Quiksilver Beats Forecasts With $3.7-Million 1st Quarter
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Sportswear maker Quiksilver Inc. said Wednesday its first-quarter earnings dropped nearly 10% but still beat analysts’ expectations.
The Huntington Beach company recorded a profit of $3.7 million, or 16 cents a share, down from almost $4.1 million, or 18 cents a share, in the same period last year. Analysts on average had expected the company to earn 14 cents a share.
Sales for the quarter ended Jan. 31 rose 21.9% to $121.8 million.
Quiksilver had warned in December that first-quarter results would be depressed by unfavorable foreign currency rates.
As measured in French francs, European net sales increased 32% in the first quarter, but when measured in U.S. dollars, the sales increase totaled 16%, the company said.
The quarterly results were disclosed after regular trading hours in U.S. markets. The stock closed at $27, up $1.99 a share, on the New York Stock Exchange.
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