Let me turn now to the high level financial highlights for the second quarter. Revenues in Q2 were up 5% when compared to last year in constant currency reflecting that we have broad appeal for all 3 of our brands, Quiksilver, Roxy and DC, solid growth in our emerging markets, revenue growth and positive comparable store sales in each of our geographic regions and continued strong growth in our e-commerce channel.Gross margins declined to 49.2% of sales. Our 2012 internal plan anticipated a number of headwinds that would adversely impact our Q2 year-over-year gross margin comparison. Our actual margins were, however, somewhat below our plan. SG&A of $224 million was up approximately $7 million compared to the second quarter a year ago. The resulting pro forma adjusted EBITDA in the second quarter was $39 million, which, as we anticipated, was well below last year's second quarter results.
Quiksilver Management Discusses Q2 2012 Results - Earnings Call Transcript
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