SKECHERS Appoints BDO USA, LLP As New Auditors

  SKECHERS Appoints BDO USA, LLP As New Auditors

                      *Expects to File Its 10-Q on May 10
  *Preliminary First Quarter 2013 Net Sales between $440 to $450 Million and
                            EPS between $0.08 to $0.12
  *Two one-time items negatively impacted EPS by $0.07

Business Wire

MANHATTAN BEACH, Calif. -- April 24, 2013

SKECHERS USA, Inc. (NYSE:SKX), today announced that the Audit Committee of its
Board of Directors has appointed BDO USA, LLP (“BDO”)as the Company's
independent auditors. BDO will commence work immediately with the re-audit of
the Company's financial statements for the fiscal years ended December 31,
2011 and 2012, as well as reviewing the financial statements for the first
quarter of 2013. The appointment of BDO was made after an extensive evaluation
process by the Company’s Audit Committee.

As previously announced, the change in auditors was the result of KPMG LLP’s
(“KPMG”) resignation as Skechers’ independent auditors, due to the impairment
of KPMG's independence resulting from to its now former partner's alleged
unlawful activities. The resignation of KPMG was not related to Skechers’
financial statements, its accounting practices, the integrity of Skechers'
management, or for any other reason.

“Skechers’ focus during this transition period has been on finding new
auditors, preparing to report our first quarter 2013 earnings, and managing
our global footwear business,” began David Weinberg, Skechers Chief Operating
Officer and Chief Financial Officer. “With BDO now in place, we believe that
they will efficiently audit the last two fiscal years of our consolidated
financial statements and expertly handle our future audit needs.”

Mr. Weinberg continued: “We look forward to our first quarter earnings
announcement and expect to report net sales between $440 million to $450
million versus first quarter 2012 net sales of $351.3 million, and earnings
per share between $0.08 to $0.12. It is important to note that the combination
of two one-time items which negatively impacted our earnings per share by
$0.07. First, due to a stronger dollar when our short-term intercompany
investments in our foreign subsidiaries were translated into U.S. dollars it
resulted in a foreign currency translation loss of $3.0 million in our
consolidated financial statements during the first quarter of 2013. In
addition, during the first quarter we agreed to a $2.5 million credit to an
account that had purchased a significant portion of our excess toning
inventory in 2011. We determined this was appropriate due to various issues
relating to market conditions, pricing and the amount of toning inventory in
the market place.”

The Company also announced that it will schedule its conference call
discussing financial results for the first quarter of 2013 on the same day
that its quarterly report on Form 10-Q is filed. The Company expects to timely
file its Form 10-Q for the first quarter of 2013 on May 10, 2013, or, if
necessary, no later than May 15, 2013 with the required notice being filed in
accordance with SEC rules. Participating on the call will be David Weinberg,
Chief Operating Officer and Chief Financial Officer.


SKECHERS USA, Inc., based in Manhattan Beach, California, designs, develops
and markets a diverse range of footwear for men, women and children under the
SKECHERS name. SKECHERS footwear is available in the United States via
department and specialty stores, Company-owned SKECHERS retail stores and its
e-commerce website, and over 100 countries and territories through the
Company’s global network of distributors and subsidiaries in Brazil, Canada,
Chile, Japan, and across Europe, as well as through joint ventures in Asia.
For more information, please visit, and follow us on Facebook
( and Twitter (


BDO is the brand name for BDO USA, LLP, a U.S. professional services firm
providing assurance, tax, financial advisory and consulting services to a wide
range of publicly traded and privately held companies. For more than 100
years, BDO has provided quality service through the active involvement of
experienced and committed professionals. The firm serves clients through 45
offices and more than 400 independent alliance firm locations nationwide. As
an independent Member Firm of BDO International Limited, BDO serves
multi-national clients through a global network of 1,204 offices in 138

BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of
BDO International Limited, a UK company limited by guarantee, and forms part
of the international BDO network of independent member firms. BDO is the brand
name for the BDO network and for each of the BDO Member Firms. For more
information please visit:

This announcement may contain forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, without limitation,
any statement that may predict, forecast, indicate or simply state future
results, performance or achievements, and can be identified by the use of
forward looking language such as "believe," "anticipate," "expect,"
"estimate," "intend," "plan," "project," "will be," "will continue," "will
result," "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 international, national and local general economic,
political and market conditions including the ongoing global economic slowdown
and market instability; entry into the highly competitive performance footwear
market; 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; 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 the Company’s annual
report on Form 10-K for the year ended December 31, 2012. The risks included
here are not exhaustive. The Company operates in a very competitive and
rapidly changing environment. New risks emerge from time to time and the
companies cannot predict all such risk factors, nor can the companies assess
the impact of all such risk factors on their respective businesses 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


Jennifer Clay, (310) 937-1326
Investor Relations:
Andrew Greenebaum, (310) 829-5400
Press spacebar to pause and continue. Press esc to stop.