--Company Provides Outlook for Fiscal
2015--
Quiksilver, Inc. (NYSE:ZQK) today announced financial results
for the fiscal 2014 fourth quarter and full year ended October 31,
2014.
“We have successfully completed the organizational restructuring
of the company, with every employee now singularly focused on
execution,” said Andy Mooney, Chairman and Chief Executive Officer
of Quiksilver, Inc. “Despite a challenging year, we significantly
reduced costs and inventory levels, and are excited about our 2015
product offerings. Retail response to our Spring ‘15 product lines
across all brands has been encouraging, with feedback on Fall ’15
even more positive. Along with more than $160 million of liquidity
at year end, we have a strong foundation in place and anticipate
revenue stabilization and significant pro-forma adjusted EBITDA
growth in the coming year.”
As recently announced, the Company has reached a definitive
agreement to sell its majority ownership interest in Surfdome for
net proceeds of approximately $16 million. As a result, the Company
has reclassified the current and prior year operating results of
Surfdome, along with its previously divested Mervin and Hawk
businesses, as discontinued operations. All of the results
presented below represent the Company’s continuing operations.
Please refer to the accompanying tables for a reconciliation of
GAAP results from continuing operations to certain non-GAAP results
from continuing operations, including adjusted EBITDA and pro-forma
adjusted EBITDA; a definition of the Company’s emerging markets;
and changes in net revenue on a constant currency continuing
category basis, which adjusts prior period net revenues for changes
in currency exchange rates and excludes prior period wholesale net
revenues for product categories now licensed, as well as removes
current period licensing net revenues for the same licensed product
categories, in order to provide comparability of net revenues
between periods.
Fourth Quarter Review:The following comparisons refer to
results of continuing operations for the fourth quarter of fiscal
2014 versus the fourth quarter of fiscal 2013.
Net revenues, as reported, were $401 million compared
with $476 million. Net revenues were down 11%, or $50 million, on a
constant currency continuing category basis.
- Americas net revenues, as
reported, were $172 million compared with $223 million. Americas
net revenues were down 18%, or $37 million, on constant currency
continuing category basis.
- EMEA net revenues, as reported,
were $156 million compared with $168 million. EMEA net revenues
were down 3%, or $4 million, on constant currency continuing
category basis.
- APAC net revenues, as reported,
were $71 million compared with $83 million. APAC net revenues were
down 10%, or $8 million, on constant currency continuing category
basis.
Gross margin decreased to 46.7% from 47.0%. The 30 basis
point decline in gross margin reflects higher discounting,
partially offset by higher sales mix in direct to consumer
channels.
SG&A expense decreased $10 million to $210 million
from $220 million. The decrease was primarily driven by reduced
employee compensation.
Asset impairments totaled $5 million compared with $2
million.
Pro-forma Adjusted EBITDA was $11 million compared with
$35 million.
Net loss from continuing operations attributable to
Quiksilver, Inc. was $49 million, or $0.29 per share, compared
with $175 million, or $1.04 per share. The prior year period
included a $157 million income tax charge related to recording
valuation allowances against certain deferred tax assets in the
company’s EMEA segment.
Q4 Net Revenue Highlights:Net revenues from continuing
operations by brand, sales channel and product group for the fourth
quarter of fiscal 2014 compared with the fourth quarter of fiscal
2013 were as follows.
Brands:
- Quiksilver net revenues, as reported,
were $156 million compared with $190 million. Quiksilver net
revenues were down 12%, or $21 million, on a constant currency
continuing category basis;
- Roxy net revenues, as reported, were
$124 million compared with $137 million. Roxy net revenues were
down 6%, or $9 million, on a constant currency continuing category
basis; and
- DC net revenues, as reported, were $112
million compared with $139 million. DC net revenues were down 14%,
or $18 million, on a constant currency continuing category
basis.
Distribution channels:
- Wholesale net revenues, as reported,
were $280 million compared with $348 million. Wholesale net
revenues were down 14%, or $44 million, on a constant currency
continuing category basis;
- Retail net revenues, as reported, were
$102 million compared with $107 million. Retail net revenues were
down 1%, or $1 million, on a constant currency continuing category
basis. Same-store sales in company-owned retail stores decreased
3%. Company-owned retail stores totaled 683 at the end of fiscal
2014 compared with 631 at the end of fiscal 2013; and
- E-commerce net revenues, as reported,
were $15 million compared with $16 million. E-commerce net revenues
were down 3%, or $1 million, on a constant currency continuing
category basis.
Product groups:
- Apparel and accessories net revenues,
as reported, were $317 million compared with $371 million. Apparel
and accessories net revenues were down 9%, or $31 million, on a
constant currency continuing category basis; and
- Footwear net revenues were $84 million
compared with $104 million. Footwear net revenues were down 18%, or
$18 million, on a constant currency continuing category basis.
Net revenues from emerging markets, as reported, were $54
million compared with $61 million. Net revenues from emerging
markets were down 6%, or $3 million, on a constant currency
continuing category basis.
Fiscal 2014 Full Year Review:The following comparisons
refer to results of continuing operations for the full year of
fiscal 2014 versus the full year of fiscal 2013.
Net revenues, as reported, were $1.57 billion compared
with $1.81 billion. Net revenues were down 11%, or $189 million, on
constant currency continuing category basis.
- Americas net revenues, as
reported, were $723 million compared with $893 million. Americas
net revenues were down 16%, or $135 million, on constant currency
continuing category basis.
- EMEA net revenues, as reported,
were $584 million compared with $632 million. EMEA net revenues
were down 8%, or $53 million, on constant currency continuing
category basis.
- APAC net revenues, as reported,
were $262 million compared with $282 million. APAC net revenues
were up 1%, or $2 million, on constant currency continuing category
basis.
Gross margin increased to 48.6% from 48.2%. The increase
was primarily driven by the sales mix shift into higher gross
margin direct to consumer channels and regional segments.
SG&A expense decreased $31 million to $827 million
from $858 million, primarily due to reduced expenses related to
sponsored athletes and events, employee compensation, facility
expenses and consulting fees, partially offset by increased bad
debt expense.
Asset impairments totaled $189 million compared with $12
million, primarily reflecting a non-cash charge of $178 million in
the third quarter of fiscal 2014 to write-off the carrying value of
goodwill attributable to the Company’s EMEA reporting segment.
Pro-forma Adjusted EBITDA decreased to $39 million from
$118 million.
Net loss from continuing operations attributable to
Quiksilver, Inc. was $327 million, or $1.92 per share, compared
with $239 million, or $1.43 per share.
Fiscal 2014 Net Revenue Highlights:Net revenues from
continuing operations by brand, sales channel and product group for
the full year of fiscal 2014 compared with the full year of fiscal
2013 were as follows.
Brands:
- Quiksilver net revenues, as reported,
were $628 million compared with $721 million. Quiksilver net
revenues were down 10%, or $68 million, on a constant currency
continuing category basis;
- Roxy net revenues, as reported, were
$480 million compared with $511 million. Roxy net revenues were
down 4%, or $22 million, on a constant currency continuing category
basis; and,
- DC net revenues, as reported, were $427
million compared with $542 million. DC net revenues were down 19%,
or $99 million, on a constant currency continuing category
basis.
Distribution channels:
- Wholesale net revenues, as reported,
were $1.04 billion compared with $1.29 billion. Wholesale net
revenues were down 16%, or $199 million, on a constant currency
continuing category basis;
- Retail net revenues, as reported, were
$445 million compared with $447 million. Retail net revenues were
up 1%, or $5 million, on a constant currency continuing category
basis. Same-store sales in company-owned retail stores were flat;
and,
- E-commerce net revenues, as reported,
were $77 million compared with $69 million. E-commerce net revenues
were up 12%, or $8 million, on a constant currency continuing
category basis.
Product groups:
- Apparel and accessories net revenues,
as reported, were $1.17 billion compared with $1.35 billion.
Apparel and accessories net revenues were down 10%, or $134
million, on a constant currency continuing category basis; and
- Footwear net revenues, as reported,
were $397 million compared with $457 million. Footwear net revenues
were down 12%, or $55 million, on a constant currency continuing
category basis.
Net revenues from emerging markets, as reported, were $201
million compared with $191 million. Net revenues from emerging
markets increased 14%, or $25 million, on a constant currency
continuing category basis.
Outlook:The Company provided the following guidance for
continuing operations assuming October 31, 2014 currency exchange
rates.
Fiscal year 2015 net revenues are expected in the range of $1.48
billion to $1.55 billion, an increase of 1% to 5% on a constant
currency continuing category basis versus the prior period. Gross
margins are expected in the range of 49.5% to 51%. SG&A,
excluding any restructuring and special charges, is expected within
the range of $750M to $765M. Pro-forma Adjusted EBITDA is expected
in the range of $80 million to $90 million. Capital expenditures
are expected to be below $25 million.
First quarter 2015 net revenues are expected to be approximately
$340 million, which is a reduction of approximately 7% on a
constant currency continuing category basis versus the prior
period. Gross margins are expected to be approximately 51.3%.
SG&A, excluding any restructuring and special charges, is
expected to be approximately $187 million. Pro-forma Adjusted
EBITDA is expected to be approximately $6 million.
The foregoing outlook updates and supersedes all previous
guidance provided by the Company.
About Quiksilver:
Quiksilver, Inc., one of the world’s leading outdoor sports
lifestyle companies, designs, produces and distributes branded
apparel, footwear and accessories. The Company’s apparel and
footwear brands, inspired by a passion for outdoor action sports,
represent a casual lifestyle for young-minded people who connect
with its boardriding culture and heritage. The Company’s
Quiksilver, Roxy, and DC brands have authentic roots and heritage
in surf, snow and skate. The Company’s products are sold in more
than 100 countries in a wide range of distribution, including surf
shops, skate shops, snow shops, its proprietary Boardriders Club
shops and other Company-owned retail stores, other specialty
stores, select department stores and through various e-commerce
channels. The Company’s corporate headquarters are in Huntington
Beach, California.
Forward-looking statements:
This press release contains forward-looking statements
including, but not limited to, statements regarding management’s
expectations regarding the pending sale of the Company’s stake in
Surfdome and for the Company’s net revenues, gross margins,
SG&A expense, pro-forma adjusted EBITDA and capital
expenditures in fiscal year 2015. These forward-looking statements
are subject to risks and uncertainties, and actual results may
differ materially. The Company undertakes no obligation to update
these statements, which are made only as of the date of this press
release. For the factors that could cause actual results to differ
materially from expectations, please refer to the Company’s SEC
filings and specifically the sections titled “Risk Factors,”
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and “Forward-Looking Statements” in the
Company’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q.
NOTE: For further information about Quiksilver, Inc., please
visit our website at www.quiksilverinc.com. We also invite you to
explore our brand sites, www.quiksilver.com, www.roxy.com and
www.dcshoes.com.
QUIKSILVER, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF OPERATIONS (UNAUDITED) Three
months ended Twelve months ended In thousands, except
per share amounts
October 31, October 31,
2014 2013
2014
2013 Revenues, net
$ 400,650 $ 475,913 $
1,570,399 $ 1,810,570 Cost of goods sold
213,699 252,241 807,558
938,139
Gross profit 186,951
223,672 762,841 872,431 Selling,
general and administrative expense 210,102 220,404 827,181 857,557
Goodwill Impairments - - 178,197 - Asset impairments 5,287
1,675 10,934 12,327
Operating income (28,438 )
1,593 (253,471 ) 2,547 Interest
expense 18,632 20,000 75,991 71,049 Foreign currency loss
1,272 319 2,658 4,689
Loss before provision/(benefit) for income
taxes (48,342 ) (18,726 )
(332,120 ) (73,191 )
Provision/(Benefit) for income taxes 1,140
157,496 (4,325 ) 166,220
Loss
from continuing operations (49,482 )
(176,222 ) (327,795 ) (239,411
) (Loss)/Income from discontinued operations, net of tax
(2,611 ) 3,715 7,649
5,886
Net loss (52,093 )
(172,507 ) (320,146 ) (233,525
) Less: net loss attributable to non-controlling interest
475 1,395 10,769
960
Net loss attributable to Quiksilver, Inc.
$ (51,618 ) $ (171,112 )
$ (309,377 ) $ (232,565 )
Loss per share from continuing operations attributable to
Quiksilver, Inc.: Basic $ (0.29 )
$ (1.04 ) $ (1.92 )
$ (1.43 ) Diluted $ (0.29
) $ (1.04 ) $ (1.92
) $ (1.43 ) (Loss)/Income per
share from discontinued operations attributable to Quiksilver,
Inc.: Basic $ (0.01 ) $
0.02 $ 0.11 $ 0.04
Diluted $ (0.01 ) $ 0.02
$ 0.11 $ 0.04 Weighted
average common shares outstanding: Basic 170,990
168,796 170,492 167,255 Diluted
170,990 168,796 170,492 167,255
Amounts attributable to Quiksilver, Inc.: Loss from
continuing operations $ (49,482 ) $
(174,759 ) $ (327,434 ) $
(238,766 ) (Loss)/Income from discontinued
operations, net of tax (2,136 )
3,647 18,057 6,201
Net loss $ (51,618 ) $
(171,112 ) $ (309,377 ) $
(232,565 ) QUIKSILVER, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
October 31, 2014 October
31, 2013 In thousands
ASSETS
Current Assets Cash and cash equivalents $ 46,664 $ 57,280
Restricted cash 21,201 - Trade accounts receivable (net of
allowance of $63,991and $60,912, respectively) 319,840 411,638
Other receivables 40,847 23,306 Inventories 278,780 337,715
Deferred income taxes - short-term 4,926 9,997 Prepaid expenses and
other current assets 28,080 24,124 Current assets held for sale
20,265 51,196
Total Current
Assets 760,603 915,256 Fixed assets, net
213,768 231,261 Intangible assets, net 135,510 134,596 Goodwill
80,622 261,625 Other assets 47,086 53,287 Deferred income taxes -
long-term 16,088 - Non-current assets held for sale 2,987
24,445
TOTAL ASSETS $
1,256,664 $ 1,620,470
LIABILITIES AND
EQUITY
Current Liabilities Accounts payable $ 168,307 $ 201,675
Accrued liabilities 112,701 121,545 Current portion of long-term
debt 35,361 23,488 Income taxes payable 1,156 3,912 Deferred income
taxes - short-term 19,628 - Liabilities related to assets held for
sale 12,640 16,420
Total Current
Liabilities 349,793 367,040 Long-term
debt, net of current portion 793,229 807,812 Other long-term
liabilities 39,342 36,345 Deferred income taxes - long-term 16,790
19,896 Non-current liabilities related to assets held for sale
- 1,719
Total Liabilities
1,199,154 1,232,812 Equity Common stock
1,741 1,726 Additional paid-in capital 589,032 576,726 Treasury
stock (6,778 ) (6,778 ) Accumulated deficit (585,263 ) (275,886 )
Accumulated other comprehensive income 57,298
73,918
Total Quiksilver, Inc. Stockholders' Equity
56,030 369,706 Non-controlling interest 1,480
17,952
Total Equity
57,510 387,658 TOTAL
LIABILITIES AND EQUITY $ 1,256,664
$ 1,620,470 QUIKSILVER, INC. AND
SUBSIDIARIES ADJUSTED EBITDA & PRO-FORMA ADJUSTED EBITDA
RECONCILIATION (UNAUDITED) Three
months ended Twelve months ended In thousands
October
31, October 31, 2014
2013
2014 2013
Net loss from continuing operations
attributable to Quiksilver,
Inc.
$ (49,482 ) $ (174,759 )
$ (327,434 ) $ (238,766 )
Provision/(Benefit) for income taxes 1,140 157,496 (4,325 ) 166,220
Interest expense 18,632 20,000 75,991 71,049 Depreciation and
amortization 12,074 12,977 51,938 49,958 Non-cash stock-based
compensation expense 1,450 5,361 17,260 21,556 Non-cash asset
impairments 5,287 1,675 189,131
12,327
Adjusted EBITDA
(10,899 ) 22,750 2,561 82,344
Restructuring and other special charges 21,666
12,518 36,118 35,649
Pro-forma Adjusted EBITDA 10,767 35,268
38,679 117,993
Definition of Adjusted EBITDA and
Pro-forma Adjusted EBITDA:
Adjusted EBITDA is defined as net loss
from continuing operations attributable to Quiksilver, Inc. before
(i) interest expense, (ii) (benefit)/provision for income taxes,
(iii) depreciation and amortization, (iv) non-cash stock-based
compensation expense and (v) non-cash asset impairments. Pro-forma
Adjusted EBITDA is defined as Adjusted EBITDA excluding
restructuring and other special charges (including, but not limited
to, reserves and other charges associated with restructuring
activities, non-operating charges for gains and losses on lease
exit activities, as well as severance and other employee
termination costs as a result of downsizing and reorganization).
Adjusted EBITDA and Pro-forma Adjusted EBITDA are not defined under
generally accepted accounting principles (“GAAP”), and may not be
comparable to similarly titled measures reported by other
companies. We use Adjusted EBITDA and Pro-forma Adjusted EBITDA,
along with other GAAP measures, as measures of profitability
because Adjusted EBITDA and Pro-forma Adjusted EBITDA compare our
performance on a consistent basis by removing from our operating
results the impact of our capital structure, the effect of
operating in different tax jurisdictions, the impact of our asset
base, which can differ depending on the book value of assets, the
accounting methods used to compute depreciation and amortization,
the existence or timing of asset impairments, the effect of
non-cash stock-based compensation expense and restructuring and
other special charges. We believe EBITDA is useful to investors as
it is a widely used measure of performance and the adjustments we
make to EBITDA provide further clarity on our profitability. We
remove the effect of non-cash stock-based compensation from our
earnings which can vary based on share price, share price
volatility and the expected life of the equity instruments we
grant. In addition, this stock-based compensation expense does not
result in cash payments by us. We remove the effect of asset
impairments from Adjusted EBITDA for the same reason that we remove
depreciation and amortization as it is part of the non-cash impact
of our asset base. We also remove from Pro-forma Adjusted EBITDA
the impact of certain reserves and charges associated with
restructuring activities, non-operating charges for gains and
losses on lease exit activities, as well as severance and other
employee termination costs as these costs are not typically part of
normal, day-to-day operations. Adjusted EBITDA and Pro-forma
Adjusted EBITDA have limitations as profitability measures in that
they do not include the interest expense on our debts, our
provisions for income taxes, the effect of our expenditures for
capital assets and certain intangible assets, the effect of
non-cash stock-based compensation expense, the effect of asset
impairments and the effect of restructuring and other special
charges.
Definition of Emerging Markets:
The Company's references to emerging
markets in this press release refer to net revenues generated in
Brazil, Mexico, Korea, China, Indonesia, Taiwan and Russia,
collectively.
CONSTANT CURRENCY CONTINUING CATEGORY NET REVENUE
RECONCILIATION
We make reference to net revenues on a
"constant currency continuing category" basis in order to provide
additional comparable information with regard to changes in net
revenues. Constant currency continuing category reporting provides
valuable comparisons of net revenues as it adjusts for the effect
of changes in foreign currency exchange rates and for the impact on
our wholesale channel of transitioning certain product categories
to a third-party licensing model. Constant currency is calculated
by taking the average foreign currency exchange rate for the
current period and applying that same rate to the comparable prior
year period. Continuing category impacts are determined by removing
the comparable prior period net revenues generated from product
categories which are now licensed as well as removing current
period licensing net revenues generated from those same licensed
product categories.
The following table presents net
revenues from continuing operations by segment, brand, channel and
product group on both an as reported basis and a comparable
constant currency continuing category basis for the fourth quarters
ended October 31, 2014 and 2013 (in thousands):
Fiscal 2014 Net Revenues As Reported
(GAAP)
Less Fiscal 2014 Licensing Revenue from Licensed Product
Categories Fiscal 2014 Comparable Net Revenues
(Non-GAAP) Fiscal 2013 Net Revenues As Reported (GAAP)
Impact of Fiscal 2014 Foreign Exchange Rates on Fiscal 2013 Net
Revenues Less Fiscal 2013 Net Revenues from Licensed Product
Categories
Fiscal 2013 Constant
CurrencyContinuing Category Net
Revenues (Non-GAAP)
%Δ Fiscal 2014 GAAP Net Revenues vs Fiscal 2013 GAAP Net
Revenues %Δ Fiscal 2014 Non-GAAP Net Revenues vs Fiscal 2013
Non-GAAP Net Revenues
By
Region:
Americas 172,478 (1,444 ) 171,034 223,204 (3,123 ) (12,333 )
207,748 -23 % -18 % EMEA 156,457 - 156,457 168,317 (7,699 ) -
160,618 -7 % -3 % APAC 71,239 - 71,239 83,025 (3,893 ) - 79,132 -14
% -10 % Corporate 476 - 476 1,367 (12 ) -
1,355 -65 % -65 %
400,650 (1,444 )
399,206 475,913 (14,727 )
(12,333 ) 448,853 -16 %
-11 %
By
Brand:
Quiksilver 156,132 (866 ) 155,266 190,158 (5,704 ) (7,973 ) 176,481
-18 % -12 % Roxy 124,153 - 124,153 137,134 (4,479 ) - 132,655 -9 %
-6 % DC 112,480 (578 ) 111,902 138,697 (4,120 ) (4,361 ) 130,216
-19 % -14 % Other 7,885 - 7,885 9,924 (424 ) -
9,500 -21 % -17 %
400,650 (1,444 )
399,206 475,913 (14,727 )
(12,333 ) 448,853 -16 %
-11 %
By
Channel:
Wholesale 279,940 - 279,940 347,825 (11,623 ) (12,333 ) 323,869 -20
% -14 % Retail 102,308 - 102,308 106,580 (2,956 ) - 103,624 -4 % -1
% E-commerce 15,442 - 15,442 16,128 (148 ) - 15,980 -4 % -3 %
Licensing/Royalties 2,960 (1,444 ) 1,516 5,380 - -
5,380 -45 % -72 %
400,650 (1,444 )
399,206 475,913 (14,727 )
(12,333 ) 448,853 -16 %
-11 %
By Product
Group:
Apparel & Accessories 316,941 (1,444 ) 315,497 371,452 (12,262
) (12,333 ) 346,857 -15 % -9 % Footwear 83,709 - 83,709
104,461 (2,465 ) - 101,996 -20 % -18 %
400,650
(1,444 ) 399,206 475,913
(14,727 ) (12,333 ) 448,853
-16 % -11 %
The following table
presents net revenues from continuing operations by segment, brand,
channel and product group on both an as reported basis and a
comparable constant currency continuing category basis for the
fiscal years ended October 31, 2014 and 2013 (in thousands):
Fiscal 2014 Net
Revenues As Reported (GAAP) Less Fiscal 2014 Licensing
Revenue from Licensed Product Categories Fiscal 2014
Comparable Net Revenues (Non-GAAP) Fiscal 2013 Net Revenues
As Reported (GAAP) Impact of Fiscal 2014 Foreign Exchange
Rates on Fiscal 2013 Net Revenues Less Fiscal 2013 Net
Revenues from Licensed Product Categories
Fiscal 2013 Constant
CurrencyContinuing Category Net
Revenues (Non-GAAP)
%Δ Fiscal 2014 GAAP Net Revenues vs Fiscal 2013 GAAP Net
Revenues %Δ Fiscal 2014 Non-GAAP Net Revenues vs Fiscal 2013
Non-GAAP Net Revenues
By
Region:
Americas 723,427 (5,537 ) 717,890 893,333 (13,002 ) (27,408 )
852,923 -19 % -16 % EMEA 583,650 - 583,650 631,546 4,949 - 636,495
-8 % -8 % APAC 262,494 - 262,494 282,070 (21,377 ) - 260,693 -7 % 1
% Corporate 828 - 828 3,621 32 - 3,653
-77 % -77 %
1,570,399 (5,537 )
1,564,862 1,810,570 (29,398 )
(27,408 ) 1,753,764 -13 %
-11 %
By
Brand:
Quiksilver 627,962 (3,322 ) 624,640 721,370 (12,090 ) (16,579 )
692,701 -13 % -10 % Roxy 480,111 - 480,111 510,793 (8,642 ) -
502,151 -6 % -4 % DC 426,515 (2,215 )
424,300
541,969 (8,251 ) (10,829 ) 522,889 -21 % -19 % Other 35,811 -
35,811 36,438 (415 ) - 36,023 -2 % -1 %
1,570,399 (5,537 ) 1,564,862
1,810,570 (29,398 ) (27,408 )
1,753,764 -13 % -11 %
By
Channel:
Wholesale 1,037,972 - 1,037,972 1,286,351 (22,458 ) (27,408 )
1,236,485 -19 % -16 % Retail 444,999 - 444,999 447,105 (6,808 ) -
440,297 0 % 1 % E-commerce 77,325 - 77,325 69,287 (132 ) - 69,155
12 % 12 % Licensing/Royalties 10,103 (5,537 ) 4,566 7,827 (0
) - 7,827 29 % -42 %
1,570,399 (5,537 )
1,564,862 1,810,570 (29,398 )
(27,408 ) 1,753,764 -13 %
-11 %
By Product
Group:
Apparel & Accessories 1,173,551 (5,537 ) 1,168,014 1,353,803
(24,129 ) (27,408 ) 1,302,266 -13 % -10 % Footwear 396,848 -
396,848 456,767 (5,269 ) - 451,498 -13 % -12 %
1,570,399 (5,537 ) 1,564,862
1,810,570 (29,398 ) (27,408 )
1,753,764 -13 % -11 %
Quiksilver, Inc.Robert JaffeInvestor
Relations424-288-4098zqk@quiksilver.com