K-Swiss Inc. saw its net income more than double in its first quarter on a 36% increase in sales.
In the quarter that ended March 31, the Chatsworth-based sneaker company posted net income of $3.6 million, compared to a profit of $1.5 million in the same period a year earlier. Sales in the latest quarter rose to $42.3 million, up from $31.2 million.
The company enjoyed a particularly strong quarter for domestic sales, which climbed 60% to $38 million, more than offsetting a 43% drop in international sales to $4.2 million.
K-Swiss also announced plans to purchase up to $20 million of the company's Class A common stock on the open market between now and April 2002. Companies typically launch stock buy-back programs to try to boost the value of their shares.