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

Pic: Shutterstock

Apparel/Garments | On 23rd Jun 2021

Bangladesh looking to export resortwear & leisurewear to Maldives

The Bangladesh Garment Manufacturers and Exporters Association...

Pic: Filati Biagioli Modesto

Fashion | On 23rd Jun 2021

Italian fashion houses Prada & Zegna acquire Filati Biagioli Modesto

Italian fashion companies Prada Group and Ermenegildo Zegna Group...

Pic: Mango

E-commerce | On 23rd Jun 2021

Spanish brand Mango invests €35 million to expand logistics centre

Spanish apparel brand Mango has invested €35 million to expand its...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Kriti Kanodia,

Kriti Kanodia

A TV show in 2012 where actor Sonam Kapoor customises her own pair of...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

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


June 2021

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


Advanced Search