USA: Quiksilver Q3 Profit Up 17% On Strong Sales
Trendy clothing producer Quiksilver Inc on Wednesday posted a double-digit jump in third quarter net profit as it was boosted by a sharp rise in revenue on the back of a big increase in sales through holiday bookings.
The California-based firm, whose brands include Roxy, Raisins and Radio Fiji, reported net earnings for the quarter ended July 31 of $11.9 million, or 21 cents per share, compared to a profit of $8.8m, or 18 cents per share, in the year-ago period.
Revenue jumped 44 per cent to $251.5m from $175m last year with bookings for the holiday season, excluding its newly added Asia/Pacific division, up 11 per cent overall on a constant-dollar basis.
Quiksilver said revenues in the Americas increased 28 per cent during the quarter to $137.4m from $107.3m, with European revenues up 41 per cent to $93.9m from $66.6m.
Chairman and CEO, Robert McKnight Jr, said: "We were pleased with our results for the quarter which were primarily driven by a strong increase in sales and significant gross margin expansion.
"Our financial performance reflects the vitality of our brands and an ongoing commitment to develop the best product in the marketplace.
"Our ability to continue to post strong results despite the ongoing challenges in the retail environment is a testament to our diversified portfolio of leading lifestyle brands, disciplined execution of our key strategies and ongoing dedication to becoming the dominant lifestyle company for the global youth market.
"Our multi-brand, multi-channel, multi-country approach to our business sets us apart from our competition and offers us significant growth opportunities into the future."
Companies: Quiksilver Inc
Outdoor sports lifestyle company Quiksilver has appointed three new members to its board of directors....
Outdoors sports brand Quiksilver Inc has announced plans to set up a new facility aimed at unifying the operations of its winter sports businesses and advancing the positions of its lifestyle brands....
Outdoor sports company Quiksilver Inc says it has upped its ownership in the Rossignol brand to over 95 per cent with over 96 per cent of voting rights....
Outdoor sports company Quiksilver has completed its purchase of Skis Rossignol SA and has named Jean-Francois Gautier as the division's president....
US surfwear company Quiksilver Inc has completed its tender offer for the outstanding share capital of winter sports goods business Skis Rossignol SA....
Casual clothing brand Quiksilver Inc has bought the Canadian distributor of DC Shoes it was announced yesterday....
Casual lifestyle clothing company Quiksilver Inc has unveiled a new global management structure to support company growth....
Winter sports goods maker Skis Rossignol SA has sunk into a full-year loss for the year ended 31 March, hurt by inventory write-downs, a slump in the general snowboarding market, and restructuring ac...
- Under Armour Lighthouse will disrupt production
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- How TAL Apparel is staying ahead of the game
- Ethiopia violence undermines sourcing strategies
- Marks & Spencer top for modern slavery reporting
- Bangladesh garment workers rally for higher wages
- MAS Holdings shares commitment to sustainability
- Gap to shutter all UK Banana Republic stores
- H&M CEO named sustainability leader
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020