Quik Earnings Down 94% In Q4

by The Editors on December 13, 2012

Quik Logo10Thanks to what is being called “significantly lower income-tax benefits and weaker markets” Quiksilver’s fourth-quarters earnings were down 94 percent, according to a story on Marketwatch.

In the latest quarter, Quiksilver recorded a benefit for income taxes of $7.4 million, significantly lower than the $64.3 million provision recorded a year earlier. . . For the quarter ended Oct. 31, Quiksilver posted a profit of $4.4 million, or two cents a share, down from $67.9 million, or 38 cents a share. Excluding special items such as impairment charges and restructuring expenses, profit was seven cents a share in the latest quarter. Revenue grew 2.5% to $559 million.

In spite of all this CEO Bob McKnight is “pleased, despite economic headwinds in certain markets, especially Europe and Australia, that revenues for fiscal 2012 increased across all three regions, all three major brands and all three distribution channels, in constant currency.” So there’s that.

[Link: Marketwatch, Call transcript via Seeking Alpha]

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