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.