Quiksilver falls short of forecasts
Quiksilver Inc.’s profit missed analysts’ expectations for the quarter, and the surf-wear retailer said its performance was hurt by increased costs and a weak economic environment.
The company reported net income of $2.9 million, or 2 cents a share. That contrasted with a loss of $7.9 million, or 6 cents, a year earlier.
Profit from continuing operations dropped 7.4% to $33.1 million, or 25 cents a share, from $35.7 million, or 28 cents, a year earlier. Revenue from continuing operations increased 7% to $564.9 million.
Analysts polled by Thomson Reuters expected the company to earn 21 cents a share on revenue of $543.9 million.
The company recently announced that it had received an offer to purchase its Rossignol ski business and that it expected to close the transaction in the fall.
Shares of the company fell more than 4% to $7.19 before the earnings news. In after-hours trading, the stock surged 91 cents, or 13%, to $8.10.
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