HUNTINGTON BEACH, Calif. (AP) -- Quiksilver Inc., which sells skateboarding- and surfing-inspired clothes, said Thursday that its net income fell 83 percent in the fiscal third quarter, hurt by charges related to its restructuring.
But the retailer's adjusted earnings beat Wall Street expectations, and shares of Quiksilver jumped in after-hours trading.
The Huntington Beach, Calif.-based company posted net income of $2.1 million, or 1 cent per share, in the three months that ended July 31. That compares with $12.6 million, or 7 cents per share, in the same quarter a year ago.
Excluding restructuring charges, the company earned 10 cents per share. That's above the 4 cents per share that analysts, on average, were expecting, according to FactSet.
Revenue fell 3 percent to $495.8 million in the fiscal third quarter from $512.4 million a year ago. Analysts expected revenue of $505 million, according to FactSet.
Shares of the company jumped 15 percent, or 78 cents, to $5.98 in after-hours trading Thursday. Its shares rose 2.4 percent, or 12 cents, to close at $5.20 Thursday in regular trading.