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.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion