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Quiksilver 2Q Sales Up 11%; Net Improves 26%
SEPTEMBER 09, 2005 --
Quiksilver 2Q Sales Up 11%; Net Improves 26%
Quiksilver's 3Q net revenues increased 11% to $373.8 million from $337.9 million. Consolidated 3Q net income increased 26% to $24.6 million from $19.5 million the year before. 3Q fully diluted EPS were 20¢ versus 16¢.
Robert McKnight, COB/CEO, commented, "Once again, we are reporting strong results for the third quarter, and at the same time, we effectively executed on a number of key strategic initiatives that better position us for the future. During the quarter, we closed our acquisition of Skis Rossignol S.A., completed a highly successful bond offering and put a new global management structure in place. We also signed an exclusive licensing agreement with Kohl's to distribute the Tony Hawk brand in the United States, opened our first Quiksilver Boardriders/Andaska store in Anglet, France and participated in a series of unique marketing events, including skateboarder Danny Way's unprecedented jump over the Great Wall of China. Our teams around the world continue to perform at the highest level, and we look forward to building on the positive momentum that we have created in the marketplace."
Net revenues in the Americas increased 4% during 3Q05 to $196.3 million. As measured in US dollars and reported in the financial statements, European net revenues increased 16% to $133.6 million. As measured in euros, European net revenues increased 14% for those same periods. Asia/Pacific net revenues increased 30% to $43.1 million from $33.1 million. As measured in Australian dollars, Asia/Pacific net revenues increased 21% for those same periods.
Bernard Mariette, president of Quiksilver, commented, "Our integration plans for Rossignol continue to exceed our expectations, and we are more encouraged than ever with regard to our future in the snow and mountain lifestyle market. We have brought our people together to share a unified, global mind set which can be seen in the new Roxy line of ski products, which we believe will get a strong reception from both our customers and consumers. It is perhaps even more evident in the recent announcement we made to combine all of our US mountain sports businesses together under one roof in Park City, Utah next Spring. We are working hard to bring our vision to life and thank all of our employees, partners and customers for helping take this great company to the next level.
"Even as we focus on maximizing the opportunities for the core business within Rossignol, we recognize that our largest prospect for growth with Rossignol will come from expanding the brand into a leader in the sportswear and outerwear market. Our design and merchandising teams are excited about this opportunity, and just as we have come to be the leading lifestyle brand for the beach, we intend to dominate the mountain as well."
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