Fashion

It appears that Quiksilver has been given a little more time to get things straightened out, according to a release posted on Welt.de.

Quiksilver, Inc. today announced that it has entered into an agreement with its European banking partners to consolidate its European debt obligations, including previously uncommitted lines of credit, into a new committed 4-year facility consisting of €170 million in term loans, a letter of credit facility with a capacity of €40 million and a €58 million revolving line of credit. . . As part of a separate agreement, Societe Generale Bank & Trust, a member of the European bank group, has extended the maturity of a €50 million term loan due to mature in July 2010 until July 2013.

We wondered why the stock was going up this morning. For Bob McKnights somewhat simplified explanations on Quik’s current financial landscape, click here for his interview with TransWorld Business’ Josh Hunter.

[Link: Welt.de]

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While Volcom may have beaten analysts estimates in Q2 the company’s Q3 outlook is what has pulled the stock down nearly 9% this morning. And thanks to Volcom’s forecasted 65% drop in PacSun business Wedbush Morgan has downgraded the stock from Neutral to Underperform, according to a story on StreetInsider.com.

Wedbush Morgan cut 2009 EPS estimates to $0.60 from $0.81, 2010 to $0.59 to $0.93 and lowered its price target to $8 from $12. The firm said the significant decline in PacSun biz due to fundamental changes will not likely reverse when the consumer improves.

Analysts. . .

[Link: Streetinsider.com]

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Volcom reportedly their Q2 2009 financial results today and things weren’t that great, according to the press release on Fox Business.

For the 2009 second quarter, total consolidated revenues were $54.2 million compared with $72.5 million in the second quarter of 2008. . . Total revenues in the company’s U.S. segment, which includes revenues from the U.S., Canada, Japan and most other international territories outside of Europe, as well as the company’s branded retail stores, were $43.6 million compared with $60.2 million in the prior-year period.

Wooly did what he could with the spin.

“Despite the continued macro economic challenges in the second quarter, our focus and drive to maintain the strength of the Volcom brand is resolute and propelled by our high quality and innovative products,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “Our global presence is stronger than ever, and that, coupled with the sound management of our balance sheet, uniquely provides us with the solid foundation to position our company as a leader in the action sports industry.”

Still, the company has no “significant debt” and around $96.2 million in cash, cash equivalents and short-term investments. And the really great news: analysts were expecting a $.02 per share loss and the company came in at a $0.04 cents per share profits, according to Reuters. So they have that going for them.

[Link: Fox Business and Reuters]

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Next time you find yourself at The Standard Hotel without proper swimwear (sadly it’s still required at The Standard) you can simply cruise over to a vending machine and pick up a pair of Quik classic trunks or Quik binkini without even speaking to a human thanks to a new collab between the surf giant and the porny hotel chain.

In celebration of the bold attitudes and bright colors of the boardshort’s golden era, Quicksilver has partnered up with The Standard to reissue their original boardshorts from the 70s and 80s but with modern fits, fabrics and technolocy. . . The Standard boardshorts by Quiksilver and Quiksilver women’s bikini will be sold through the first ever boardshort/bikini vending machines located poolside at the Standard Hotels.

Wonder if they come with condoms in every pocket?

[Link: The Mountain and Wave and ShopStandard]

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Skullcandy’s CEO Rick Alden is up for Entrepreneur of 2009 in a contest held by Entrepreneur magazine. He is up against four other CEO’s that you’ve never heard of (click here for Rick’s video bio)

“The greatest part of Skullcandy for me has been the association with an incredible team of employees. Being blessed to work with these people every day is the best part of the ride,” Alden stated. “I have a high opinion of the importance of entrepreneurship in America, so to be included with this caliber of other founders in the premier magazine for entrepreneurs is an insane honor.”

If you’d like to help Rick win, click here and vote by October 12, 2009. And if you’d like to see someone else to win, click here and vote from someone else.
[Link: Entrepreneur.com]

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Last weekend it seemed like Hurley and Converse just couldn’t get enough of the US Open of Surfing in Huntington Beach. Their logos where everywhere the event’s 500,000 visitors looked. But after seeing Nike’s numbers from the fiscal year which ended on May 31, 2009 it looks like Nike was simply playing into their strengths.

According to a story on Sports One Source Converse and Hurley were two of Nike’s brightest shining stars in an otherwise flat year.

Converse posted a 12.6% increase in revenues for the fiscal 2009 year, reaching $915.3 million for the year. . . Hurley revenues jumped 18.6% to $202.9 million for the year from $171.1 million in the prior year.

How’s that for beating the market?

[Link: Sports One Source]

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