K-Swiss reports net loss in Q2

Mon. August 10, 2009; Posted: 09:43 AM

Aug 10, 2009 (Datamonitor via COMTEX) -- KSWS | Quote | Chart | News | PowerRating -- K-Swiss, a footwear company, has reported a net loss of $11.49 million, or $0.33 per diluted share, for the second quarter ended June 30, 2009, compared to a net income of $26.42 million, or $0.75 per diluted share, in the second quarter of 2008.

For the second quarter of 2009, total revenues decreased 34.8% to $54.03 million, compared to $82.88 million in the prior-year period.

For the first six months ended June 30, 2009, net loss was $12.59 million, or $0.36 per diluted share, compared to a net income of $33.53 million, or $0.95 per diluted share, in the first six months ended June 30, 2008.

Total revenues decreased 29.4% to $128.08 million, compared to $181.29 million, in the first six months of 2008.

Steven Nichols, chairman and president of K-Swiss, said: "The environment at retail, as well as our brand's popularity, remain challenging and are evident in the continued year-over-year decline in sales, earnings and backlog. We are managing this environment with firm control of our administrative cost structure, but with an eye on the future as we continue product development investments establishing K-Swiss as an innovator in classic, tennis and running."

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