Quiksilver Shares in Freefall as Net Losses Widen, Sales Sink
Surf and skate retailer Quiksilver reported net losses of 15 cents a share over its April-ending quarter, far wider than analysts' forecasts for a mere 2-cents-a-share net loss.
Reaction was swift and brutal for Quiksilver after the bell Monday following an earnings report which did little to ease investors' concerns. The surf and skate retailer reported net losses of 15 cents a share over its April-ending quarter, far wider than analysts' forecasts for a mere 2-cents-a-share net loss. On its top-line, revenue tumbled 10.4% to just over $408 million, missing estimates by more than $40 million. While most retailers saw negative same-store sales over the quarter, Quiksilver managed to increase retail sales 1%. However, its wholesale channel, which contributes 70% to total revenue, plummeted 15%.
