K-Swiss revenues slip
American athletic footwear designer and developer K-Swiss Inc. has posted lower revenues for 2007 as the effects of the current economic uncertainty began to show.
Total worldwide revenues fell to $410,432,000 compared with $501,148,000 in 2006, as domestic US revenues slipped a staggering 36.5% to $202,375,000, which more than offset a 14% rise in international revenues to $208,057,000.
Steven Nichols, chairman and president, stated: "The fourth quarter was fairly indicative of the environment in which we are operating and the long-term plan we are executing to re-establish positive trends in our domestic business and maintain momentum internationally. As expected, we invested heavily in our premium sports branding efforts, while conservatively managing our balance sheet. We have a long road ahead of us to prove to retailers and customers that K-Swiss is a fresh and exciting premium sports brand once again, but we remain committed to get there."
The company develops athletic footwear for high performance sports use, fitness activities and casual wear under the K-Swiss brand as well as designing and manufacturing footwear under the Royal Elastics brand.
