US: K-Swiss Q3 net losses narrow
- Q3 losses narrow to $1.9m
- Revenues fell 16% to $67.6m
Footwear maker K-Swiss has seen its third-quarter net losses narrow despite falling revenues.
Net loss narrowed to US$1.9m for the three months ended 30 September, compared to $15.4m the same period last year, while revenues slipped 16% to $67.6m.
Domestic revenues declined 31.8% to $22.3m, while international revenues slipped 5.3% to $45.3m. Operating loss also narrowed to $1.8m, compared to $13.5m the prior year.
"The third quarter results benefited from the positive contribution from our Palladium brand as well as disciplined expense and inventory controls," said chairman and president Steven Nichols.
"While we continue to gain momentum and demonstrate product innovation with the K-Swiss brand, we have yet to convert these efforts into a sustainable futures order trend."
The company said it expects full-year revenues to range from $221m to $223m, while gross margin is estimates to be 35% to 36%.
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