Footwear maker K-Swiss on Thursday reported a bigger loss in the second quarter and predicted lower revenues for the rest of the year.
The net loss for the second quarter was $14.5 million or 41 cents a share, compared with a net loss of $11.5 million or 33 cents in the same period last year. Results for the most recent second quarter include a one-time charge of $3.3 million to adjust the value of Palladium SAS, a shoe maker in France owned by K-Swiss.
The company said orders for the rest of 2010 were 8.6 percent lower than last year. The company expects total 2010 revenues will be 5 to 10 percent less than last year.
In a statement, Chairman Steven Nichols cited the 2008 acquisition of Palladium and last week’s purchase of Form Athletics, a sports apparel company in Laguna Beach, as important contributors to the company’s future.
“The progress we are making to propel the K-Swiss and Palladium brands forward through investments in innovation and marketing remains largely underneath the surface in our reported results,” he said.
Shares of K-Swiss declined 21 cents or 2 percent to $11.67 Thursday morning on the Nasdaq Stock Exchange.
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