Quiksilver, Inc. (NYSE:ZQK) today announced operating results for the fiscal 2012 full year and fourth quarter ended October 31, 2012.
“We are pleased, despite economic headwinds in certain markets, especially Europe and Australia, that revenues for fiscal 2012 increased across all three regions, all three major brands and all three distribution channels, in constant currency,” said Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc.
“We remain focused on our three core long-term initiatives, which are strengthening our brands, increasing global sales and driving operational efficiencies. Our brands received excellent exposure this year due to the success of our key athletes, who continue to dominate in our core sports. Our focus on sales resulted in continued growth for the Quiksilver and Roxy brands, as well as strong growth in our DC brand, our e-commerce business and our emerging markets. And, we made measurable progress in operating efficiency by controlling expenses, as seen in the reduction in fourth quarter SG&A as a percentage of sales.”
Please refer to the accompanying tables for a reconciliation of GAAP results to certain non-GAAP results for the full year and fourth quarter, net revenues in historical and constant currency, and a definition of our emerging markets.Fiscal 2012 Full Year Review: The following comparisons refer to fiscal 2012 versus fiscal 2011. Net revenues grew 3% to $2.01 billion compared with $1.95 billion, and grew 7%, or $125 million, in constant currency.
- Americas net revenues increased 8% to $992 million from $914 million, and were up 10% in constant currency.
- Europe net revenues decreased 7% to $711 million from $761 million, and were up 1% in constant currency.
- Asia Pacific net revenues increased 13% to $307 million from $272 million, and were up 12% in constant currency.