Volcom Q3 revenue grows 49% to $91 mn

30 Oct '07

3 min read

Volcom Inc announced that for the third quarter ended September 30, 2007, total revenues increased 49% to $91.0 million, compared with $61.0 million in the third quarter of 2006. Net income for the third quarter totaled $14.5 million, equal to $0.59 per diluted share, compared with net income of $10.2 million, or $0.42 per diluted share, in the same period last year.

“Our results for the quarter and year-to-date continue to demonstrate the strength of the Volcom brand and the success of our growth initiatives,” said Richard Woolcott, Volcom's president and chief executive officer. “We intend to continue to grow the Volcom brand through an emphasis on our core retailers, team riders, worldwide events and film and music initiatives, which all serve to reinforce our commitment to the boardsport community.”

Woolcott noted that revenue growth in the most recent quarter was due, in part, to approximately $26 million of revenue attributable to the company's European operations.

Gross profit as a percentage of total revenues for the third quarter of 2007 was 50.4%, compared with 50.6% in the third quarter of 2006.

Selling, general and administrative expenses for the quarter were $22.8 million versus $15.3 million in the comparable period last year, which reflects the company's continued investment in its European infrastructure which is now fully operational. As a percent of revenue, selling, general and administrative expenses were flat at 25.1% in the third quarter of 2007 compared with 25.1% in the third quarter of 2006.

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