Net loss widens at K-Swiss
K-Swiss has posted higher net loss for its third quarter ended September 30.
Net loss for the quarter was $28.3 million compared with $2.9 million during the prior-year period. Revenues fell 12.8% to $61.6 million compared with $70.6 million. Domestic revenues increased by 13.2% to $27.1 million, however, international revenues fell 26.1% to $34.5 million.
Net loss for the nine months ended September 30 was $47.6 million compared with $15.5 million during the same period last year.
Global revenues fell 12.3% to $174.3 million compared with $198.7 million.
Domestic revenues decreased by 11.2% to $73.8 million, while international revenues fell 13% to $100.5 million.
However, futures orders with start ship dates from October 2010 through March 2011 were up 17.5% to $79.9 million at September 30. Domestic futures orders grew 50.9% to $34.9 million, while international futures orders increased by 0.3% to $45 million.
Steven Nichols, chairman of the board and president, said: "While the results over the last couple of years have been dismal, there are an increasing number of 'green shoots' of promise that spring will in fact come in 2011.
“Our domestic futures orders are up 50% and positive worldwide, which could be an acknowledgement that our three years of investing in innovative product and brand positioning might pay off."
