NEW YORK — Due to recent acquisitions as well as robust sales in Europe, Quiksilver Inc. reported robust top- and bottom-line results for its fourth-quarter and year-end periods.
Net income for the quarter ended Oct. 31 soared 35 percent to $33.6 million, or 27 cents a diluted share, from $24.9 million, or 20 cents, in the same period last year on sales that rose 82 percent to $637.4 million from $350.3 million.
For the year, net income jumped 32 percent to $107.1 million, or 86 cents, from $81.4 million, or 68 cents, in the prior year on sales that climbed 41 percent to $1.78 billion from $1.27 billion.
Quiksilver's acquisitions of Rossignol and Cleveland Golf added $214.5 million to the company's top line in the fourth quarter. Robert B. McKnight Jr., chairman and chief executive officer of the Huntington Beach Calif.-based firm, said in a statement that the "acquisition of Rossignol is transforming Quiksilver from a dominant player in the global action sports market into the world's leading outdoor sports lifestyle company."
"Our long-term growth prospects, across a number of new brands and product categories, are incredibly compelling, and we remain committed to fully capitalizing on the many opportunities that lie ahead," he added.
Bernard Mariette, president of Quiksilver, said the integration of Rossignol "is proceeding purposefully and smoothly, and we expect to drive profitability and enhance the market position of the Rossignol, Dynastar, Look, Lange and Cleveland Golf brands. We are also moving toward leveraging our brands into new categories, as the new capabilities of our platform allow."
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"