USA: K-Swiss Posts Slight Income, Sales Growth
Sports shoe company K-Swiss has reported a slight rise in third-quarter income, encouraged by better international revenue and share buybacks.
Net earnings rose 1.8 per cent to $21.1 million for the quarter, compared with earnings of $20.7m in the same period last year.
Total revenue for the third quarter grew 0.6 per cent to $136.7m compared with $135.8m a year ago. This comprised a domestic revenue rise of 6.7 per cent to $103.5m and a 33.6 per cent growth of international revenues to $33.2m.
Chairman and president Steven Nichols said: "Revenues were in line with our expectations for the third quarter as international operations continued to outpace domestic sales, and earnings were above our guidance on lower expenses and a favorable tax rate.
"The Classic category remains by far the largest, strongest component of our business and will be heavily advertised in the fourth quarter, but the Limited Edition styles require greater effort on our part to achieve clear winners."
K-Swiss designs, develops and markets athletic footwear for high-performance sports use, fitness activities and casual wear under the K-Swiss brand. The company also designs and manufactures footwear under the Royal Elastics brand.
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