ONGOING EARNINGS AT QUICKSILVER HOP 68.6% HIGHER IN 1ST PERIOD
COSTA MESA, Calif. — With sales pumping away both in the U.S. and Europe, Quiksilver Inc. reported that its first-quarter earnings jumped 68.6 percent before allowances for special items.
In the quarter ended Jan. 31, profits rose to $1.5 million, or 23 cents a share, from $908,000, or 14 cents, before a special gain a year ago. After a $600,000 accounting gain, year-ago earnings were boosted to $1.5 million for the company.
Total sales grew 38.5 percent to $33.7 million from $24.3 million. Sales in the United States for the manufacturer of casual apparel — which distributes Quiksilver young men’s and boys’ wear and Raisin Co. junior swimwear and sportswear — gained 36.9 percent to $22.2 million. European sales by the manufacturer jumped 41.9 percent to $11.4 million.
Robert B. McKnight Jr., chairman and chief executive officer, said the favorable results reflect “strong product demand and improved domestic operations.” He added that inventory and receivables growth were in line with sales and seasonal factors, and said that the company continues to maintain a strong balance sheet with no long-term debt.
— Fairchild News Service