8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2008

K-SWISS INC.

(Exact name of registrant as specified in its charter)

Delaware	0-18490	95-4265988
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

31248 Oak Crest Drive, Westlake Village, CA	91361
(Address of principal executive offices)	(Zip Code)

818-706-5100

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

On April 29, 2008, K-Swiss Inc. (the “Company”) issued a press release announcing its results of operations and financial condition for the three months ended March 31, 2008. A copy of the Company’s press release is attached as Exhibit 99.1 to this report and is incorporated herein by this reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished under Item 2.02 “Results of Operations and Financial Condition.” Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference in any filing, registration statement or other document filed under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits.
	Exhibit Number	Description of Exhibit
	99.1	Press release issued April 29, 2008.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		K-Swiss Inc.
Date:	April 29, 2008	By:	/s/ GEORGE POWLICK
			George Powlick,
			Vice President Finance, Chief Operating Officer, Chief Financial Officer and Director

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EXHIBIT INDEX

Exhibit	Description
99.1	Press Release issued April 29, 2008.

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EX-99.1

Exhibit 99.1

K-SwissReports First Quarter Results

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--K•Swiss Inc. (NASDAQ: KSWS) today announced results for the first quarter ended March 31, 2008.

Financial Highlights

Net earnings and net earnings per diluted share for the first quarter of 2008 were $7,110,000, or $0.20 per diluted share, compared with $17,997,000, or $0.51 per diluted share, in the prior-year period.

For the first quarter of 2008, total worldwide revenues decreased 16.0% to $102,909,000 compared with $122,568,000 in the prior-year period. Domestic revenues decreased 33.6% to $41,439,000 in the first quarter, and international revenues increased 2.1% to $61,470,000.

Futures Orders

Worldwide futures orders with start ship dates from April through September were $128,305,000 at March 31, 2008, compared with $172,192,000 at March 31, 2007. Domestic futures orders decreased 46.8% to $47,159,000 from $88,719,000 the previous year. International futures orders decreased 2.8% to $81,146,000 from $83,473,000 the previous year.

Stock Repurchase Program

The Company purchased 149,456 shares of Class A Common Stock during the first quarter of 2008 for a total expenditure of $2.1 million. At March 31, 2008, there remains authorization to repurchase 3,911,289 shares under the Company's existing stock repurchase program. Since August 1996, K•Swiss has purchased a total of 25.5 million shares of Class A Common Stock for a total expenditure of $166.8 million.

Earnings Guidance

K•Swiss also issued guidance for the second quarter. The Company expects revenues for the second quarter of 2008 to be approximately $70 to $80 million and earnings per diluted share to be in the range of a loss of $0.05 to earnings of $0.05. The Company expects full-year revenues to be approximately $305 to $330 million and expects to report full-year earnings per diluted share of approximately $0.05 to $0.25.

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."

Investor Conference Call and Web Simulcast

K•Swiss will conduct a conference call on its first quarter 2008 earnings release at 11:00 a.m. ET on April 29, 2008. The number to call for this interactive teleconference is (303) 262-2130. A replay of this conference call will be available until May 6, 2008, by dialing (303) 590-3000 and entering the passcode, 11110982#.

The Company will also provide an online Web simulcast and rebroadcast of this conference call. The live broadcast of K•Swiss' quarterly conference call will be available online at www.streetevents.com and www.earnings.com today, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue through May 6, 2008.

K•Swiss Inc. designs, develops and markets an array of athletic footwear for high performance sports use, fitness activities and casual wear under the K•Swiss brand. The Company also designs and manufactures footwear under the Royal Elastics brand. Royal Elastics, a wholly owned subsidiary, is the leading innovator of slip-on, laceless footwear.

Certain matters discussed in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to: non-achievement of the assumptions discussed herein, general and regional economic conditions, industry trends, merchandise trends, including market acceptance of the Company's product offerings, customer demand, competition, the impact of terrorism and/or a potential global conflict on the worldwide economy, dependence on large customers and credit concentrations and order cancellations and reduced sales resulting from a slower worldwide economy. A complete description of these factors, as well as others which could affect the Company's business, is set forth in the Company's periodic filings, including its Form 10-Q for the quarter ended March 31, 2008, which is currently on file with the SEC. "Backlog" as of any date, represents orders scheduled to be shipped within the next six months. Backlog does not include orders scheduled to be shipped on or prior to the date of determination of backlog. The mix of "futures" and "at-once" orders can vary significantly from quarter to quarter and year to year and, therefore, "futures" are not necessarily indicative of revenues for subsequent periods.

K•Swiss Inc. Consolidated Statements of Earnings
(In thousands, except earnings per share data)
	Three Months Ended
	March 31,
	2008		2007
	(Unaudited)
Revenues	$	102,909	$	122,568
Cost of goods sold		54,936		65,020
Gross profit		47,973		57,548
Selling, general and administrative expenses		42,623		36,877
Operating profit		5,350		20,671
Interest income, net		1,935		2,211
Earnings before income taxes		7,285		22,882
Income tax expense		175		4,885
Net earnings	$	7,110	$	17,997
Basic earnings per share	$	0.20	$	0.52
Diluted earnings per share	$	0.20	$	0.51
Weighted average number of shares outstanding
Basic		34,730		34,623
Diluted		35,315		35,481
K•Swiss Inc. Condensed Balance Sheets
(In thousands)
	March 31,
	2008		2007
ASSETS	(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	273,856	$	264,713
Accounts receivable, net		53,459		59,677
Inventories		57,402		56,111
Prepaid expenses and other		15,551		5,506
Deferred taxes		4,325		3,864
Total current assets		404,593		389,871
PROPERTY, PLANT AND EQUIPMENT, NET		24,295		19,843
OTHER ASSETS
Intangible assets		10,715		4,700
Deferred taxes		3,156		3,518
Other		8,765		8,093
		22,636		16,311
	$	451,524	$	426,025
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank lines of credit	$	---	$	---
Trade accounts payable		19,441		12,872
Accrued liabilities		28,831		40,156
Total current liabilities		48,272		53,028
OTHER LIABILITIES		11,888		11,480
STOCKHOLDERS' EQUITY		391,364		361,517
	$	451,524	$	426,025

CONTACT:
K•Swiss Inc.
George Powlick, Chief Financial Officer, 818-706-5100