News Column

Quiksilver posts wider 2Q loss, shares nosedive

June 2, 2014

HUNTINGTON BEACH, Calif. (AP) Quiksilver shares slid in late trading after the teen retailer reported worse results in its most recent quarter and issued a disappointing outlook.

The Huntington Beach, California company said lower expenses and better sales in emerging markets were offset by weaker results in its wholesale business in North America and Europe. The seller of outdoor sports gear said it expects recent sales trends to continue in the second half of its fiscal year, with sales in North America and Europe still declining.

For its fiscal second quarter, which ended on April 30, the company posted a loss of $53.1 million, or 27 cents per share, compared with a loss of $32.4 million, or 20 cents per share, in the same period last year.

Excluding charges tied to restructuring and other items, the loss came to 15 cents. Analysts surveyed by FactSet forecast a quarterly loss of 2 cents per share.

Revenue declined 10 percent, to $408.2 million from $455.6 million. Wall Street predicted $448.6 million.

Revenue at company-owned stores open at least a year a key metric of a retailer's health rose 1 percent during the quarter.

Quiksilver shares fell $1.64, or 28 percent, to $4.15 in aftermarket trading. The stock has lost 34 percent this year.

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Source: Associated Press

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