K-Swiss (Nasdaq: KSWS) said its third-quarter earnings rose 1.3 percent, posting net earnings of $8.1 million, or 42 cents per share, compared with $8.1 million, or 40 cents per share, a year ago. For the third quarter, total worldwide revenues rose 19.7 percent to $81.2 million from $67.8 million. Domestic revenues rose 16.4 percent and international revenues rose 42.3 percent. K-Swiss said it expects revenues for the fourth quarter of 2002 to be in the range of $50 million to $52 million and EPS to be in the range of 23 cents to 25 cents. Full year revenues are expected to increase to about $287 million and EPS to be in the range of about $1.44 to $1.46. The increase for the quarter and nine months ended Sept. 30, 2002, was the result of an increase in the volume of footwear sold at slightly lower average wholesale prices per pair. The increase in the volume of footwear sold for the quarter ended Sept. 30, 2002, was primarily the result of increased sales of the Classic and children's categories of shoes of 32.9 percent and 17.0 percent, respectively, partially offset by a decrease in the training category of 29.3 percent.
K2 posts sales increase in Q3
For the third year in a row, K2 (NYSE: KTO) reported a year over year quarterly increase in the company's earnings per share. Net sales for the 2002 third quarter increased to $149.8 million compared with $148.1 million in 2001. Net income rose to $3.9 million, contrasted to a ...read more