US revenues lead to decline at K-Swiss
US-based athletic footwear company K-Swiss Inc. has posted a decline in earnings and revenues for its third quarter ended September 30.
Net earnings for the quarter were $12.8 million compared with $21 million in the prior-year period. Global revenues fell to $107.2 million compared with $133.1 million for the 2006 quarter. Domestic revenues showed a decrease of 36.3%, falling 36.3% to $52 million, while international revenues increased 7.4% to $55.2 million.
Net earnings for the nine months ended September 30 totalled $38.5 million compared with $66.2 million in the prior-year period. Global revenues were $332.3 million compared with $407.3 million. Domestic revenues decreased 36.9% to $168.1 million, while international revenues increased 16.4% to $164.2 million.
The Company expects revenues for the fourth quarter to be approximately $73 to $81 million, while it anticipates that full-year revenues will be approximately $405 to $413 million.
Chairman of the board and president, Steven Nichols, says: "Our domestic footwear business remains very challenging for us with no positive trends to speak of in domestic backlog and international growth appears to be slowing.”
