Home / Knowledge / News / Apparel/Garments / Quiksilver's US, Asia-Pacific revenues up in Q3 FY'12

Quiksilver's US, Asia-Pacific revenues up in Q3 FY'12

07
Sep '12
Quiksilver Inc. announced operating results for the third fiscal quarter ended July 31, 2012.

Fiscal Third Quarter Review:

All comparisons are between the third quarter of fiscal 2012 and the third quarter of fiscal 2011.

Revenues grew 2% to $512.4 million compared with $503.3 million, and grew 8%, or $38 million, in constant currency.

  • Americas revenue increased 10% to $286.1 million from $260.2 million, and was up 12% in constant currency.
  • Europe revenue decreased 13% to $154.1 million from $176.4 million, and was up modestly in constant currency.
  • Asia Pacific revenue increased 9% to $71.6 million from $65.5 million, and was up 13% in constant currency.

Gross margin was 49.5% of net revenues compared with 50.7% in the prior year period, primarily driven by lower gross margins in Europe due to higher levels of discounting and unfavorable currency exchange rate comparisons.

SG&A increased to $225.8 million compared with $221.2 million, up 10 basis points as a percentage of sales, primarily driven by $3.9 million of costs associated with staff eliminations and restructuring.

Pro-forma Adjusted EBITDA was $51.2 million compared with $52.7 million, with the decline largely driven by the contraction in gross margin mentioned above.

Net income was $12.6 million, or $0.07 per diluted share, compared with net income of $10.4 million, or $0.06 per diluted share.

Pro-forma income, which excludes $3.8 million of net after-tax restructuring charges and asset impairments, was $16.4 million, or $0.09 per diluted share, compared with pro-forma income of $10.4 million, or $0.06 per diluted share.

“During the quarter, we continued to make solid progress on our three long-term initiatives, which are strengthening our brands, expanding our business and driving operational efficiencies throughout the business,” said Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc.

“From a brand perspective, we launched integrated social media marketing campaigns, hosted the premier skate tour in the industry and had outstanding team-rider success in surfing,” continued McKnight. “From a growth standpoint, our business performed admirably. DC posted sales growth of 16% and e-commerce sales more than doubled.

“European sales grew modestly, which positions us well compared with our peers. In the area of operational efficiencies, we made tough decisions during the quarter regarding SG&A, including effecting staff eliminations in all our regions, as well as reductions in other operating expenses.

“Also, after implementing our new ERP system in the Americas in the second quarter, we kicked off our European ERP rollout in the third quarter, which will drive efficiencies by helping to integrate our operations and standardize our business processes globally. I applaud our team’s tenacity during this time of transformation and believe we are focusing on the right actions to strengthen our business and drive sustainable value.”


Must ReadView All

New EU rules for a fairer online economy apply from Jul 12

E-commerce | On 11th Jul 2020

New EU rules for a fairer online economy apply from Jul 12

The European Commission recently published a set of resources to help ...

Pic: Inditex

Retail | On 11th Jul 2020

Inditex to invest €2.7 billion for 2020-2022 plan

Inditex, a Spanish fashion retailer, has announced that to accelerate ...

Pic: Shutterstock

E-commerce | On 11th Jul 2020

ING Bank launches fashion marketplace in Romania

ING Bank, the fourth-largest bank by assets in Romania, launched its...

Interviews View All

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Top executives, Textile industry

Top executives
Textile industry

Textile institutes need to change their curriculum

Textile Industry, Head honchos

Textile Industry
Head honchos

Estimate loss of $8-$10 billion in turnover

P V Kadole,

P V Kadole

Nine co-operative organisations from Ichalkaranji came together to form an ...

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

<span style="font-size: 12px;">Designer Suman Nathwani talks about her...

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


July 2020

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


Advanced Search