Fashion

Fiscal 2009 wasn’t exactly a good one for Quiksilver. The company lost $73 million, but that hasn’t stopped the top executives at the company from getting raises for 2010, according to a story on the OC Retail Blog. Looks like Bob McKnight is a million dollar base salary man again.

Here’s how it looks for next year vs this year (according to an 8-K filing:

Robert B. McKnight, Jr., 2010 $ 1,000,000
Chief Executive Officer and President 2009 $ 903,000

Joseph Scirocco, 2010 $ 550,000
Chief Financial Officer 2009 $ 550,000

Charles S. Exon, 2010 $ 500,000
Chief Administrative Officer,
Secretary and General Counsel 2009 $ 404,000

Pierre Agnes, 2010 $ 475,000 (1)
President – Quiksilver Europe 2009 $ 419,000

Craig Stevenson, 2010 $ 475,000
President – Quiksilver Americas 2009 $ 400,000

Hey, only losing $73 million on $1.98 billion in 2009 revenue is apparently something worth rewarding at Quik.

[Link: OC Register]

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We know full well that former Billabong CEO Matthew Perrin no longer has anything to do with the company, but the stories of his bankruptcy just keep coming and they’re getting better and better. Most recently we read this in the The Australian:

IT was the $66 million share sale that eroded Matthew Perrin’s position as chief executive officer of surfgear company Billabong. . . But yesterday the now-bankrupt entrepreneur could not tell a court what his wife Nicole, whom he suggested had received almost $32 million in proceeds from the sale, had done with the cash. . . “It’s her money, she’s entitled to do what she wants with it,” he said.

Maybe she left it in her other purse. . . wonder if Matt looked there?

[Link: The Australian]

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Quik reported numbers for the quarter ending October 31, 2009 today and they were down, but not as far as analysts were expecting, apparently. Analysts figured Quik would be down $6.4 million according to a story in the Orange County Business Journal. Consolidated net revenues for the quarter were down 11% and for fiscal 2009 were down 13% to $1.98 billion.
Bob McKnight’s spin on the whole thing?

“Our fourth quarter was very challenging, as retailers bought conservatively for the holiday season and traffic in our own retail stores remained sluggish through October. In that context, we were pleased that our results were somewhat better than we expected. We also accomplished a number of important business objectives in the quarter. We reinforced our product leadership, maintained and even expanded our leading market share positions and staged a number of major events further connecting our brands with the broad group of consumers that either participate in or are inspired by action sports.”

Follow the jump for the entire press release.
[click to continue…]

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