US: K-Swiss Q1 losses narrow
- Q1 net loss narrows to $6.7m
- Worldwide revenues down 4.3%
- Worldwide futures slump 32%
Footwear maker K-Swiss has today (3 May) reported narrower net losses over its first quarter as rising international revenues offset falling domestic sales.
For the first quarter ended 31 March, the company posted a net loss of $6.7m or $0.19 per share, compared with a net loss of $9.8m, or $0.28 per share for the same period last year.
K-Swiss also posted an operating loss of $5.2m, compared to an $11.0m the year before.
Total worldwide revenues slumped 4.3% to $69.3m. Domestic revenues fell 33.5% to $20.8m in the first quarter, and international revenues increased 17.8% to $48.5m for the same period.
Worldwide future orders with start ship dates from April to September dropped 32% to $71.5m.
"We have much work to do in reversing our overall backlog trend and the domestic business," said Steven Nichols, chairman of the board and president.
"Our focus initiatives for 2012 are addressing these trends with the launch of Clean Classics later in the year, along with the appropriate marketing support.
"I'm pleased with the continued improvement with Palladium as well as the new distributor agreement in Korea that should provide for a total of six new stores in relatively short order."
For 2012, the company is forecasting full-year consolidated revenues of $225m to $240m.
While the focus on emerging markets for the big international clothing companies has traditionally been to view them as outsourcing opportunities, there are a lot of people with a lot of money in thes...
Footwear maker K-Swiss has today (1 November) seen its third-quarter net losses narrow despite falling revenues....
The following is a round-up of apparel and footwear news from the world's local media. just-style has not checked these stories so cannot guarantee their accuracy....
Seamless apparel specialist Tefron today (4 October) said it has signed a licensing agreement with X-Technology Swiss Research & Development (XTS) to manufacture and distribute high performance sports...
- Myanmar - right time, right place, new challenges
- 3D printing gears up for fashion industry change
- Apparel working conditions linked to profit
- H&M adds transparency to yarn and fabric mills
- Morocco plans to grow fast fashion exports
- Cambodia growth to slow on competition and cost
- China cotton imports to rise as Xinjiang cuts crop
- Adidas launches "lightest ever" football boot
- Crystal first China licensee of RevoLaze tech
- Thailand project to vertically integrate clothing