Our e-commerce business is rapidly growing driven by the teenagers who love our products, who live online and who are connected by the Internet and social media. And our 3 great brands, Quiksilver, Roxy and DC continue to resonate with consumers and grow in popularity. Even through the first fiscal quarter -- I'm sorry, even though the first fiscal quarter is historically our smallest seasonal quarter of the year, we're off to a good start, solid start to fiscal 2012, and we remain solidly on track to deliver our long-term plans.Let me turn now to the high level of financial highlights from the first quarter. Revenues in the first quarter were $415 million, up 6% when compared to last year reflecting the improvements we've made to our global retail business, as well as the broad appeal for our products, all this despite the late arrival of winter in several key markets. And additionally, our e-commerce business continued its strong growth with revenues up sharply in each of our 3 regions. Gross margins declined 170 basis points to 50.7% of sales, the result of higher sourcing costs and an increase in the amount of clearance business.
Quiksilver's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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