Within in this total, net revenues in the Americas segment increased 18% during the first quarter of fiscal 2008 to $232.9 million from $197.4 million in the first quarter of fiscal 2007. European segment net revenues increased 19% during the first quarter of fiscal 2008 to $205.3 million from $172.0 million in the first quarter of fiscal 2007.
Approximately $21.4 million of Europe's increase was attributable to the positive effect of foreign currency exchange rates. Asia/Pacific segment net revenues increased 19% to $61.3 million in the first quarter of fiscal 2008 from $51.4 million in the first quarter of fiscal 2007.
Approximately $6.3 million of Asia/Pacific's increase was attributable to the positive effect of foreign currency exchange rates.
Wintersports equipment segment net revenues decreased 2% to $104.8 million in the first quarter of fiscal 2008 from $107.1 million in the first quarter of fiscal 2007.
The decrease in wintersports equipment revenue was partially offset by a favorable foreign exchange increase of approximately $10.2 million.
Consolidated inventories increased 11% to $490.2 million at January 31, 2008 from $442.8 million at January 31, 2007. Consolidated trade accounts receivable increased 13% to $638.7 million at January 31, 2008 from $566.1 million at January 31, 2007.
The company indicated that visibility into revenues and earnings is limited for the remainder of the year. It acknowledged, however, consensus estimates as published by First Call of $2.6 billion for consolidated revenues and $0.58 for EPS (both from continuing operations) and believes that such estimates should be achievable.
Mr. McKnight concluded, “I am excited to return to the role of President of Quiksilver. This is a unique company with compelling growth opportunities in each of its major brands, within existing markets, in new markets and across a wide range of categories.
We have been through difficult situations at a variety of points in our 30-year history and have always emerged stronger and been able to unlock significant value to our shareholders in the process.
We believe that a focus on profitability and on our key strengths as one of the few, true branded lifestyle apparel companies will enable us to do so once again.”
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