Home / Knowledge / News / Apparel/Garments / Quiksilver net revenue down 3% in Q1 FY'13
Quiksilver net revenue down 3% in Q1 FY'13
08
Mar '13
Quiksilver, Inc announced operating results for the fiscal 2013 first quarter ended January 31, 2013.
 
“During the first quarter, we took a number of steps supporting our three core strategies of strengthening our brands, increasing sales and driving operating efficiencies”
 
“During the first quarter, we took a number of steps supporting our three core strategies of strengthening our brands, increasing sales and driving operating efficiencies,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc. “We are revising our global organizational structure and transitioning toward global core processes led by experienced senior executives. We appointed heads of global supply chain, global footwear design and global apparel design, and we are actively recruiting a chief marketing officer. 
 
“In addition, we made decisions to better focus the product line breadth of our three core global brands. We believe these actions will help lay the foundation for improved operating results.
“Net revenues in the first quarter were impacted by the closure of underperforming retail stores over the last year, as well as disappointing performances in our wholesale channel and in the Americas region,” continued Mooney. “On the positive side, we saw continued growth in our emerging markets and e-commerce channel, a modest improvement in gross margin and lower operating expenses.”
 
Fiscal 2013 First Quarter Review:
The following comparisons refer to the first quarter of fiscal 2013 versus the first quarter of fiscal 2012.
Net revenues were $431 million compared with $450 million, and were down 3%, or $15 million, in constant currency.
-Americas net revenues decreased 9% to $186 million from $205 million, and were down 9% in constant currency.
-EMEA net revenues increased 1% to $171 million from $169 million, and were up 2% in constant currency.
-APAC net revenues decreased 2% to $73 million from $75 million, and were down 1% in constant currency.
 
Gross margin increased to 51.0% of net revenues compared with 50.7%, primarily driven by a net revenue mix shift toward our more profitable segments and distribution channels. The Americas segment and the wholesale distribution channel, which experienced the largest percentage decreases in net revenues, typically have lower gross margins compared to the Company’s other segments and channels.
 
SG&A decreased to $225 million compared with $230 million, primarily due to the Company’s ongoing expense reduction efforts which resulted in savings across several expense categories. These savings were partially offset by a $4 million increase in e-commerce expenses associated with the continuing growth of the Company’s online business.


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search