USA: K-Swiss Doubles Q2 Profit, Raises FY Outlook
The California-based firm reported net income for the 13 weeks ended June 30 of $12.6 million, or 67 cents per diluted share, compared with $6m, or 30 cents per diluted share, in the same period of 2002.
Sales surged almost 50 per cent to $111.8m from $74.9m last year with domestic sales up 51.8 per cent to $98.1m and international sales up by a third to $13.7m from the year-ago period.
It added worldwide futures orders with start ship dates from July through December as of this year as of June 30 increased 82.7 per cent to $159m from $87m last year.
The firm sees current quarter sales in the range of $100m to $108m and earnings in the range of 43 to 50 cents. Full year revenues are seen in range of $395m to $405m and earnings of $2.20 to $2.30.
K-Swiss chairman and president, Steven Nichols, said: "The combination of great brand positioning, strong demand for our Classics products, improved results from our Training category, as well as higher gross margins, led to stellar earnings growth.
"With the sustained growth in margins, there clearly is a benefit to keeping our products exclusive for our retail partners as new offerings continue to sell through well at retail.
"We have been very active and focused in our efforts to support this demand and will continue to concentrate on keeping the K-Swiss brand fresh and exciting through great products and marketing."
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