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Quiksilver Earnings Rise 64% in Quarter

The surf wear maker cites its acquisition of DC Shoes in results.

September 10, 2004|From Times Wire Services

Quiksilver Inc. on Thursday said third-quarter profit rose 64% and its fiscal-year results would beat estimates as fashions at the surf-inspired clothing maker and retailer were a hit with young people.

Net income jumped to $19.5 million, or 32 cents a share, for the quarter ended July 31 from $11.9 million, or 21 cents, a year earlier.

Third-quarter revenue increased 34% to $337.9 million . The results covered the first full quarter after the company's purchase of DC Shoes.

Huntington Beach-based Quiksilver confirmed its expectations for the fiscal fourth quarter ending Oct. 31 of revenue between $315 million and $320 million and earnings between 36 cents and 37 cents a share.

The company also said it expected per-share earnings for the full fiscal year of $1.31 or $1.32 on revenue of $1.23 billion to $1.24 billion. Analysts surveyed by Reuters, on average, expected per-share earnings of $1.29.

"This first quarter with DC Shoes included in our results was truly exceptional," Quiksilver President Bernard Mariette said.

Quiksilver's focus is apparel, footwear and related accessories for young men and women under the Quiksilver, Roxy, DC Shoes, Raisins and Radio Fiji labels.

The company reported its results after markets closed. The stock rose to $23.64 in after-hours trading from $22.63 at the end of regular trading.

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