US: Volcom books 79% Q1 profit hike
Youth clothing maker Volcom Inc has reported "stronger than anticpated" first quarter earnings, thanks to strong sales across its business.
Net income for the three months to 31 March jumped 78.6% to $7.5m or $0.31 per share, compared with $4.2m or $0.17 per share last year.
Revenues at the The Costa Mesa, California based firm rose 13.3% to $77.4m, compared with $68.3m a year earlier.
US segment sales, which include the US, Canada and Japan as well as the company's branded retail stores, were up 13.7% to $48.2m.
The Europe segment saw sales rise 8.8% to $23.6m, and revenues from the Electric brand were up 33.3% to $5.6m.
"Our results for the quarter were stronger than we had anticipated, representing a solid start to the year and continued strength for both the Volcom and Electric brands," said chairman and CEO Richard Woolcott.
US apparel group Volcom said its third quarter results were on target after a double-digit revenue rise was accompanied by a slight decline in profitability....
Clothing firm Volcom is to directly distribute its products in Spain having acquired strategic assets from its current distributor in the region. Terms of the transaction were not disclosed. ...
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