Quiksilver Loss From Cont. Operations Narrows; Stock Up 9%

(RTTNews) - Outdoor sports apparel and footwear maker Quiksilver Inc (ZQK) on Friday reported first-quarter net loss of of $10.8 million or $0.07 per share compared with a profit of $16.2 million or $0.09 per share last year.

The company posted loss from continuing operations of $18.3 million or $0.11 per share in the quarter, narrower than a loss of $21.2 million or $0.13 per share a year ago.

Revenues for the quarter were lower at $340.9 million compared with $394.9 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.14 per share on revenues of $337.4 million for the quarter. Analysts' estimates typically exclude special items.

Same-store sales at company-owned retail stores fell 3% in the quarter.

Gross margin for the quarter slid to 49.7% from 50.8% last year, hurt by higher discounting, unfavorable currency impact and increased distribution costs.

For the second quarter, the company expects revenues of $340 million, while analysts expect $368.6 million.

For the full year 2015, the company now expects revenues of $1.38 billion to $1.45 billion, from prior guidance of $1.48 billion to $1.55 billion.

Analysts expect revenues of $1.49 billion for 2015.

The company said the updated guidance reflects changes in currency exchange rates as well as additional cost reduction initiatives.