by The Editors on March 27, 2015
It likely wasn’t quick enough for some, but it appears that Andy Mooney’s two year run in the Quiksilver CEO position is over. In a release today, Quiksilver said that Mooney is “no longer with the company.”
From our perspective that is one of the best bits of news out of Quiksilver in a while. On Mooney’s watch (which began January 11, 2013) Quiksilver sold off Mervin, Hawk, Moskova, and Maui & Sons. They lost Kelly Slater and began turning in some pretty big quarterly losses.
At first it seemed the street thought the losses were part of the pain of Mooney’s restructuring (with some help from a down market). By Halloween 2013 the stock was up to $8.11 on the promise that Mooney was pointed the right direction. But by June 2, 2014 it was obvious things weren’t going well and the stock began taking hit after hit until that ultimately left it at $2.25 at the close today (March 27, 2015).
Today’s after-hours dip of 15 percent (down to $1.90) may suggest some aren’t happy about today’s news either, but the Quiksilver board has a plan. It looks a little like this:
. . . Pierre Agnes, President of Quiksilver, Inc., has been promoted to Chief Executive Officer and added to the Board of Directors; he succeeds Andy Mooney who is no longer with the company. In addition, Greg Healy, Quiksilver’s APAC Region President, has been promoted to President of Quiksilver, Inc., and Bob McKnight has been appointed Chairman. All changes are effective today. . . “The board has great confidence in Pierre’s ability and skills to lead our company. His primary focus will be on improving operational execution and efficiencies, and identifying growth opportunities, especially in the U.S. wholesale channel.”
It’s always good to see the people who intimately know the brand back at the helm. We’ll leave it at that. For some deeper thoughts on the news read Jeff Harbaugh’s post by clicking here. For the official word from Quiksilver, please follow the jump. [click to continue…]
by The Editors on September 8, 2014
After leaving the floundering mess that has become Andy Mooney’s Quiksilver (where sales dropped 19 percent last quarter and the stock is down 75 percent year to date), Kelly Slater mentioned that he had some ideas about something new. Today (September 8, 2014) we all know where those ideas are headed with the launch of Mr. Slater’s new clothing line backed by Gucci, Puma, and Volcom parent corporation The Kering Group. It’s called Outerknown. And this is what Kelly had to say about it on Instagram this morning:
It’s been a long time coming and I’m proud to let you know that the clothing brand I’ve been working on has launched our ‘Handshake Website” at Outerknown.com this morning. Our team, lead by designer John Moore and supported by our strategic partner, The Kering Group, are tirelessly working on a brand that blends the relationship between style, sustainability, and travel. I believe we have an obligation to build better products and understand the way our consumption impacts the world around us. In saying that, the focus of our brand is to make a product that has a positive effect on every possible level. I look forward to telling you more as the brand develops.
From the cool stuff they’re doing on their Insta feed, and our trust in Slater’s instincts we’d have to say we’re looking forward to seeing where this Outerknown things leads. . . even if it is being funded by one of the largest fashion megacorps in the world. The bummer is we won’t see any product on the streets until Fall 2015.
[Link: Outerknown]
by The Editors on June 2, 2014
Quiksilver’s big plans to turn the company around with the help of former Disney Consumer Products chairman Andy Mooney don’t seem to be working out so well if financials for the quarter ending April 30, 2014 are any indicator. Analysts expected Quiksilver’s loss for the most recent quarter to be in the in two cents a share range, but the loss last quarter was 15 cents a share. A year ago it was only a 12 cents a share loss, according to a story on MarketWatch.
How are Mooney’s plans working? Take a look at this:
During the latest quarter, sales at its namesake brand declined 7% to $167 million excluding currency impacts. At its Roxy brand, sales dropped 6% to $121 million, and DC brand sales fell 19% to $103 million, also excluding currency fluctuations.
In addition to losing Kelly Slater (who now looks like he got out just in time) Quiksilver lost $53.1 million in the last quarter, up from $32 million during the same period a year ago. And it appears the worst is not over.
The company expects that the general sales trends of recent quarters will continue into the second half of the fiscal year, with continued net revenue declines in the North America and Europe wholesale channels being partially offset by net revenue growth in emerging markets and e-commerce.
Where do they go from here? Seriously? Quiksilver Princess Division?
[Link: MarketWatch]
by The Editors on December 3, 2013
Remember all those companies Quiksilver started and/or bought or licensed over the years because it was reportedly good for the stability of their business? Brands like Mervin Manufacturing, Hawk, Moskova, and Maui & Sons. Well, it now seems like the secret to Quik’s “profit improvement plan” is to sell them all. Mervin is already gone and most of the money they got for it is already spent.
“These transactions represent additional milestones in executing our multi-year profit improvement plan,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc. “We used a portion of the Mervin proceeds to invest in our high-growth subsidiaries in Mexico and Brazil, and we now own 100 percent of our operations in both countries. The remaining proceeds from the Mervin sale, combined with the new European credit facility, enhance our financial flexibility and add greater stability to our liquidity. . . Divesting Mervin and the other non-core businesses will allow management to focus on expanding our three core brands – Quiksilver, Roxy, and DC Shoes – along with driving additional operational efficiencies.”
Hey, whatever makes the market think “Hey, they’re making the right moves” is apparently the right move. Follow the jump for the full press release.
[click to continue…]
by The Editors on June 6, 2013
Quiksilver’s stock dropped 10 percent in after hours trading today (June 6, 2013) after the company announced that for the quarter ending April 30, 2013 they had lost $32 million on revenues of $459 million. But new CEO Andy Mooney wants everyone to know that Quik has everything under control.
“We recently announced a multi-year profit improvement plan designed to enhance the performance of our three flagship brands, Quiksilver, Roxy and DC, and accelerate our path to sustained profitable growth,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc. “With a reorganized management structure and our new leadership team largely in place, we have begun working toward globalizing key functions and gaining efficiencies to reap the benefits of our size and scale. We believe that, over time, our new focus and structure will allow us to significantly improve profitability, working capital efficiency and competitive positioning.”
Just keep reorganizing that leadership team and creating new profitability plans and there’s likely no end to the amount of money Quiksilver can lose. Then again, we should probably give Mooney a chance. He hasn’t been on the job all that long.
For the official word from Quiksilver (featuring not one word from Bob McKnight), follow the jump (or if you like numbers and charts click here). [click to continue…]
by The Editors on March 8, 2013
For the quarter ended January 31, 2013 Quiksilver’s revenue dropped four percent, they lost $31.1 million dollars and their share price dipped eight percent, according to a story on Bloomberg Businessweek.
Quik CEO Andy Mooney said revenue was hurt by closing underperforming stores, weak wholesales sales and weakness in the Americas . . Late Thursday, Mooney said the company is making progress restructuring its organizational structure and streamlining its supply chain. . . “We believe these actions will help lay the foundation for improved operational results.”
While posting this we had to ask ourselves if we even care how Quiksilver is doing. And the short answer is, no, at this point we don’t. Do you?
[Link: Bloomberg Business]
by The Editors on March 4, 2013
Quiksilver today announced today (March 4, 2013) that they’ve hired former Nike Global Brand Director Tom Hartge as Global Head of Footwear and former Lands’ End SVP, Global Sourcing Kasey Mazzone as Global Head of Supply Chain. Here’s what President and CEO Andy Mooney has to say about the changes.
“We are centralizing key functions and responsibilities across Quiksilver, Roxy and DC in order to strengthen our brands, grow sales and drive operational efficiencies,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc. “Both Tom and Kasey bring world class expertise to their respective roles, as well as extensive experience with global brands. These appointments, along with Pierre’s new role and the addition of a Chief Marketing Officer, will make our company more competitive and are key elements in our evolution from a regional management structure to a global structure with experienced leaders guiding each key functional area of the company.”
Guess this is all part of Quik’s recent reorganization. For the official word from Quik, follow the jump. [click to continue…]
by The Editors on January 3, 2013
Quiksilver co-founder and CEO Bob McKnight (picture right with Travis Rice, Kristi McKnight, and Torah Bright), is stepping aside and will be replaced in the CEO and President position on January 11, 2013 by former Disney and Nike executive Andy Mooney.
“This is an exciting time for Quiksilver and me personally as we bring in Andy and his ability to leverage our brands and people with his experience,” said McKnight. “I am very proud of Quiksilver’s many accomplishments and its three global iconic brands, industry leading athletes and gifted team of managers and employees. For the last year, I have worked closely with the Board and a leading executive search firm to identify the best possible candidate to succeed me as President and CEO, and I know Andy is the right choice. Working together, Andy and I will ensure that this transition is seamless for all of our stakeholders and that the company will continue to execute on its strategic priorities to deliver long-term shareholder value.”
McKnight has been named Executive Chairman. For the official word, follow the jump. [click to continue…]
by The Editors on December 13, 2010
We can’t really figure this surf film out. Isolated features what appears to be amazing camera work and a cast that includes: Josh Fuller, Travis Potter, Jenny Useldinger, Andrew Mooney, and Jimmy Rotherham.
Isolated is obviously well-funded. It’s being produced by Ryan Phillippe. But all the fancy graphics, spear-holding natives, and over-the-top voice over aimed obviously at a mainstream audience makes the trailer a little tough to watch. Not to say that Papua New Guinea isn’t a frightening place.
“Enter a forbidden land on the most secluded corner of the globe. Where five world class surfers journey into a world left behind. They search to ride untouched waves and bring surfing to the edge of civilization. But what they find will change them forever.”
Is there really “no turning back?” Did they all die? Guess we won’t know until we see the film.
[Link: Isolated Film]
It likely wasn’t quick enough for some, but it appears that Andy Mooney’s two year run in the Quiksilver CEO position is over. In a release today, Quiksilver said that Mooney is “no longer with the company.”
