K-Swiss Slows in U.S.

U.S. sales dragged down financial performance at K-Swiss in the quarter and the year. K-Swiss Inc. reported net earnings declined to $10,670,000 or $0.30 per diluted share in the fourth quarter ended Dec. 31, on sales of $93,833,000. The results compared with net earnings of $11,557,000 or $0.33 per diluted share on revenues of $92,289,000 for the comparable period a year ago. For the full year, K-Swiss reported earnings of $76,864,000 or $2.17 per share compared with $75,248,000 or $2.11 per share and revenues of $501,148,000, a slight decline over the prior year. Westlake Village-based K-Swiss noted that its domestic revenues decreased more than 16 percent for the year while international sales increased more than 42 percent.