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K-Swiss reports $1.9m loss Thursday, 1st November 2012
Image courtesy of K-Swiss
K-Swiss has minimized its losses for the third quarter after a tight expense control regime was put into action.
For the period ended 30 September, the company reported a net loss of USD 1.9 million compared with a loss of USD 15.4 million during the same period a year earlier.
Total revenues were down 16 per cent to USD 67.6 million from USD 80.5 million. Domestic sales decreased 31.8 per cent, while international sales slipped 5.3 per cent.
Steven Nichols, chairman and president of K-Swiss, said in a statement, “The third-quarter results benefited from the positive contribution from our Palladium brand, as well as disciplined expense and inventory controls. 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.”