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K-Swiss moves to 3rd-quarter loss but beats Street

K-Swiss moves to 3rd-quarter loss, but results better than Wall Street expected

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KSWS10.000.00
Chart for K-Swiss Inc.
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On Thursday November 5, 2009, 11:57 am EST

WESTLAKE VILLAGE, Calif. (AP) -- Athletic footwear and apparel company K-Swiss Inc. on Thursday said it moved to a third-quarter loss as revenue fell, but results topped Wall Street expectations.

The company swung to a loss of $2.9 million, or 8 cents per share. In the third quarter last year, the company earned $1.1 million, or 3 cents per share.

Revenue declined 24 percent to $70.6 million from $92.6 million. Domestic revenue decreased 33 percent, and international revenue decreased 18 percent.

Analysts polled by Thomson Reuters expected a loss of 20 cents per share on $60 million in sales.

For the full year, K-Swiss forecast a loss between 70 cents and 80 cents per share and revenue between $230 million and $240 million.

Shares of the company rose $1.30, or 16.8 percent, to $9.04 in morning trading. The stock has ranged from $6.44 to $15.94 over the past year.

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