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.
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