K-Swiss Inc.’s losses mounted during the third quarter, as the company held firm to its long-term strategy.
For the quarter ended Sept. 30, the company reported a net loss of $2.9 million, or 8 cents a diluted share, compared with a profit of $1.1 million, or 3 cents, for the third quarter of 2008.
Revenues during the quarter declined nearly 24 percent to $70.6 million, from $92.6 million in the year-ago quarter.
“The third-quarter results were in line with our expectations, as we worked through remaining inventories, scaled up the sales of Palladium and continued investing in Classic, running and tennis development,” Chairman and President Steven Nichols said in a statement. “We have said all year that we are not looking for the short-term fix to our revenue and backlog trends. Our strategy is slow and steady with a long-term focus on making performance shoes that will end up in everyday footwear and reestablish the revenue and margin growth we enjoyed for nearly two decades.”