Q1 income declines at Quiksilver
US-based outdoor sports lifestyle company Quiksilver, Inc. has posted a decline in net income for its first quarter ended January 31. Net income amounted to $2.5 million compared with $18.6 million in the prior-year quarter. Net revenues increased 2% to $552.5 million from $541.1 million in the first quarter of 2006.
Net revenues in the
Chairman of the board and chief executive officer Robert McKnight, Jr. expressed the company’s disappointment with these results. He said, “Feedback on the winter sports season, which was the worst in decades, has further deteriorated over the last several weeks. We are experiencing poor reorders, heavy markdowns, and a significant reduction in the order book for next season and the effects of that can be expected to continue throughout the year. On a more positive note, Quiksilver, Roxy and DC continue to prosper.”
