US: K-Swiss losses narrow in Q4
- Q4 losses narrow to US$14m from $25m
- Sales declined 17.8% to $41.2m
- Domestic revenues dropped 31.4% to $14m
Footwear brand K-Swiss saw net losses narrow to US$14m during the fourth quarter, compared to a $25m loss in the same period of the prior year.
The company, which is being acquired by South Korean conglomerate E-Land, saw sales decline 17.8% to $41.2m.
Domestic revenues decreased 31.4% to $14m, while international revenue was down 8.5% to $27.2m.
For the full year, net losses narrowed to $34.7m against a loss of $70.47m, while revenues declined 17% to $222.8m.
The company said the acquisition, which values K-Swiss at around $170m, is expected to close within the second quarter of 2013.
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