Quiksilver Reports Wider Fiscal Q1 Net Loss Due To Sales Decrease
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Quiksilver Has Posted Only One
Profitable Quarter In Past Two Years |
Quiksilver yesterday reported a "wider fiscal first-quarter net loss as weak customer traffic resulted in lower sales and margins," according to Kathy Shwiff of the WALL STREET JOURNAL. The company also said that it had "won an extension of a European line of credit for [$70M] until June 30, as the company looks at strategic and financing alternatives." For the quarter ended January 31, Quiksilver reported a net loss of $194.4M, or $1.53 a share, compared with a year-earlier loss of $21.9M, or $0.17 a share. Quiksilver has "posted only one quarterly profit in the past two years" (WALL STREET JOURNAL, 3/12). The ORANGE COUNTY BUSINESS JOURNAL's Michael Lyster reported analysts "widely expect Quiksilver to sell its DC Shoes brand to raise money to meet $316[M] in debt coming due this year and in 2010." A sale of DC Shoes "would be a reluctant necessity for Quiksilver." Quiksilver Chair & CEO Bob McKnight said that the brand is the "fastest growing part of Quiksilver and one of the 'best at retail.'" Lyster also noted the company's market value is "off nearly 90% in the past year to about $145[M]" (OCBJ.com, 3/11). At presstime, shares of Quiksilver were trading at $0.98, down 16.23% from yesterday's close of $1.17 (THE DAILY).
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