My interest in this one was all but squashed today when my sources realized that KSWS has taken the knife to its salesforce, with some senior layoffs over the past 2 weeks. Could we see the SG&A trend continue to improve at face value? Perhaps. But it always gives me the creeps when cost saves come at the expense of a salesforce.
Note: Chart below shows the change in market share for K Swiss in its 2 largest categories; Tennis and Lifestyle. Not a pretty trend. Data compliments of NPD Fashionworld.