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K-Swiss customer order cancellations to be moderate

30 Apr '08
3 min read

The Company's estimates for the second quarter of 2008 and full-year 2008 reflect a significant decline in domestic revenues; substantial investments in product development and marketing for the K•Swiss brand; slow down of international operations; and continued investment in the Royal Elastics brand.

The estimates are based upon the following assumptions: gross margins will be approximately 46.5%; SG&A will not rise above $37 million for the second quarter of 2008 and $150 million for the full-year 2008; customer order cancellations will be moderate; and the Company's growth initiatives with respect to Royal Elastics will not exceed a net loss of $0.06 per share for the full year.

Steven Nichols, Chairman of the Board and President, stated, "We have worked hard to re-establish positive trends in our domestic business through premium sports branding initiatives and the support of such innovative sports as free running.

The feedback we are receiving has been favorable, but we have much work to be done to prove ourselves to customers again. Unfortunately, based on initial indications in our futures orders, the long-term momentum we have enjoyed internationally appears to be coming to an end. As a result, we have trimmed our full year 2008 estimates to account for this development."

K•Swiss Inc

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