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Quiksilver Profit Jumps

June 15, 2004|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.

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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