US: K-Swiss losses continue to narrow into Q2
- Q2 net loss narrows to $11.6m
- Worldwide revenues down 31.5%
- Domestic revenues fall 42.1%
Footwear maker K-Swiss saw its second-quarter net losses narrow as the company worked to improve its domestic business.
The company's net loss reached US$11.6m over the quarter ended 30 June, compared to a $20m loss the same quarter last year. Operating loss narrowed to $11.3m, compared to a $16.3m loss last year.
Total revenue declined 31.5%% to $44.8m. Worldwide revenues fell 31.5% to $44.8m, while domestic revenues slumped 42.1% to $18.7m. International revenues decreased 20.9% to $26m during the quarter.
Steven Nichols, chairman and president, said: "The past several years, domestic K-Swiss has suffered from declining future orders and sales. We have been aggressively addressing these trends with new product initiatives.
"While there was a positive impact from these initiatives in our June 30, 2012 backlog, it was not evident due to the declining trends in the overall domestic business."
Nichols said the group is seeing some overall positive results in its first-quarter 2013 futures bookings. "We continue to execute on our focus initiatives for 2012, which are to reduce inventory and costs as well as drive improved performance from our Palladium brand," he added.
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