Shares of K-Swiss Tumble on Guidance
From Times Wire Services
K-Swiss Inc., a Westlake Village-based athletic shoe maker, said third-quarter profit rose 2%, but a fourth-quarter forecast that came in below analysts’ targets sent its shares falling $2.53, or 8%, to $29.53.
K-Swiss said fourth-quarter profit would range from 22 cents to 26 cents a share; analysts were expecting 28 cents.
In the third quarter, K-Swiss reported net income of $21.1 million, or 59 cents a share, compared with $20.7 million, or 57 cents, a year earlier. Revenue edged up less than 1% to $136.7 million. Analysts had expected earnings of 49 cents a share.
