QUIKSILVER INC. SAID THURS-day that the company swung to a third-quarter profit from a year-ago loss.
For the three months ended July 31, income was $2.9 million, or 2 cents a diluted share, versus a loss of $7.9 million, or 6 cents, in the year-ago quarter. Income from continuing operations dropped 7.4 percent to $33.1 million, or 25 cents a diluted share, from $35.7 million, or 38 cents. Without a 3 cent tax benefit, earnings from continuing operations for the most recent quarter were 22 cents a share.
Revenues rose 6.9 percent to $564.9 million from $528.6 million. Figures include results from Rossignol, the winter sports equipment and apparel operation that is being sold.
Analysts expected earnings from continuing operations of 21 cents a diluted share on sales of $543.9 million.
Quiksilver said last month that the group buying Rossignol includes Chartreuse & Mont Blanc, which is run by former Rossignol chief executive officer Bruno Cercley. Chartreuse & Mont Blanc is owned by the Australian financial services company Macquarie Group. The deal for $147.6 million is expected to close in the fall.
For the nine months, Quiksilver’s loss widened to $225.3 million, or $1.74 a diluted share, from $10.2 million, or 8 cents, during the same period last year. Excluding discontinued operations, profits were up 9 percent to $79.4 million, or 61 cents, from $72.8 million, or 56 cents.
Revenues rose 13.6 percent to $1.66 billion from $1.46 billion.
“Our performance overall was in line with our expectations and we are relatively pleased to deliver results in this range, given the negative trends we’ve all witnessed during the quarter in the retail environment,” said Robert B. McKnight Jr., chairman, president and ceo of Quiksilver.
The company said that it believes it can achieve earnings per share of slightly less than 90 cents for continuing operations for the fiscal year.
@juicebeauty, where @gwynethpaltrow holds the title of creative director of makeup, has become one of the foremost labels in the organic beauty category –– with sales on track to hit $100 million this year. What’s behind the rapid growth the brand is experiencing right now? It all started in 2005 when the wellness movement was just getting started. Read more on WWD.com. #wwdbeauty
Stay up to do date with breaking news and trending stories with WWD’s “The Essentialist.” Our newsletter delivers the top news in fashion right to your inbox. Want more info? Link in bio. #wwdfashion (📷: @kukukuba)
"I want to tell a story that inspires people to feel good about themselves, but also I'm making a commentary about the lack of female stories and female directors and saying this should change," said @imheathergraham on her latest project "Half Magic." The comedy feature, which the actress wrote and directed, is based on her own struggles as a woman in show business. Read @andrewnodell's full interview with Graham on WWD.com. #wwdeye (📷: @jgreenery)
@meltcosmetics cofounders @lora_arellano and @danabomar built their brand on a single idea: a true matte lipstick. To set the brand apart, they said they always put their customers first –– including a personalized note in each package. #wwdsummits #wwdbeauty
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.