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Quiksilver Profit Jumps

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From Times Staff and Wire Reports

Surf-wear company Quiksilver Inc. said Monday that its fiscal second-quarter earnings rose 23% as marketing and a shoe-firm acquisition kicked sales higher.

The Huntington Beach firm raised its guidance for the third and fourth quarters and said it expected per-share earnings for its fiscal year to be $1.27 to $1.29. Analysts expect $1.25 for the year, according to Reuters.

Quiksilver has been riding a profit wave as its apparel, shoes and other products have gained favor with young shoppers.

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The company bought skateboard shoe maker DC Shoes in May. Chief Executive Robert B. McKnight Jr. said Quiksilver would “continue to regard DC Shoes as a significant catalyst for our business.”

Quiksilver posted net income of $27.8 million, or 47 cents a share, for the quarter ended April 30, up from $22.6 million, or 40 cents a share, a year earlier. Analysts, on average, had expected 46 cents a share, according to Reuters. Revenue rose 23% to $322.6 million, led by a 29% rise in European sales to $140.3 million and a 30% increase in Asian sales to $33.2 million.

Quiksilver reported its earnings after the market closed. Its shares fell 70 cents to $22.36 in regular trading on the New York Stock Exchange, then rose to as high as $22.88 after hours.

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Reuters and Associated Press were used in compiling this report.

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