By  on October 30, 2007

Board sport apparel maker Volcom Inc. on Monday posted a 42.9 percent surge in third-quarter earnings, helped by strong sales in its European business.

For the three months ended Sept. 30, earnings rose to $14.5 million, or 59 cents a diluted share, from $10.2 million, or 42 cents, in the year-ago period. Revenues for the quarter climbed 49.1 percent to $91 million from $61 million last year.

For the nine months, earnings increased 24.1 percent to $26.2 million, or $1.07 a diluted share, from $21.1 million, or 87 cents, in last year's period. Revenues jumped 34.2 percent to $199.5 million from $148.7 million.

"Our results for the quarter and year-to-date continue to demonstrate the strength of the Volcom brand and the success of our growth initiatives," Richard Woolcott, president and chief executive officer, said in a statement. "We intend to continue to grow the Volcom brand through an emphasis on our core retailers, team riders, worldwide events and film and music initiatives, which all serve to reinforce our commitment to the board sport community."

Woolcott said revenue growth in the third quarter was due partly to $26 million attributable to the company's European operations.

The company expects fourth-quarter earnings in the range of 30 cents to 32 cents a diluted share, and full-year EPS is expected at $1.37 to $1.39 a diluted share.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus