Last Update: 14-Dec-12 07:44 ET
QuikSilver shares plunge 14% following miss on earnings
Quiksilver (ZQK $3.47 -0.60) reported the fourth quarter earnings of $0.07 per share, excluding non-recurring items, $0.02 worse than the Capital IQ consensus of $0.09, while revenues rose 2.5% year/year to $558.97 million versus the $566.15 million consensus. "We remain focused on our three core long-term initiatives, which are strengthening our brands, increasing global sales and driving operational efficiencies. Our brands received excellent exposure this year due to the success of our key athletes, who continue to dominate in our core sports. Our focus on sales resulted in continued growth for the Quiksilver and Roxy brands, as well as strong growth in our DC brand, our e-commerce business and our emerging markets. And, we made measurable progress in operating efficiency by controlling expenses, as seen in the reduction in fourth quarter SG&A as a percentage of sales."
Quiksilver (ZQK $3.47 -0.60) reported the fourth quarter earnings of $0.07 per share, excluding non-recurring items, $0.02 worse than the Capital IQ