Currency headwinds hamper Quiksilver’s recovery
11/06/2015
The US brand has undergone major restructuring in the face of falling revenues but says it is confident it is on the right track.
CEO Pierre Agnes said: “We are encouraged by customer feedback on our Spring ‘15 product offering across all brands. In addition, as our order book for the Fall ‘15 product line continues to develop, we are confident in our ability to drive revenue growth in the medium term. Overall, we are quite happy with our product lines.”
“We are still working on execution issues that are going to impact our business in the second half of this year, particularly in North America where sales and margins are affected by poor deliveries and an evolving distribution channel strategy. The Company had expected significant profit improvement in North America in the back half of the year when it provided guidance for fiscal 2015. We are still confident this improvement can be achieved, but not in that time period.”
Net revenues for the second quarter were $333 million compared with $397 million in 2014. On a constant currency basis, they fell 2%, or $5 million.
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