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Thursday, Feb 29, 2024

Shares Rise as K-Swiss Cuts Quarterly Loss

Westlake Village shoemaker K-Swiss Inc. reduced its losses to less than $2 million in the third quarter, beating analysts’ estimates by a wide margin and sending shares up 36 percent on Thursday. The Westlake Village manufacturer reported a net loss of $1.9 million (5 cents a share), compared with $15.4 million (43 cents) in the same period a year earlier. Total revenue fell 16 percent to $67.5 million. Analysts polled by Thomson Financial Network on average had projected earnings of 13 cents on revenue of $63 million. Steven Nichols, president and board chairman, noted that the company’s Palladium brand, acquired four years ago from a French company, was doing well. “The third quarter results benefited from the positive contribution from our Palladium brand, as well as disciplined expense and inventory controls,” said Nichols, in a prepared statement. Shares gained 68 cents to close at $2.96 on the Nasdaq.

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