Quiksilver Q4 net revenue down 9 percent

REPORT_ For the fourth quarter Quiksilver net revenues were

down 9 percent. Gross margin increased to 47 percent of net revenues compared with 45.6 percent of net revenue in the fourth quarter of the previous year. For the fourth quarter Americas net revenues decreased 15 percent, EMEA net revenues decreased 6 percent and APAC net revenues decreased 4 percent.

For the full year net revenues were down 6 percent and gross margin decreased slightly to 48.2 percent of net revenues compared with 48.5 percent of net revenues the previous year. Americas net revenues decreased 7 percent. EMEA net revenues decreased 6 percent and APAC net revenues decreased 8 percent.

For the full year Quiksilver net revenue decreased 7 percent, Roxy decreased 2 percent and DC decreased 8 percent. Wholesale revenues decreased 8 percent, retail revenues decreased 1 percent and e-commerce revenues grew 25 percent. Emerging markets generated net revenue growth of 21 percent in constant currency.

Quiksilver is based in California. It is an outdoor sports lifestyle company that designs, produces and distributes branded apparel, footwear and accessories. The company’s Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The company’s products are sold in more than 100 countries. “We made solid progress on key elements of our profit improvement plan over the last few months,” said Andy Mooney, president and Chief Executive Officer. “During the fourth quarter, we continued right-sizing our global operations, closing underperforming retail stores, trimming our global athlete roster, divesting non-core operations and making important headway in establishing global controls in the supply chain management processes. While net revenues were lower due to the expected decrease in DC brand sales, we generated higher gross margin and drove down selling, general and administrative expenses.”