K-Swiss posts strong 2002 results

Athletic footwear maker K-Swiss announced results for 2002 on Thursday and reported an increase in net earnings of 23.1% to USD 28,6 million. Total worldwide revenues for 2002 were up to USD 290 million compared with USD 237 million in 2001. Domestic revenues increased by 20.4% while international revenues increased 35.6%.

Commenting on the announcement, Steven Nichols, Chairman of the Board and President, said: "The strength and momentum of the K-Swiss brand is considerable right now. Both new and core products sold well at retail during the fourth quarter and, as evidenced by the 43% increase in our backlog, have continued to book well for futures orders."

K-Swiss also issued guidance for 2003. The Company expects revenues for the first quarter of 2003 will be in the range of USD 103m to USD 106 million. The Company expects full year revenues to increase to USD 350m to USD 360 million, an increase of 20% to 27% over 2002.