Home / Knowledge / News / Apparel/Garments / Pro-forma Adjusted EBITDA in line with plan - Quiksilver
Pro-forma Adjusted EBITDA in line with plan - Quiksilver
11
Mar '11
Quiksilver Inc announced operating results for the first fiscal quarter ended January 31, 2011. Revenues were $426.5 million as compared to $432.7 million in the first quarter of fiscal 2010 but were up compared to the same period last year in constant currency.

Consolidated gross profit of $223.5 million exceeded that of the first quarter of fiscal 2010 as gross margin expanded 110 basis points to 52.4% of revenues. As previously communicated, the company invested in several new business initiatives in the first quarter ahead of revenue generation.

Therefore, pro-forma Adjusted EBITDA of $28.2 million was down $10.6 million, as planned, compared to the same quarter a year ago. This result was in line with the company's expectations for the first quarter, in which revenues are historically lower than for the remaining three quarters of the year.

The pro-forma loss from continuing operations was $7.7 million or $0.05 per share compared to a loss of $2.5 million or $0.02 per share in the first quarter of fiscal 2010. The pro-forma loss for the first quarter of fiscal 2011 excludes $8.6 million of net after-tax charges, primarily comprised of a non-cash write-off of deferred debt issuance costs associated with previous financings. Including this amount, the loss from continuing operations was $16.3 million, or $0.10 per share, compared to $5.4 million, or $0.04 per share, for the first quarter of fiscal 2010. A reconciliation of GAAP results to pro-forma results is provided in the accompanying tables.

Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, “We're very pleased with our results for the first quarter. Our top line and operating performance continue to improve with revenues up in constant currency for the first time in 9 quarters and gross profit margins expanding to 52.4% as the level of discounting in our business continues to decline.

“We also feel very good about new growth initiatives presently underway. As we've indicated in the past, now that our financial restructuring is complete, we have shifted our focus toward investing in our brands and their long-term potential. Looking forward, we expect fiscal 2011 as a whole to be a transition year with growth accelerating in the second half of the year and beyond as these initiatives gain traction.”

Net revenues in the Americas increased 4% during the first quarter of fiscal 2011 to $193.8 million from $187.0 million in the first quarter of fiscal 2010. In constant currency, European segment net revenues increased 1% in the first quarter of fiscal 2011 compared to the prior year. As measured in U.S. dollars and reported in the financial statements,

European net revenues decreased 7% to $165.2 million from $177.9 million in the first quarter of fiscal 2010. In constant currency, Asia/Pacific segment net revenues decreased 8% in the first quarter of fiscal 2011 compared to the prior year. As measured in U.S. dollars and reported in the financial statements, Asia/Pacific net revenues remained unchanged at $67.0 million as compared to $67.1 million in the first quarter of fiscal 2010. Please refer to the accompanying tables in order to better understand the impact of foreign currency exchange rates on revenue trends in the European and Asia/Pacific segments.

Must ReadView All

Courtesy: Walmart

Apparel/Garments | On 23rd Mar 2017

Walmart acquires ModCloth

Walmart has acquired the assets and operations of ModCloth, one of...

Textiles | On 23rd Mar 2017

SIMA advises mills to avoid panic buying of cotton

The Southern India Mills' Association (SIMA) is advising mills to...

Apparel/Garments | On 23rd Mar 2017

Tulip Retail, True Fit personalise in-store shopping

Tulip Retail, a mobile application platform built exclusively for...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Varinder Singh Jawanda
Trendy Bharat

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Steve Cole
Xerium Technologies

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

news category


Related Categories:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search