Quiksilver Reports Quarterly Decline in Net Sales, Earnings
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Quiksilver Inc., the Newport Beach-based surf wear maker, reported Monday that its sales increased in the second quarter now that it has acquired a European subsidiary, but net sales and earnings were down compared to the same period last year.
Consolidated net sales were $35.5 million for the quarter ended April 30, up 19% from $29.8 million last year. But net sales for the quarter, excluding the sales of the company’s French-based Na Pali S.A. subsidiary acquired in February, were down 19% to $24.1 million. Consolidated net income also sank to $3.3 million, down from $3.7 million.
Quiksilver Chairman John C. Warner blamed the recession and price-cutting for the decline in net sales and earnings.
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