Volcom today (February 24, 2011) released their fourth quarter and full-year financials along with news that they will purchase 10 of their outlet stores from a licensee. Not a bad way to build the retail portfolio while managing overstock.
As part of the company’s direct to consumer strategy, Volcom has signed a definitive agreement to terminate the current Volcom outlet license agreement and purchase the assets related to the operation of the 10 existing Volcom outlet stores, which are located in California (4), Nevada (3), Washington (2) and Utah (1). The company anticipates completing the transaction by mid-2011. Terms of the transaction were not disclosed.
Here’s how the quarterly numbers looked according to a filing with the SEC:
For the 2010 fourth quarter, total consolidated revenues increased 22.4% to $78.6 million, compared with $64.2 million in the fourth quarter of 2009. Total revenues in the company’s U.S. segment were $54.3 million, compared with $46.0 million in the prior-year period. Total revenues in the company’s Europe segment were $12.8 million, compared with $12.9 million in the same period in 2009. Total revenues in the company’s Electric segment were $6.4 million, compared with $5.3 million in 2009. Total revenues in the company’s Australia segment were $5.1 million.
Revenue for the year grew 15.2 percent to $323.2 million and the company netted $22.3 million.
Click here for the entire transcript of the conference all from The Street.
[Link: SEC]
to hell with volcom, I can’t wait to see the stock down at 4 bucks, just like quik. They deserve it.
SELL OUTS
Yeah Right…I hate to say this but….I agree with you for once.
These is no Youth Against Establishment left in Volcom.
And, they have branched off into MOTO. What a shame!
The youth that were against the establishment are now THE establishment.
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