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Quiksilver posts 31% rise in Q1 profit

10
Mar '06
Action sports retailer Quiksilver Inc has announced operating results for the first quarter ended January 31st 2006.

The consolidated net revenues for the first quarter of fiscal 2006 increased 58 percent to $541.1 from $342.9 million in the first quarter of fiscal 2005. Consolidated net income for the first quarter of fiscal 2006 increased 31% to $18.6 million from $14.2 million the year before.

The consolidated net income for the first quarter of fiscal 2006 includes $4.1 million in stock compensation expense required by current accounting standards. Net revenues from the company's newly acquired Rossignol and Cleveland Golf businesses totaled $192 million during the first quarter ended January 31st 2006.

Robert McKnight, Jr, Chairman of the Board and CEO of Quiksilver Inc, said, "This was an exciting quarter for our organization. Our core business, including Quiksilver, Roxy and DC shoes, was strong in both the US and Europe, and we were pleased that the Rossignol integration continues to track according to plan."

The net revenues in the Americas increased 39 percent during the first quarter of fiscal 2006 to $220.7 million from $159.3 million in the first quarter of fiscal 2005. As measured in US dollars and reported in the financial statements, European net revenues increased 97 percent during the first quarter of fiscal 2006 to $261.2 million from $132.6 million in the first quarter of fiscal 2005. As measured in euros, European net revenues increased 118 percent for those same periods.


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