Quiksilver Q3 sales drop 12 percent
Belt-tightening helped Quiksilver (NYSE: ZQK) lift third-quarter profits, but the company still reported a 12-percent drop in revenue.
It earned $8.3 million, or $0.06 per share, in the three months ended in July, compared to $1.4 million, or $0.01 per share, at the same time last year. If not for one-time accounting charges, Quiksilver said it would have made $0.08 per share.
Revenue dropped 12 percent to $441.5 million, dragged down in part by the stronger dollar that depressed its overseas sales.
The company forecast another double-digit revenue decline for its fiscal fourth quarter ending in October, and indicated its per-share earnings will be in the $0.04 to $0.06 range.
Also, the company said it has lowered its interest rate on a $150 million credit line and extended it by four years.
The new rate is 1.5 percentage points below its previous credit line arranged by Bank of America Corp.’s Merrill Lynch and General Electric Co.’s GE Capital. The credit line is now set to expire in August 2014.
Quiksilver has been trying to whittle its outstanding debt, which was recently reduced by $140 million to about $700 million as a part of agreement that required the company to swap 31.1 million shares of its stock.
Collective Brands posts 13 percent rise in Q2 profit
Collective Brands (NYSE: PSS), the parent of Saucony and Hind, said its fiscal second-quarter profit rose 13 percent as sales edged up and expenses declined.
Net income for the three months ended July 31 rose to $21.1 million, or $0.32 per share, from $18.7 million, or $0.29 per share, in the corresponding period last year.
Sales increased to $841.3 million, compared with $836.3 million last year.
International sales rose 6 percent to $109.8 million, reflecting strong performance in Ecuador and a better exchange rate in Canada, it said. PLG Wholesale unit sales rose 27 percent to $174.4 million, while PLG retail unit sales edged up 2 percent to $48.8 million.
Columbia completes acquisition of OutDry
Columbia Sportswear (Nasdaq: COLM) said it has completed its acquisition of OutDry Technologies from Italian company Nextec S.r.l. It is paying an undisclosed amount in cash for the deal.
Columbia said it intends to roll out OutDry’s technology, which uses waterproof, breathable membranes inside the outer layer of shoes or gloves, across its brands.
OutDry will remain headquartered near Milan, Italy, and operate as a wholly owned subsidiary of Columbia.
LaCrosse lands Army boot contract
LaCrosse Footwear (Nasdaq: BOOT) said it has received a new $8.6 million delivery order from the U.S. Army for the Danner Combat Hiker boot.
The company said it anticipates delivering the boot order within the next 90 days for soldiers in Afghanistan. The boots will be produced at the company’s new manufacturing facility in Portland, Ore.
Luxottica buys 125K shares back in August
Luxottica Group (NYSE: LUX; MTA: LUX), parent of Oakley, said it has repurchased 125,000 of its shares during the month of August.
This is part of the share buyback program that launched in November.
Luxottica Group’s subsidiary, Arnette Optic Illusions Inc., during the same period, sold 235,700 treasury shares.
–Compiled by Wendy Geister
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