Feb 18, 2010
K-Swiss posts narrower-than-expected fourth quarter loss
Feb 18, 2010
Feb 18 (Reuters) - Athletic-shoes maker K-Swiss Inc (KSWS.O) reported a narrower-than-expected quarterly loss, helped by cost cuts, and said it sees a fall in first-quarter revenue.
For the latest fourth quarter, K-Swiss posted a loss of $12.5 million, or 36 cents a share, compared with a loss of $13.7 million, or 39 cents a share, a year ago.
Excluding a one-time non-cash impairment charge, the company posted a loss of 23 cents a share.
Revenue at the company, which sells its products under the K-Swiss and Royal Elastics brands in the United States and Europe, fell 21 percent to $42.0 million.
Analysts were expecting a loss of 31 cents a share, on revenue of $36.3 million, according to Thomson Reuters I/B/E/S.
Selling, general and administrative expenses expenses fell 6 percent to $27.7 million.
K-Swiss, which sells athletic, training, and children's shoes, apparel and accessories, said it expects to report a decline in the first quarter revenue, a flat comparison in the second quarter and increases in the third and fourth quarters.
Shares of the Westlake Village, California-based company closed at $9.75 Wednesday 17 February on Nasdaq.
For the alerts, double-click (Reporting by Vidya Lakshmi in Bangalore; Editing by Jarshad Kakkrakandy)
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