SKECHERS U.S.A., INC.

(SKX)
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Delayed Nyse  -  04:00 2022-06-24 pm EDT
38.58 USD   +5.21%
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Skechers Elite Runner Edward Cheserek Wins Second Straight Carlsbad 5000

05/24/2022 | 02:19pm EDT

Skechers, The Comfort Technology Company™, celebrates 17-time NCAA national champion Edward Cheserek’s second consecutive win at the 2022 Carlsbad 5000 in Carlsbad, CA on Sunday, May 22. The Skechers elite runner, who also won the event known as the World’s Fastest 5K when it was last held in 2019, ran in 13:44, crossing the finish line one second ahead of the next competitor.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220523006088/en/

Skechers elite runner Edward Cheserek, racing in Skechers Speed Elite footwear, wins second straight Carlsbad 5000 on Sunday, May 22, 2022. Photo credit: Carlsbad 5000

Skechers elite runner Edward Cheserek, racing in Skechers Speed Elite footwear, wins second straight Carlsbad 5000 on Sunday, May 22, 2022. Photo credit: Carlsbad 5000

“After winning in 2019, I said I couldn’t wait to race again here next year. It ended up taking a little bit longer than we thought due to the pandemic, but feels so good to be back and to win again on this course is more than I could have hoped for,” said Cheserek, who raced wearing the Skechers Speed Elite. “It’s a bonus that a legend like Meb is involved in this race. Knowing how much he achieved with Skechers really got me ready to compete hard, and I’m honored to represent the team with a victory.”

Since the inaugural race in 1986, the World’s Fastest 5K has been more than just a catchy tagline. Numerous records have been set throughout the past 35 years, and the Carlsbad 5000 is an ever-tested proving ground for racing. Skechers elite marathoner Meb Keflezighi headlines a group of local running industry leaders who took ownership of the event in 2018.

“It’s been a long three years since the last Carlsbad 5000, but Edward’s repeat win was the perfect way to begin the next chapter of this fantastic race,” added Meb Keflezighi. “It’s great to be back with the runners and fans in the San Diego area and I loved watching another member of the Skechers running family push so hard to cross that finish line first.”

“Edward is a true competitor who never gave up to get the win in an exciting photo finish ending,” said Michael Greenberg, president of Skechers. “Runners around the world are inspired by his determination and focus, so we’re fortunate to have him on our team illustrating how the comfort and performance of Skechers GO RUN technical footwear can lead to the podium. We look forward to continuing this journey together and the exciting possibilities ahead.”

Originally from Kenya, Cheserek attended Saint Benedict’s Preparatory School in New Jersey, where he was named the Gatorade 2013 National Cross Country Runner of the Year, before choosing to continue his collegiate career at distance running powerhouse, University of Oregon. In 2013, Cheserek became the first freshman in school history to win the NCAA National Cross Country Championships and would then go on to repeat as cross country champion in his sophomore and junior years. By the end of his collegiate career, Cheserek was the winningest male athlete in NCAA Division I athletics’ history with a combined 17 national championships in cross country plus indoor and outdoor track and field. After going pro in September 2017, he set a new PR in the indoor mile with a win at the 2018 Boston University Valentine Invitational. Wearing custom Skechers GO RUN racing spikes, his time of 3:49.44 placed him at #2 all-time on the world record list for that distance. In April 2019, Cheserek won the Carlsbad 5000 in 13:29, tying the IAAF road world record and achieving a new road 5K personal best.

Since its debut with the first model of Skechers GO RUN worn by Meb Keflezighi in 2012, Skechers Performance footwear has earned respect throughout the running world and won numerous awards within the footwear industry. The entire Skechers GO RUN collection for men and women is available at Skechers retail stores and skechers.com as well as select retail partners.

About Skechers USA, Inc.

Skechers USA, Inc. (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 over 180 countries and territories through department and specialty stores, and direct to consumers through digital stores and 4,308 Company- and third-party-owned physical retail stores. The Company 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, Twitter, and TikTok.

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 the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions including the challenging consumer retail markets in the United States and the impact of Russia’s recent invasion of Ukraine; 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; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2021 and its quarterly report on Form 10-Q for the three months ended March 31, 2022. Taking these and other risk factors associated with the COVID-19 pandemic 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.


© Business Wire 2022
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Financials (USD)
Sales 2022 7 346 M - -
Net income 2022 456 M - -
Net cash 2022 604 M - -
P/E ratio 2022 13,1x
Yield 2022 -
Capitalization 5 851 M 5 851 M -
EV / Sales 2022 0,71x
EV / Sales 2023 0,62x
Nbr of Employees 8 950
Free-Float 85,7%
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Number of Analysts 13
Last Close Price 38,58 $
Average target price 59,43 $
Spread / Average Target 54,1%
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Managers and Directors
Robert Greenberg Chairman & Chief Executive Officer
Michael Greenberg Chairman & President
John M. Vandemore Chief Financial Officer
David Weinberg Chief Operating Officer & Executive Vice President
Richard Siskind Lead Independent Director
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