Quiksilver, Inc. (NYSE:ZQK) today announced operating results for the fiscal 2013 third quarter ended July 31, 2013.
“Our third quarter results reflect progress on our path toward improving operating efficiencies,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc. “Pro-forma adjusted EBITDA increased by $4 million, selling, general and administrative expenses were reduced by $9 million and we continued to right-size our organization worldwide. In addition, our EMEA region returned to sales growth, and our global e-commerce channel and emerging markets contributed meaningful revenue increases. While global net revenues were down for our DC and Quiksilver brands, we believe that the product development plans we have in place will deliver improved sales over time.
“We are pleased with the advancements on our Profit Improvement Plan. We completed assembling our senior management team, refinanced debt to extend maturities and increase liquidity, reduced headcount, narrowed our athletes and events roster, began re-engineering supply chain processes and continued to close underperforming retail stores. Our plan is on track and we remain confident that our initiatives will lead to improved efficiency and profitability.”
Please refer to the accompanying tables for a reconciliation of GAAP results to certain non-GAAP results, including pro-forma income/(loss), pro-forma income/(loss) per share attributable to Quiksilver, Inc., adjusted EBITDA and pro-forma adjusted EBITDA, for the third quarter and nine months ended July 31, 2013 and 2012, net revenues in historical and constant currency, and a definition of our emerging markets.Fiscal 2013 Third Quarter Review: The following comparisons refer to the third quarter of fiscal 2013 versus the third quarter of fiscal 2012. Net revenues were $496 million compared with $512 million, and were down 3%, or $14 million, in constant currency.
- Americas net revenues decreased 6% to $268 million from $286 million, and were down 6% in constant currency.
- EMEA net revenues increased 6% to $164 million from $154 million, and were up 3% in constant currency.
- APAC net revenues decreased 12% to $63 million from $72 million, and were down 1% in constant currency.