K-Swiss domestic sales slow down
Shoe retailer K-Swiss Inc. posted a sharply lower first-quarter profit as a slight rise in international sales couldn’t offset a drop in domestic sales and rising costs.
Net income declined 60% to $7.1 million, or 20 cents a share, from $18 million, or 51 cents, a year earlier. Sales fell 16% to $102.9 million.
Analysts polled by Thomson Financial forecast a profit of 20 cents a share and sales of $101 million.
Domestic revenue declined 33.6% to $41.4 million while international sales rose 2.1% to $61.5 million.
Westlake Village-based K-Swiss also trimmed its full-year 2008 outlook and said long-term momentum in its international business was slowing.
Its shares fell 15 cents to $15.45 after the earnings news.
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