K-Swiss makes a loss but revenues up 17% - footwearbiz: Leading site f

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K-Swiss makes a loss but revenues up 17%

20/02/2012
US footwear brand K-Swiss has announced its results for the fourth quarter and year ended December 31, 2011. Net loss for the fourth quarter of 2011 was $25.2 million, compared with a net loss of $20.6 million for the prior-year period. Net loss for the year ended December 31, 2011 was $70.4 million compared with a net loss of $68.2 million for the year ended December 31, 2010. Results for 2010 include a valuation allowance taken against the company’s deferred tax assets, resulting in income tax expense for 2010 at $7.9 million.

For the fourth quarter of 2011, total worldwide revenues increased 17.8% to $50.2 million from $42.6 million in the prior-year period. Domestic revenues increased 10.3% to $20.4 million in the fourth quarter, and international revenues increased 23.6% to $29.7 million for the same period. Total worldwide revenues for 2011 increased 23.8% to $268.3 million from $216.8 million for 2010. Domestic revenues increased 26.7% to $116.8 million in 2011, and international revenues increased 21.7% to $151.6 million for the same period.

Steven Nichols, chairman of the board and president, said: “For the past four years, we have invested substantial resources in driving performance running/Ironman Triathlon. In addition to growing our performance category, our 2012 focus will be on bringing expenses and inventory in line with our historical positions and developing the franchise for the Clean Classic series.”

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