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2012 Super Bowl Commercials: Sneak Preview (Update 1)

Skechers USA
Sorry, Kim Kardashian. When you've been replaced in a Super Bowl commercial by a dog, you know you've fallen on tough times.

That's the direction Skechers (SKX) has taken this year. For those keeping track at home, Skechers has gone from NFL quarterback legend Joe Montana as the pitchman to Kim Kardashian and now, in 2012, to a miniature dog named Mr. Quiggly about to partake in a dog race.

Skechers has failed with its first and second impressions now, which lowers the bar for Mr. Quiggly. In 2012, Skechers pounced on two 15-second spots that opened up with less than a month to go before the Super Bowl, with the resulting commercials looking rushed and messy. Montana's testimonial was merely a voiceover; His face never even appeared in the ad. That's not a good Super Bowl introduction to fans who expect blockbuster ads during the game.

That flop didn't dissuade the company from spending big to promote the Shape-Up shoe. Last year, Skechers signed famous-for-no-reason TV starlet Kardashian for the commercial, which ended up being racier than the spot.

Over the past year, Skechers' share price hasn't performed well while other footwear stocks have seen massive gains: Shoemakers such as Crox (CROX) and Deckers Outdoor (DECK) have climbed by 16% and 9.4%, respectively, over the past year, while Skechers shares have dropped 41%.

Here's hoping Mr. Quiggly has more star power than Kardashian.

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