NEW YORK — Quiksilver Inc. on Monday reported a 24.7 percent increase in second-quarter earnings, citing strong sales in its worldwide operations.
The surf apparel company also said that it launched a tender offer on Monday for the publicly traded shares of Rossignol Group SA, a ski and snowboard manufacturer. Quiksilver said in March that it would acquire the majority holding of the Voiron, France-based Rossignol controlled by chairman Laurent Boix-Vives. The public tender is for remaining minority shares at $25.50 a share. The total $320 million deal is to close in July.
In the three months ended April 30, earnings at Quiksilver were $34.7 million, or 28 cents a diluted share, a penny ahead of analysts' consensus. The company earned $27.8 million, or 24 cents, in the same quarter a year ago.
Revenues totaled $426.9 million, up 32.3 percent from $322.6 million a year ago. By geographic area, sales in the Americas rose 34.1 percent to $199.2 million, while European sales went up 25.7 percent to $176.3 million. Asia/Pacific sales increased 51.6 percent to $50.3 million.
"The upside to our plan for the quarter was broad-based and driven by better-than-expected results from each of our three regional operating groups," Robert B. McKnight Jr., chairman and chief executive officer, said in a statement.
As for Rossignol, Bernard Mariette, president of Quiksilver, said in a statement, "Both the Quiksilver and Rossignol teams are strongly embracing our vision to become the number-one company in the global outdoor market."
For the six months, Quiksilver had earnings of $48.9 million, or 40 cents, up 32.2 percent from $37 million, or 32 cents, last year. Revenues rose 33 percent to $769.7 million from $578.7 million a year ago.
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?"