Quiksilver Inc.’s fourth quarter fell short of expectations, pushing shares of the company down 16.5 percent to $3.40 in afterhours trading today.
Fourth-quarter profits attributable to the firm fell to $4.4 million, or 2 cents a diluted share, from $67.9 million, or 38 cents, a year earlier.
The company has been restructuring its operations and pro-forma income totaled 7 cents a share, 3 cents shy of the 10 cents analysts projected.
Sales for the three months ended Oct. 31 increased 2.5 percent to $559 million from $545.2 million.
Constant-currency sales at the firms Quicksilver business fell 5 percent to $200 million, as Roxy posted a 2 percent rise to $135 million and DC increased 18 percent to $187.
On a conference call with analysts, Robert McKnight Jr., chairman, chief executive officer and president, said, “We consider achieving sales growth in the current economic environment a major success is specially given the challenges at certain markets particularly Europe and Australia.”
Revenues in the Americas rose 12 percent to $279 million while the Asia Pacific region saw revenues increase 6 percent to $87 million. But revenues in Europe fell 9 percent to $192 million.