quiksilver posts higher profit, upbeat on forecast
UPDATE 1-Quiksilver posts higher profit, upbeat on forecast September 9, 2004 4:49pm ET (Reuters)
(Rewrites first paragraph, adds details after paragraph 2)
NEW YORK, Sept 9 (Reuters) - Quiksilver Inc. on Thursday said its third-quarter net income rose 64 percent and its fiscal-year results would beat expectations as fashions at the surf-inspired clothing maker and retailer were a hit with young people.
Net income increased to $19.5 million, or 32 cents per share, for the quarter ended July 31 from $11.9 million, or 21 cents, a year earlier.
Third-quarter revenue increased 34 percent, to $337.9 million from $251.5 million. The results were the first full quarter that included the company's acquisition of DC Shoes.
Huntington Beach, California-based Quiksilver said it expects fiscal-year earnings per share of $1.31 or $1.32 on revenue of $1.23 billion to $1.24 billion. Analysts surveyed by Reuters Research, on average, expect earnings per share of $1.29.
The company earned $58.5 million, or $1.02 per share, on revenue of $954.8 million for the year ended October 2003.
