by The Editors on March 11, 2010
Quiksilver only lost $3 million in the first quarter of 2010 compared to a $9 million loss in the same quarter of 2009. And for this, the market is apparently happy. So is Bob McKnight because it’s so much better than losing $9 million like they did in Q1 of 2009.
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, “We’re pleased to deliver first quarter financial results that exceed our prior expectations. We have taken bold steps over the past several quarters to improve our operations and with continuing hopes for economic stabilization and improvement, we are poised to benefit from any upturn in discretionary consumer spending. While we recognize that U.S. retail trends in general are improving, it appears that the pace of global recovery will not be uniform. That being said, we are well-positioned to deliver improved financial performance in the future.”
During the conference call this afternoon Bob McKnight said he and the company where extremely proud of Torah Bright for winning a gold medal in the 2010 Vancouver Olympics and that DC Shoes “has begun a focused effort to return to its heritage.”
During the questions Quik CEO Joe Scirocco also mentioned that Quiksilver’s marketing budget for 2010, was “$100 million, down from $120 million in 2009.” He also said the company would be repaying debt at a rate of approximately $100 million a year for the next three years.
For the rest of the release, follow the jump.
[click to continue…]
by The Editors on March 11, 2010
It could have been worse: Zumiez total sales were down .3 percent in 2009 vs. 2008, but their sale store comps were down 10 percent according to information released today.
“The year ended stronger than expected from both a sales and earnings standpoint,” commented Rick Brooks, Chief Executive Officer of Zumiez. “Our unique merchandise assortments and compelling promotional packages resonated with consumers, driving an increase in units sold for the fourth quarter, and at the same time, our efforts to build in higher IMU’s coupled with well managed inventory resulted in a significant improvement in product margins. While we are not pleased with our annual performance, we are encouraged that the steps we took to reverse the negative trends from early in the year led to improved results during the back half of 2009. We ended fiscal 2009 well capitalized, with more than $108 million in cash and current marketable securities, and will continue to invest in our business to build on our recent momentum and expand our position as the leading retail destination for the actions sports lifestyle.”
Items of interest we gleaned from today’s call:
- Private label accounts for 15.7 percent of sales and is growing.
- There are some price points where the brands “do not want to play” and that’s where private label comes in.
- Snow hardgoods less than 3 percent of sales, but “it’s very important.”
- Juniors 11 percent of our sales.
- Most exciting for Zumeiz is Mens and accessories which make up about 60 percent of our sales.
- Had great success selling package deals thanks to sales teams.
- Zumiez is now more brand unique than they have ever been.
- Four new brands entered the Zumiez top 10 this year, three new brands moved into the top 20.
- “Nothing is being left untouched” in Zumiez evaluation of the women’s market whether it’s product, how they sell the product, how they merchandize it in their stores. They have a complete team working on how they’re going to handle the women’s business.
- Zumiez plans to open 25 new stores in 2010 but will if thing continue to improve they are “certainly willing to open more locations if we can strike the right deals with landlords.
Follow the jump for all the numbers and the entire release.
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by The Editors on March 11, 2010
Core action mall retailer Zumiez Inc. will discuss their Q4 and year-end 2009 financial results with analyst’s today, March 11, 2010, at 2 PM PT (5 PM ET).
Click here to listen in for all the details. This should be a good one.
[Link: Zumiez]
by The Editors on March 10, 2010
The wife of Balinese surfing legend Wayan Suwenda is continuing her battle against Billabong International over the distribution rights to the Billabong brand in Bali, according to a story in the Australian.
In our last update in December 2009 we mentioned that one person was already in prison and another had been added to Interpol’s most wanted list over this same skirmish. Now Suwenda is reported suing Billabong in Denpasar District Court for $168 million Australian.
In the past few years, the dispute has become very public in Indonesia, with CVBB taking out large advertisements in the local media putting its viewpoint, while Billabong has publicly replied to the allegations.
[Link: The Australian]
by The Editors on March 10, 2010
If Oakley were a country they would rule the Olympics. In Vancouver Oakley sponsored athletes won 65 medals. The USA was number one in medal count with 37.
We could not be more proud of the performances these athletes achieved, nor more honored that they chose to rely on Oakley products for the greatest competitions of their lives,” said Oakley CEO Colin Baden. “Our icon was pervasive in Vancouver. Some may think it was a matter of sponsorship, but world-class athletes insist on Oakley technology because they demand the very best in performance and protection.
Corpo-states will soon be ruling the world, and when they do, Oakley might not be a bad passport to hold. Follow the jump for the entire release. [click to continue…]
by The Editors on March 10, 2010
Quiksilver will host a conference call for analysts at 1:30 PM PST tomorrow March 11, 2010 to discuss Q1 results from fiscal 2010, according to a release on MarketWatch.
The conference call will be broadcast live over the Internet and will be available at www.quiksilverinc.com and at www.viavid.net. Computers being used to listen to the broadcast must have Windows Media Player installed.
Wonder if Quik got a piece of the February retail bounce? Today we will know.
[Link: MarketWatch]
by The Editors on March 4, 2010
Sanuk’s temporary retail experiment in Anaheim, California’s Downtown Disney is set to close when its lease expires March 14, 2010 according to a story in the Orange County Register.
Sanuk and Disney are in talks to find a new location within Downtown Disney, but nothing has been found yet, said James Crush, marketing manager for Sanuk Footwear. . . “We are working with Sanuk to develop future opportunities in Downtown Disney,” said Betsy Sanchez, a Disneyland Resort spokeswoman, in a prepared statement.
The store apparently flourished in the loose-wallet tourist zone.
by The Editors on March 4, 2010
February wasn’t so bleak for core mall retailer Zumiez according to same store sales numbers released yesterday March 3, 2010.
February sales at stores open at least one year rose 11.2%. Analysts, on average, had expected same-store sales to rise 1.2%, according to Thomson Reuters. Total net sales for the four weeks ended Feb. 27 increased 19.6% to $27.6 million, said the specialty apparel retailer.
Shares were up nearly 20% this morning to over $20: a two-year high for the company due in part to a Piper Jaffray upgrade of the stock.
[Link: Market Watch]
by The Editors on March 2, 2010
The website Alister & Paine bills itself as “the digital magazine for 21st century executives” and seeing how they knew enought to interview Sanuk’s Jeff Kelly we’d have to agree. So how does Sanuk stay relevant?
By constantly doing what Nike and Sketcher and Crocs and those guys can’t do. We’re completely random. It separates us and it still gives us that feeling that we’re a brand that works out of a garage. . . We’ve had guys like Brad Pitt and Matthew McConaughey embrace the product and wear it religiously. Vanity Fair asked Brad Pitt what his favorite shoes were and he said ‘Sanuk Sidewalk Surfers’. You can’t ask for a better endorsement than that.
[Link: Alister & Paine]
by The Editors on February 26, 2010
Now everyone can get exactly what they want on their own trunks thanks to a California company called Shortomatic. Building a pair of trunks with a customized graphic on it is as easy as selecting a waist and leg length and then uploading some art (photo, pattern, graphic) and pressing send. Shortomatic will then make your shorts (in the USA) and send them back to you.
We believe that while there is so much personal style and competition applied to water bound pursuits, then surely the equipment should reflect the same level of distinction. . . . Boardshorts obviously have their roots in popular surf culture, but our approach is much wider then this niche; we think of our product as the new ‘swimming trunk’. As at home in the swimming pool, hot tub or lake as on the beach, a board or just plain sunbathing!
The only problem? The shorts cost about $100 a piece. . . but you can get your name in the waistband. Wonder if they’d let us make some mangina trunks?
[Link: Shortomatic via Coolhunting]
Quiksilver only lost $3 million in the first quarter of 2010 compared to a $9 million loss in the same quarter of 2009. And for this, the market is apparently happy. So is Bob McKnight because it’s so much better than losing $9 million like they did in Q1 of 2009.
