Home / Knowledge / News / Apparel/Garments / Quiksilver Q1'FY14 revenues dip 2%
Quiksilver Q1'FY14 revenues dip 2%
07
Mar '14
Quiksilver, Inc. announced financial results for the fiscal 2014 first quarter ended January 31, 2014.
 
Fiscal 2014 First Quarter Review:
The following comparisons refer to results of continuing operations for the first quarter of fiscal 2014 versus the first quarter of fiscal 2013.
-Net revenues were $393 million compared with $412 million, and were down 2%, or $9 million, in constant currency.
-Americas net revenues decreased 5% to $173 million from $183 million, and were down 3% in constant currency.
-EMEA net revenues decreased 4% to $149 million from $156 million, and were down 6% in constant currency.
-APAC net revenues decreased 4% to $70 million from $73 million, but were up 11% in constant currency.
-Gross margin was consistent with the first quarter of last year at 50.9%. Modest improvements in gross margins in the Americas and EMEA segments were offset by increased promotional activity in the APAC segment.
-SG&A expense decreased $12 million to $204 million from $216 million, primarily due to reduced employee compensation expenses, including incentive compensation, and reduced athlete and event spending.
-Pro-forma Adjusted EBITDA increased to $16 million from $12 million.
 
“During the first quarter, we further reduced our expense structure and made progress on optimizing our supply chain and laying the foundation for stabilizing and expanding revenues.”
 
“We continued to execute our Profit Improvement Plan over the last few months,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc. “During the first quarter, we further reduced our expense structure and made progress on optimizing our supply chain and laying the foundation for stabilizing and expanding revenues.
 
“Pro-forma adjusted EBITDA improved versus the prior year quarter, continuing the progress made in the final two quarters of last year,” added Mooney. “The key drivers for the improvement were reduced selling, general and administrative expenses, along with higher Roxy brand sales and increased revenues in our direct-to-consumer channels and emerging markets. We were able to report this improvement despite decreased net revenues, which were driven by lower sales in our wholesale channel, especially in the developed markets in North America and Europe.”
 
As previously announced, the Company sold its Mervin Manufacturing and Hawk businesses, and is pursuing the divestiture of its Surfdome business. As a result, the Company has reclassified the current and prior year operating results of these non-core businesses as discontinued operations. All of the results presented below represent the Company’s continuing operations.

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search