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CALIFORNIA

Quiksilver's Profit Jumps 55%

March 11, 2005|Debora Vrana | Times Staff Writer

Quiksilver Inc., one of the biggest names in surf wear, reported a 55% increase in fiscal first-quarter profit Thursday and raised its profit expectations for the year.

Net income at the Huntington Beach company jumped to $14 million, or 23 cents a share, for the quarter ended Jan. 31, up from $9 million, or 16 cents, a year earlier. Revenue increased 34% to $342.9 million.

"We're off to a great start for the year," Chief Executive Robert B. McKnight Jr. said.

Quiksilver sells surfing, skateboarding and snowboarding apparel and footwear under the Quiksilver, Roxy, DC Shoes, Hawk Clothing and Radio Fiji labels.

On Thursday, Quiksilver raised its profit expectations for 2005 to $1.62 to $1.65 a share, up from its earlier forecast of $1.58 to $1.62. Analysts are expecting $1.63.

For the quarter, sales in Europe were up 25% to $132.6 million from the same time last year, and sales in Asia, including Japan, were up 92% to $50.5 million, the firm said.

McKnight said Quiksilver would continue to expand this year, growing specific products such as shoes, watches and eyewear. Quiksilver also will expand in Asia and Eastern Europe, he said.

The company reported its results after the market closed. Its stock, which lost 90 cents to $32.85 in regular New York Stock Exchange trading, rose to $33 after hours.

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