# EDGAR Filing Document

**Accession Number:** 0001065837
**File Stem:** 0000950170-25-105856
**Filing Date:** 2025-8
**Character Count:** 26290
**Document Hash:** f400c29c50ebb23b10039524fc4f41fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-105856.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0000950170-25-105856

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250808

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SKECHERS USA INC
- **CENTRAL INDEX KEY:** 0001065837
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOTWEAR, (NO RUBBER) [3140]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 954376145
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14429
- **FILM NUMBER:** 251198593

**BUSINESS ADDRESS:**
- **STREET 1:** 228 MANHATTAN BEACH BLVD
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266
- **BUSINESS PHONE:** 3103183100

**MAIL ADDRESS:**
- **STREET 1:** 228 MANHATTAN BEACH BLVD
- **CITY:** MANHATTAN BEACH
- **STATE:** CA
- **ZIP:** 90266

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 08, 2025<br>

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SKECHERS U.S.A., INC.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Delaware | 001-14429 | 95-4376145 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 228 Manhattan Beach Blvd |  |  |
| Manhattan Beach**,** California |  | 90266 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (310) 318-3100<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Class A Common Stock, par value $0.001 per share | SKX | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On August 8, 2025, Skechers U.S.A., Inc. issued a press release announcing its results of operations and financial condition for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

## **Item 9.01 Financial Statements and Exhibits.** 
(d) Exhibits

The following exhibits are furnished as part of this report:

99.1 [<u>Press Release dated August 8, 2025</u>](skx-ex99_1.htm).

104 Cover Page Interactive Data File (embedded within the inline XBRL document).

The information in this current report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the Information this Current Report contains is material investor information that is not otherwise publicly available.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | SKECHERS U.S.A., INC. |
| Date: | *August 8, 2025* | By:  | */s/ John Vandemore* |
|  |  |  | *<br>Name: John Vandemore<br>Title: Chief Financial Officer* |

---

------

## Exhibit 99.1

**Exhibit 99.1**

**Skechers Announces second QUARTER 2025 FINANCIAL RESULTS**

LOS ANGELES, CA – August 8, 2025 – Skechers U.S.A., Inc. ("Skechers" or the "Company") (NYSE:SKX), The Comfort Technology Company<sup>®</sup> and a global footwear leader, today announced financial results for the second quarter ended June 30, 2025.

**Second Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;•**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%**

&nbsp;&nbsp;&nbsp;&nbsp;•**Wholesale sales grew 15.0%**

&nbsp;&nbsp;&nbsp;&nbsp;•**Direct-to-Consumer sales grew 11.0%**

&nbsp;&nbsp;&nbsp;&nbsp;•**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,** | **Three Months Ended June 30,** | **Change** | **Change** |
| (in millions, except per share data) | **2025** | **2024** | **$** | **%** |
| Sales | $2440.0 | $2157.6 |  | 13.1 |
| Gross profit | 1301.3 | 1184.4 |  | 9.9 |
| *Gross margin* | *53.3%* | *54.9%* |  | *(160) bps* |
| Operating expenses | 1128.2 | 977.9 |  | 15.4 |
| *As a % of sales* | *46.2%* | *45.3%* |  | *90 bps* |
| Earnings from operations | 173.1 | 206.5 |  | (16.2) |
| *Operating margin* | *7.1%* | *9.6%* |  | *(250) bps* |
| Net earnings attributable to Skechers U.S.A., Inc. | 170.5 | 140.3 |  | 21.5 |
| Diluted earnings per share | $1.13 | $0.91 |  | 24.2 |

---

**Six Months 2025 Financial Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change** | **Change** |
| (in millions, except per share data) | **2025** | **2024** | **$** | **%** |
| Sales | $4851.6 | $4409.2 |  | 10.0 |
| Gross profit | 2555.7 | 2366.1 |  | 8.0 |
| *Gross margin* | *52.7%* | *53.7%* |  | *(100) bps* |
| Operating expenses | 2117.5 | 1860.7 |  | 13.8 |
| *As a % of sales* | *43.6%* | *42.2%* |  | *140 bps* |
| Earnings from operations | 438.2 | 505.3 |  | (13.3) |
| *Operating margin* | *9.0%* | *11.5%* |  | *(240) bps* |
| Net earnings attributable to Skechers U.S.A., Inc. | 372.9 | 346.9 |  | 7.5 |
| Diluted earnings per share | $2.46 | $2.24 |  | 9.8 |

---

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**About Skechers U.S.A., Inc.** 

Skechers (NYSE:SKX), The Comfort Technology Company<sup>®</sup> 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<sup>®</sup> 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.*

Investor Relations

Sonia Reback

Eunice Han

investors@skechers.com

Press

Jennifer Clay

jennc@skechers.com

------

**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 | ASSETS | ASSETS |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1377152 | $1116516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 106254 | 118470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable, net | 1149298 | 990558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 105157 | 98499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 1871805 | 1919386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 242045 | 205994 |
| Total current assets | 4851711 | 4449423 |
| Property, plant and equipment, net | 2075256 | 1834930 |
| Operating lease right-of-use assets | 1536161 | 1363596 |
| Deferred tax assets | 423544 | 440358 |
| Long-term investments | 157452 | 146687 |
| Goodwill | 103945 | 94494 |
| Other assets, net | 130047 | 126270 |
| Total non-current assets | 4426405 | 4006335 |
| TOTAL ASSETS | $9278116 | $8455758 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY | LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $1159891 | $1241838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 356295 | 330251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 303370 | 297926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current installments of long-term borrowings | 316748 | 353131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 179633 | 33338 |
| Total current liabilities | 2315937 | 2256484 |
| Long-term operating lease liabilities | 1358821 | 1176290 |
| Long-term borrowings | 87965 | 68450 |
| Deferred tax liabilities | 10283 | 11148 |
| Other long-term liabilities | 129601 | 123122 |
| Total non-current liabilities | 1586670 | 1379010 |
| Total liabilities | 3902607 | 3635494 |
| Redeemable noncontrolling interest | 102374 | 90099 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | 131 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 38116 | 12170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (71989) | (171221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 4809135 | 4436201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers U.S.A., Inc. equity | 4775412 | 4277299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 497723 | 452866 |
| Total stockholders' equity | 5273135 | 4730165 |
| TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY | $9278116 | $8455758 |

---

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

**Condensed Consolidated Statements of Earnings**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands, except per share data) | **2025** | **2024** | **2025** | **2024** |
| Sales | $2440024 | $2157643 | $4851595 | $4409230 |
| Cost of sales | 1138721 | 973206 | 2295918 | 2043159 |
| Gross profit | 1301303 | 1184437 | 2555677 | 2366071 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling | 251883 | 235870 | 436956 | 392371 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 876338 | 742036 | 1680514 | 1468371 |
| Total operating expenses | 1128221 | 977906 | 2117470 | 1860742 |
| Earnings from operations | 173082 | 206531 | 438207 | 505329 |
| Other income (expense) | 45517 | (1652) | 70047 | (3702) |
| Earnings before income taxes | 218599 | 204879 | 508254 | 501627 |
| Income tax expense | 35894 | 40355 | 100477 | 96725 |
| Net earnings | 182705 | 164524 | 407777 | 404902 |
| Less: Net earnings attributable to noncontrolling interests and <br>redeemable noncontrolling interest | 12207 | 24222 | 34843 | 57978 |
| Net earnings attributable to Skechers U.S.A., Inc. | $170498 | $140302 | $372934 | $346924 |
| Net earnings per share attributable to Skechers U.S.A., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.14 | $0.92 | $2.49 | $2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;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. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 150001 | 152503 | 149711 | 152707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 151305 | 154176 | 151395 | 154640 |

---

------

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

**Supplemental Financial Information**

**(Unaudited)**

**Segment Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Change** | **Change** |
| (in millions) | **2025** | **2024** | $**%** | **%** |
| Wholesale sales | $1301.4 | $1132.1 |  | 15.0 |
| Cost of sales | 763.0 | 635.2 |  | 20.1 |
| Gross profit | 538.4 | 496.9 |  | 8.3 |
| *Gross margin* | *41.4%* | *43.9%* |  | *(250) bps* |
| Direct-to-Consumer sales | $1138.6 | $1025.5 |  | 11.0 |
| Cost of sales | 375.7 | 338.0 |  | 11.1 |
| Gross profit | 762.9 | 687.5 |  | 11.0 |
| *Gross margin* | *67.0%* | *67.0%* | *0 bps* | *0 bps* |
| Total sales | $2440.0 | $2157.6 |  | 13.1 |
| Cost of sales | 1138.7 | 973.2 |  | 17.0 |
| Gross profit | 1301.3 | 1184.4 |  | 9.9 |
| *Gross margin* | *53.3%* | *54.9%* |  | *(160) bps* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change** | **Change** |
| (in millions) | **2025** | **2024** | $**%** | **%** |
| Wholesale sales | $2833.6 | $2553.8 |  | 11.0 |
| Cost of sales | 1620.1 | 1420.7 |  | 14.0 |
| Gross profit | 1213.5 | 1133.1 |  | 7.1 |
| *Gross margin* | *42.8%* | *44.4%* |  | *(150) bps* |
| Direct-to-Consumer sales | $2018.0 | $1855.4 |  | 8.8 |
| Cost of sales | 675.8 | 622.4 |  | 8.6 |
| Gross profit | 1342.2 | 1233.0 |  | 8.8 |
| *Gross margin* | *66.5%* | *66.5%* | *0 bps* | *0 bps* |
| Total sales | $4851.6 | $4409.2 |  | 10.0 |
| Cost of sales | 2295.9 | 2043.1 |  | 12.4 |
| Gross profit | 2555.7 | 2366.1 |  | 8.0 |
| *Gross margin* | *52.7%* | *53.7%* |  | *(100) bps* |

---

------

**Additional Sales Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Change** | **Change** |
| (in millions) | **2025** | **2024** | **$** | **%** |
| **Geographic sales** |  |  |  |  |
| Domestic |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | $413.3 | $446.9 |  | (7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer | 448.8 | 416.9 |  | 7.6 |
| Total domestic sales | 862.1 | 863.8 |  | (0.2) |
| International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 888.1 | 685.2 |  | 29.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer | 689.8 | 608.6 |  | 13.3 |
| Total international sales | 1577.9 | 1293.8 |  | 22.0 |
| Total sales | $2440.0 | $2157.6 |  | 13.1 |
| **Regional sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas (AMER) | $1113.0 | $1100.9 |  | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East & Africa (EMEA) | 731.5 | 492.5 |  | 48.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific (APAC) | 595.5 | 564.2 |  | 5.5 |
| Total sales | $2440.0 | $2157.6 |  | 13.1 |
| **China sales** | $287.2 | $312.7 |  | (8.2) |
| **Distributor sales** | $136.1 | $112.8 |  | 20.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change** | **Change** |
| (in millions) | **2025** | **2024** | **$** | **%** |
| **Geographic sales** |  |  |  |  |
| Domestic |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | $909.5 | $922.9 |  | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer | 806.3 | 739.7 |  | 9.0 |
| Total domestic sales | 1715.8 | 1662.6 |  | 3.2 |
| International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 1924.1 | 1630.9 |  | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct-to-Consumer | 1211.7 | 1115.7 |  | 8.6 |
| Total international sales | 3135.8 | 2746.6 |  | 14.2 |
| Total sales | $4851.6 | $4409.2 |  | 10.0 |
| **Regional sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas (AMER) | $2217.4 | $2120.4 |  | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East & Africa (EMEA) | 1449.7 | 1120.2 |  | 29.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific (APAC) | 1184.5 | 1168.6 |  | 1.4 |
| Total sales | $4851.6 | $4409.2 |  | 10.0 |
| **China sales** | $555.8 | $632.3 |  | (12.1) |
| **Distributor sales** | $272.1 | $238.7 |  | 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,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **Change** |
| (in millions, except per share data) | **Reported GAAP Measure** | **Constant Currency Adjustment** | **Adjusted for Non-GAAP Measures** | **Reported GAAP Measure** | **%** |
| Sales | $2440.0 | $(33.9) | $2406.1 | $2157.6 | 11.5 |
| Cost of sales | 1138.7 | (23.4) | 1115.3 | 973.2 | 14.6 |
| Gross profit | 1301.3 | (10.5) | 1290.8 | 1184.4 | 9.0 |
| Operating expenses | 1128.2 | (14.4) | 1113.9 | 977.9 | 13.9 |
| Earnings from operations | 173.1 | 3.8 | 176.9 | 206.5 | (14.3) |
| Other income (expense) | 45.5 | (48.6) | (3.1) | (1.6) | n/m |
| Income tax expense (benefit) | 35.9 | (0.7) | 35.2 | 40.4 | (12.7) |
| Less: Noncontrolling interests and redeemable noncontrolling interest | 12.2 | 0.1 | 12.3 | 24.2 | (49.3) |
| Net earnings attributable to Skechers U.S.A., Inc. | $170.5 | $(44.2) | $126.3 | $140.3 | (10.0) |
| Diluted earnings per share | $1.13 | $(0.30) | $0.83 | $0.91 | (8.8) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **Change** |
| (in millions, except per share data) | **Reported GAAP Measure** | **Constant Currency Adjustment** | **Adjusted for Non-GAAP Measures** | **Reported GAAP Measure** | **%** |
| Sales | $4851.6 | $9.6 | $4861.2 | $4409.2 | 10.3 |
| Cost of sales | 2295.9 | 2.9 | 2298.8 | 2043.1 | 12.5 |
| Gross profit | 2555.7 | 6.7 | 2562.4 | 2366.1 | 8.3 |
| Operating expenses | 2117.5 | 0.2 | 2117.6 | 1860.7 | 13.8 |
| Earnings from operations | 438.2 | 6.7 | 444.9 | 505.3 | (12.0) |
| Other income (expense) | 70.0 | (75.3) | (5.3) | (3.7) | n/m |
| Income tax expense (benefit) | 100.5 | (0.6) | 99.8 | 96.7 | 3.2 |
| Less: Noncontrolling interests and redeemable noncontrolling interest | 34.8 | 0.7 | 35.5 | 58.0 | (38.8) |
| Net earnings attributable to Skechers U.S.A., Inc. | $372.9 | $(68.7) | $304.2 | $346.9 | (12.3) |
| Diluted earnings per share | $2.46 | $(0.45) | $2.01 | $2.24 | (10.3) |

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Note: Amounts may not foot due to rounding.

n/m: not meaningful.

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