Skechers to Temporarily Close Some Stores in North America & Europe

Manhattan Beach, Calif. — SKECHERS USA, Inc. is temporarily closing its company-owned Skechers retail stores in North America and select European markets through March 28, 2020 and is withdrawing its first quarter 2020 guidance due to the continuing impact of the COVID-19 outbreak and the resulting uncertainty of the global retail landscape.

The temporary closure of company-owned Skechers in North America follows the earlier closures of company-owned and third-party owned stores in several severely impacted international regions.

“Given the rapidly evolving coronavirus crisis and the importance of social distancing in curbing the spread of the virus, we believe the closure of our stores is the appropriate decision for the safety of our employees, our valued shoppers and the public at large,” says COO David Weinberg. “We are monitoring our business and the impact of the virus in all countries and will continue to close stores as we feel needed.”

Adds CFO John Vandemore: “With the outbreak spreading more broadly across the globe, it is apparent that the situation has deteriorated considerably. As a result, we have decided to withdraw our guidance as we are unable to reliably quantify the impact of the COVID-19 outbreak on our future financial results. We plan to provide more information during our first quarter earnings call.”

Based in Manhattan Beach, Calif., Skechers designs, develops and markets a diverse range of lifestyle footwear for men, women and children, as well as performance footwear for men and women. Skechers footwear is available in the United States and over 170 countries and territories worldwide via department and specialty stores, more than 3,550 Skechers company-owned and third-party-owned retail stores, and the company’s e-commerce websites. For more information, visit www.about.skechers.com.

SOURCE: SKECHERS USA, Inc.

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