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Quiksilver Inc. Message Board

  • canafornians canafornians Jun 7, 2012 4:19 PM Flag

    up in ah

    inventories are shrinking- not a bad earnings report. I think they made 1 cent

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    • Quiksilver 2Q Loss Narrows on Fewer Impairment ChargesLast update: 6/7/2012 4:34:52 PM
      By Nathalie Tadena
      Quiksilver Inc.'s (ZQK) fiscal second-quarter loss narrowed as the outdoor sports outfitter recorded fewer impairment charges and a smaller provision for income taxes. Shares were up 4.5% at $2.55 after hours as the company said it expects the second half of the year to compare favorably to the year-ago period, which had been hurt by higher input costs. The company noted it will begin delivering its back-to-school season in the second half of the year. Chief Executive and President Robert B. McKnight Jr. said the company plans to reduce inventory levels in the second half year, noting it expects a "productive fall season" and to largely conclude its clearance activities. Knight noted the company continues to see growth in emerging markets, though some established markets, particularly Europe, have been impacted by regional economic uncertainty. Quiksilver has now reported higher sales for more than a year, after a string of declines related to economic weakness of the company's biggest coastal markets--California, Florida and Hawaii. Meanwhile, margins have narrowed in recent periods and the company had warned that higher sourcing costs would pressure its results in the first half of the year. The most recent period included a $7.2 million provision for income taxes and $415,000 in asset impairments, while the year-ago period included a $40 million provision and $74.6 million in asset impairments. For the quarter ended April 30, Quiksilver reported a loss of $5.1 million, or 3 cents a share, compared with a year-earlier loss of $83.3 million, or 51 cents a share. Excluding impairment charges, restructuring expenses and valluation allowances against tax assets, the most recent period's loss was 2 cents a share compared with year-earlier profit of 9 cents a share. Revenue was up 3% to $492.2 million, or up 5% in constant currency. Analysts surveyed by Thomson Reuters had expected earnings of a penny a share and revenue of $496 million. Gross margin narrowed to 49.2% from 54.8% as input costs jumped 16%. Americas revenue, the largest top line contributor, jumped 4.9%. Revenue fell 5.5% in Europe and climbed 27% in the Asia-Pacific region. The stock, which hit its lowest level in more than two years earlier Thursday, is off 45% over the past three months. Write to Nathalie Tadena at nathalie.tadena@dowjones.com (END) Dow Jones NewswiresJune 07, 2012 16:34 ET (20:34 GMT)

 
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