release to “Sales” refers to Skechers’ net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation, tariffs, and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; the ability to complete our proposed merger (the “Merger”), on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed Merger; risks that the proposed Merger disrupts the Company's current plans and operations or diverts the attention of the Company's management or employees from ongoing business operations; the risk of potential difficulties with the Company's ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company's business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Company's common stock; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2024 and its quarterly reports on Form 10-Q in 2025. Taking these and other risk factors into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance. Skechers expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in Skechers’ expectations or any change in events, conditions or circumstances on which any statement is based.

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

As of

As of

(in thousands)

June 30, 2025

December 31, 2024

ASSETS

Current assets

Cash and cash equivalents

$

1,377,152

$

1,116,516

Short-term investments

106,254

118,470

Trade accounts receivable, net

1,149,298

990,558

Other receivables

105,157

98,499

Inventory

1,871,805

1,919,386

Prepaid expenses and other

242,045

205,994

Total current assets

4,851,711

4,449,423

Property, plant and equipment, net

2,075,256

1,834,930

Operating lease right-of-use assets

1,536,161

1,363,596

Deferred tax assets

423,544

440,358

Long-term investments

157,452

146,687

Goodwill

103,945

94,494

Other assets, net

130,047

126,270

Total non-current assets

4,426,405

4,006,335

TOTAL ASSETS

$

9,278,116

$

8,455,758

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

1,159,891

$

1,241,838

Accrued expenses

356,295

330,251

Operating lease liabilities

303,370

297,926

Current installments of long-term borrowings

316,748

353,131

Short-term borrowings

179,633

33,338

Total current liabilities

2,315,937

2,256,484

Long-term operating lease liabilities

1,358,821

1,176,290

Long-term borrowings

87,965

68,450

Deferred tax liabilities

10,283

11,148

Other long-term liabilities

129,601

123,122

Total non-current liabilities

1,586,670

1,379,010

Total liabilities

3,902,607

3,635,494

Redeemable noncontrolling interest

102,374

90,099

Stockholders’ equity

Preferred Stock

Class A Common Stock

131

130

Class B Common Stock

19

19

Additional paid-in capital

38,116

12,170

Accumulated other comprehensive loss

(71,989

)

(171,221

)

Retained earnings

4,809,135

4,436,201

Skechers U.S.A., Inc. equity

4,775,412

4,277,299

Noncontrolling interests

497,723

452,866

Total stockholders' equity

5,273,135

4,730,165

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

$

9,278,116

$

8,455,758

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands, except per share data)

2025

2024

2025

2024

Sales

$

2,440,024

$

2,157,643

$

4,851,595

$

4,409,230

Cost of sales

1,138,721

973,206

2,295,918

2,043,159

Gross profit

1,301,303

1,184,437

2,555,677

2,366,071

Operating expenses

Selling

251,883

235,870

436,956

392,371

General and administrative

876,338

742,036

1,680,514

1,468,371

Total operating expenses

1,128,221

977,906

2,117,470

1,860,742

Earnings from operations

173,082

206,531

438,207

505,329

Other income (expense)

45,517

(1,652

)

70,047

(3,702

)

Earnings before income taxes

218,599

204,879

508,254

501,627

Income tax expense

35,894

40,355

100,477

96,725

Net earnings

182,705

164,524

407,777

404,902

Less: Net earnings attributable to noncontrolling interests and
redeemable noncontrolling interest

12,207

24,222

34,843

57,978

Net earnings attributable to Skechers U.S.A., Inc.

$

170,498

$

140,302

$

372,934

$

346,924

Net earnings per share attributable to Skechers U.S.A., Inc.

Basic

$

1.14

$

0.92

$

2.49

$

2.27

Diluted

$

1.13

$

0.91

$

2.46

$

2.24

Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc.

Basic

150,001

152,503

149,711

152,707

Diluted

151,305

154,176

151,395

154,640

SKECHERS U.S.A., INC. AND SUBSIDIARIES

Supplemental Financial Information

(Unaudited)

Segment Information

Three Months Ended June 30,

Change

(in millions)

2025

2024

$

%

Wholesale sales

$

1,301.4

$

1,132.1

169.3

15.0

Cost of sales

763.0

635.2

127.9

20.1

Gross profit

538.4

496.9

41.4

8.3

Gross margin

41.4

%

43.9

%

(250) bps

Direct-to-Consumer sales

$

1,138.6

$

1,025.5

113.1

11.0

Cost of sales

375.7

338.0

37.6

11.1

Gross profit

762.9

687.5

75.5

11.0

Gross margin

67.0

%

67.0

%

0 bps

Total sales

$

2,440.0

$

2,157.6

282.4

13.1

Cost of sales

1,138.7

973.2

165.5

17.0

Gross profit

1,301.3

1,184.4

116.9

9.9

Gross margin

53.3

%

54.9

%

(160) bps

Six Months Ended June 30,

Change

(in millions)

2025

2024

$

%

Wholesale sales

$

2,833.6

$

2,553.8

279.8

11.0

Cost of sales

1,620.1

1,420.7

199.3

14.0

Gross profit

1,213.5

1,133.1

80.5

7.1

Gross margin

42.8

%

44.4

%

(150) bps

Direct-to-Consumer sales

$

2,018.0

$

1,855.4

162.5

8.8

Cost of sales

675.8

622.4

53.5

8.6

Gross profit

1,342.2

1,233.0

109.1

8.8

Gross margin

66.5

%

66.5

%

0 bps

Total sales

$

4,851.6

$

4,409.2

442.4

10.0

Cost of sales

2,295.9

2,043.1

252.8

12.4

Gross profit

2,555.7

2,366.1

189.6

8.0

Gross margin

52.7

%

53.7

%

(100) bps

Additional Sales Information

Three Months Ended June 30,

Change

(in millions)

2025

2024

$

%

Geographic sales

Domestic

Wholesale

$

413.3

$

446.9

(33.6

)

(7.5

)

Direct-to-Consumer

448.8

416.9

31.8

7.6

Total domestic sales

862.1

863.8

(1.8

)

(0.2

)

International

Wholesale

888.1

685.2

202.9

29.6

Direct-to-Consumer

689.8

608.6

81.2

13.3

Total international sales

1,577.9

1,293.8

284.2

22.0

Total sales

$

2,440.0

$

2,157.6

282.4

13.1

Regional sales

Americas (AMER)

$

1,113.0

$

1,100.9

12.1

1.1

Europe, Middle East & Africa (EMEA)

731.5

492.5

239.0

48.5

Asia Pacific (APAC)

595.5

564.2

31.3

5.5

Total sales

$

2,440.0

$

2,157.6

282.4

13.1

China sales

$

287.2

$

312.7

(25.6

)

(8.2

)

Distributor sales

$

136.1

$

112.8

23.3

20.6

Six Months Ended June 30,

Change

(in millions)

2025

2024

$

%

Geographic sales

Domestic

Wholesale

$

909.5

$

922.9

(13.4

)

(1.5

)

Direct-to-Consumer

806.3

739.7

66.5

9.0

Total domestic sales

1,715.8

1,662.6

53.1

3.2

International

Wholesale

1,924.1

1,630.9

293.2

18.0

Direct-to-Consumer

1,211.7

1,115.7

96.0

8.6

Total international sales

3,135.8

2,746.6

389.3

14.2

Total sales

$

4,851.6

$

4,409.2

442.4

10.0

Regional sales

Americas (AMER)

$

2,217.4

$

2,120.4

97.0

4.6

Europe, Middle East & Africa (EMEA)

1,449.7

1,120.2

329.6

29.4

Asia Pacific (APAC)

1,184.5

1,168.6

15.8

1.4

Total sales

$

4,851.6

$

4,409.2

442.4

10.0

China sales

$

555.8

$

632.3

(76.4

)

(12.1

)

Distributor sales

$

272.1

$

238.7

33.3

14.0

SKECHERS U.S.A., INC. AND SUBSIDIARIES
Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures
(Unaudited)

Constant Currency Adjustment (Non-GAAP Financial Measure)

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results. Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions we use.

Three Months Ended June 30,

2025

2024

Change

(in millions, except per share data)

Reported
GAAP Measure

Constant
Currency
Adjustment

Adjusted for
Non-GAAP
Measures

Reported
GAAP Measure

$

%

Sales

$

2,440.0

$

(33.9

)

$

2,406.1

$

2,157.6

$

248.5

11.5

Cost of sales

1,138.7

(23.4

)

1,115.3

973.2

142.1

14.6

Gross profit

1,301.3

(10.5

)

1,290.8

1,184.4

106.4

9.0

Operating expenses

1,128.2

(14.4

)

1,113.9

977.9

136.0

13.9

Earnings from operations

173.1

3.8

176.9

206.5

(29.6

)

(14.3

)

Other income (expense)

45.5

(48.6

)

(3.1

)

(1.6

)

(1.4

)

n/m

Income tax expense (benefit)

35.9

(0.7

)

35.2

40.4

(5.1

)

(12.7

)

Less: Noncontrolling interests and redeemable noncontrolling interest

12.2

0.1

12.3

24.2

(11.9

)

(49.3

)

Net earnings attributable to Skechers U.S.A., Inc.

$

170.5

$

(44.2

)

$

126.3

$

140.3

$

(14.0

)

(10.0

)

Diluted earnings per share

$

1.13

$

(0.30

)

$

0.83

$

0.91

$

(0.08

)

(8.8

)

Six Months Ended June 30,

2025

2024

Change

(in millions, except per share data)

Reported
GAAP Measure

Constant
Currency
Adjustment

Adjusted for
Non-GAAP
Measures

Reported
GAAP Measure

$

%

Sales

$

4,851.6

$

9.6

$

4,861.2

$

4,409.2

$

451.9

10.3

Cost of sales

2,295.9

2.9

2,298.8

2,043.1

255.6

12.5

Gross profit

2,555.7

6.7

2,562.4

2,366.1

196.3

8.3

Operating expenses

2,117.5

0.2

2,117.6

1,860.7

256.9

13.8

Earnings from operations

438.2

6.7

444.9

505.3

(60.4

)

(12.0

)

Other income (expense)

70.0

(75.3

)

(5.3

)

(3.7

)

(1.6

)

n/m

Income tax expense (benefit)

100.5

(0.6

)

99.8

96.7

3.1

3.2

Less: Noncontrolling interests and redeemable noncontrolling interest

34.8

0.7

35.5

58.0

(22.5

)

(38.8

)

Net earnings attributable to Skechers U.S.A., Inc.

$

372.9

$

(68.7

)

$

304.2

$

346.9

$

(42.7

)

(12.3

)

Diluted earnings per share

$

2.46

$

(0.45

)

$

2.01

$

2.24

$

(0.23

)

(10.3

)

___________________________
Note: Amounts may not foot due to rounding.

n/m: not meaningful.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250808022390/en/

Ämnen i artikeln

Skechers USA

Senast

62,96

1 dag %

−0,10%

1 dag

1 mån

1 år

Marknadsöversikt

OMX Stockholm 30

1 DAG %

0,36%

Senast

2 602,98

1 mån
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