Volcom reports decreased Q1 income

US: Volcom reports decreased Q1 income

By just-style.com | 1 May 2009

US clothing firm Volcom has posted net income for the 2009 first quarter of US$4.2m, compared with $9.3m in the comparable period last year, as sales fell.

Total Q1 consolidated revenues were $68.3m compared with $80.6m in the first quarter of 2008.

Total revenues in the company's US segment were $42.4m compared with $49.2m in the prior year period. Its Europe sales were $21.7m compared with $25.2m in the same period in 2008.

"We continue to make solid progress aligning our business with the new realities of the retail environment given the current state of the economy," said Richard Woolcott, Volcom's chairman and chief executive officer.

Selling, general and administrative expenses on a consolidated basis were $28.0m in the 2009 first quarter versus $27.8m in the comparable period last year.

Total operating income for the first quarter of 2009 on a consolidated basis was $6.3m, compared with $14.4m last year.

The company expects total consolidated revenues for the 2009 second quarter of approximately $47m to $50m, and earnings in the range of breakeven to a loss of approximately $0.03 per share.

Sectors: Apparel, Retail

Companies: Volcom