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  "documentTitle": "Skechers U.S.A., Inc. (SKX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-19 00:00:00",
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  "notes": "The slide uses a comparative structure to show a pattern of behavior.",
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      "kind": "callout",
      "text": "Skechers has faced several episodes of excess inventory, most recently in Q3 2015 and Q2 2018. While the drivers in each case were different, subsequent lawsuits would suggest that shareholders were very surprised based on their interpretation of management's previous comments.",
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      "text": "2015 Stock Price Decline",
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      "text": "2018 Stock Price Decline",
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      "text": "stock price: -46%",
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      "kind": "paragraph",
      "text": "In its Q3 2015 earnings report, Skechers revealed that Domestic Wholesale revenues grew dramatically slower than previously guided, resulting in a revenue miss, and that inventory growth far exceeded revenue growth.",
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      "text": "In its Q2 2018 earnings report, Skechers provided disappointing Q3 revenue guidance, in large part due to excess inventory in the International Wholesale channel, particularly in China.",
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      "text": "Source: Skechers Q3 2015 earnings release, Skechers Q2 2018 earnings release, Bloomberg",
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      "kind": "title",
      "text": "Skechers Has Experienced Periodic Inventory Issues, Often Resulting in Adverse Stock Moves",
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      "evidence": "The document presents various struggles faced by Skechers, including revenue slowdown and deteriorating profitability",
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      "objective": "Exposing Skechers' inventory issues",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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