Revenues fall at K-Swiss
Athletic footwear manufacturer K-Swiss has posted mixed results for its second quarter ended June 30.
Net earnings for the second quarter were $26.4 million compared with $7.7 million in the prior-year period. Earnings for the six months ended June 30 totalled $33.5 million compared with $25.7 million in the same period last year.
However, second quarter revenues fell 16.9% to $85.2 million compared with $102.5 million in the prior-year period. Domestic revenues fell 32.7% to $36.1 million, while international revenues increased 0.5% to $49 million. Revenues for the first six months fell 16.4% to $188.1 million compared with $225 million in the same period last year. Domestic revenues fell 33.2% to $77.6 million, while international revenues increased 1.4% to $110.5 million.
Chairman of the board and president, Steven Nichols, said: "While we are hopeful in the future payoff from our ongoing brand investments, we are increasingly less optimistic about the likelihood of a favourable retail climate in the near term.”
