by The Editors on March 7, 2008
Quiksilver has not been having a great first quarter. Though their total revenue is up 14% over first quarter 2007, they are down nearly $20 million in profits compared to last year:
Consolidated income from continuing operations for the first quarter of fiscal 2008 was a loss of $14.7 million, or $0.12 per share, compared to income of $6.8 million, or $0.05 per share, for the first quarter of fiscal 2007. . . . Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, “Although we are not satisfied with our financial results in general, we are pleased that our core apparel and footwear operations enabled us to partially offset the more difficult than expected results from our wintersports equipment business. As we go forward, we are energized to regain focus on our core opportunities. We are executing a variety of strategies to improve our gross margin, reduce our expense levels and generate cash flow to repay our indebtedness. We are resolved to continue to pursue strategic transactions to reduce or eliminate our exposure to our wintersports equipment business.”
[Link: MarketWatch.com]
by The Editors on March 6, 2008
Sure, it’s a clever way to promote women and fashion and we guess that’s why Quiksilver is doing an interesting corporate buy-in with their “artist in residence” program at a space in Los Angeles’ trendy Silver Lake. The press release explains it:
To celebrate the introduction of its new collection for women, Quiksilver has selected six independent and creative young women to be Visionaries in Residence at Quiksilver’s siteLA, a communal work and exhibition space in the Silver Lake neighborhood of Los Angeles. . . The residency program is a year-long engagement for women working in and across creative cultural fields. Like sponsored athletes, their personal passions echo the Quiksilver spirit: progressive, creative and confident. Although they have been selected for their independent projects, they share a communal workspace and together create public programs and host special events at siteLA.
Quik has already run sponsoring attractive action models into the ground, why not throw some money to people who are getting cool shit done. We’re just wondering where the reality TV show is to go along with it? Follow the jump for all the details.
[click to continue…]
by The Editors on March 6, 2008
After announcing that it’s same-store sales in February fell 2.6 percent (which doesn’t sound like a whole lot to us) Zumiez stock took a 14% plunge this morning.
The Everett company (NASDAQ: ZUMZ) said total sales increased last month to $23.1 million from $20.7 million. . . . Analysts were expecting February same-store sales to grow by 1.4 percent to 2 percent so the decline caught some by surprise. Sara Hasan at McAdams Wright Ragen in Seattle lowered her 2008 fiscal year earnings estimate from 97 cents to 92 cents, but she kept a “buy” rating on the stock.
This on the same day that Pacific Sunwear announced that it’s total sales for February increased seven percent and same-store sales for the month increased six percent. Hmmm. . .
[Link: Puget Sound Business Journal]
by The Editors on March 3, 2008
Volcom is up to six retail stores with the December opening of their Telegraph Ave. store in Berkeley, California “just a stone’s throw from the Cal Berkeley campus.” But they waited until last Friday night to have a grand opening party.
People filled the Volcom store on Telegraph Avenue Friday night to celebrate its grand opening with an all-ages party complete with free beer, free pizza and live music.
Although the boardsports-oriented clothing store officially opened its doors for business in December, they wanted the community to become more familiar with their products.
“We just want to introduce ourselves to the community and let everyone know we’re in town,” said Jeff Roberts, vice president of retail for Volcom.
And the Stone marches on.
[Link: The Daily Californian]
by The Editors on March 2, 2008
According to BusinessWire:
Zumiez Inc. (NASDAQ:ZUMZ) today announced that the Company’s conference call to discuss fourth quarter fiscal 2007 financial results will be broadcast live over the Internet on Thursday, March 13, 2008 at 5:00 p.m. Eastern Time and may be accessed at http://ir.zumiez.com. To listen to the webcast, please go to the website at least 15 minutes prior to the start time to register and download any necessary software.
[Link: BusinessWire]
by The Editors on February 26, 2008
According to Shop-Eat-Surf.com‘s coverage of analyst Mitch Kummetz’ survey of board sport retailers (how’s that for third hand information) Volcom is the “hottest men’s and women’s brand.”
Hottest men’s brands
1. Volcom
2. Billabong
3. Quiksilver
4. Matix
5. KR3W
Hottest women’s brands
1. Volcom
2. Roxy
3. Billabong
4. Matix
5. O’Neill
[Link: Shop-Eat-Surf.com]
by The Editors on February 17, 2008
According to the San Diego Daily Transcript Nixon co-founder Andy Laats is sharing his business stoke with students at California State University at San Marcos.
The growth is what I still get stoked on,” Laats said of Nixon Inc. during the “In the Executive’s Chair” course at California State University, San Marcos Wednesday.
The Nixon co-founder and president told about 83 students the progress he alludes to is “not in terms of the product, but in terms of the amount of ideas and the amount of energy we have.“
Click here to watch the video or here for the video interview.
[Link: San Diego Daily Transcript]
by The Editors on February 12, 2008
According to Boardsport Source:
Quiksilver, Inc. reported that Robert McKnight has resumed his role as president of Quiksilver, Inc. and remains both chairman of the board and CEO. Mr. McKnight will again direct the company’s strategic and operational initiatives as it focuses on its Quiksilver, Roxy and DC core apparel and footwear brands, seeks to improve its operating results and implements strategic initiatives for the Rossignol group.
The company also announced that Bernard Mariette has resigned from his position as president and as a director of the company in order to pursue other interests, which may include attempting to acquire the Rossignol group. As previously announced, J.P. Morgan is conducting a process on behalf of the company to reduce its exposure to the winter sports equipment business, including a possible sale.
Avoir, Bernard. Hope you have better luck buying Rossignol the second time around. Quik was up 53 cents on the news.
[Link: Boardsport Source and LA Times]
by The Editors on February 6, 2008
From BusinessWire:
Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today announced the company’s comparable store sales increased 1.7% for the four-week period ended February 2, 2008, versus a comparable store sales increase of 12.4% for the four-week period ended February 3, 2007. Total net sales for the four-week period ended February 2, 2008 increased 16.3% to $20.7 million, compared to $17.8 million for the four-week period ended February 3, 2007. Due to the addition of the 53rd week in fiscal 2006, January 2007 had five weeks of sales versus January 2008 which had four weeks of sales. Total net sales for the four-week period ended February 2, 2008 decreased 11.7% to $20.7 million, compared to $23.4 million for the five-week period ended February 3, 2007 due to the loss of one week of sales in fiscal January 2008.
To hear the Zumiez prerecorded January sales message, please dial (888) 317-6095 (no passcode is required).
We’re going to dial it up right now just for kicks.
[Link: BusinessWire]
by The Editors on January 31, 2008
As seen on Boardsport Source:
Quiksilver, has appointed investment bank, JPMorgan, to initiate a sale process for its ski and snowboard brand, Rossignol. Quiksilver acquired Rossignol, in 2005, but the business has consistently underperformed ever since. The company wrote down the carrying value of Rossignol by US$166 million ($192 million) in the financial year ended October 31, 2007. Rossignol, along with Quiksilver’s three other winter sports brands, represents 16 percent of its total revenue.
[Link: Boardsport Source]
