Quiksilver Posts Q1 Loss, Stock Down - Update

(RTTNews) - Sports apparel and footwear retailer Quiksilver Inc (ZQK) said Thursday it slipped to a loss for the third quarter, hurt by lower sales and one-time charges, with results missing Wall Street estimates.

CEO Andy Mooney said results were hurt by a decline in wholesale channels in North America and Europe as well as late product deliveries stemming from its transition to global demand planning.

""We are resolving the product delivery issues and already see improved fulfillment in the Holiday season," Mooney said.

Quiksilver shares slid 12 percent in after-hours trade on the New York Stock Exchange.

Huntington Beach, California-based Quiksilver posted quarterly net loss of $220 million or $1.29 per share, compared with a profit of $2 million or $0.00 per share last year.

Results for the quarter included asset impairment charges of $182.6 million.

Excluding items, adjusted loss for the quarter was $0.20 per share, compared with earnings of $0.07 per share in the prior year.

On average, 10 analysts polled by Thomson Reuters expected earnings of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter fell 19 percent to $395.7 million from $488.3 million a year ago. Analysts expected revenue of $440.6 million.

Revenue in the Americas slid 27 percent from last year, and Europe, Middle East and Africa dropped 13 percent.

Gross margin for the quarter fell to 47.8 percent from 49.1 percent last year.

Quiksilver stock closed Thursday at $2.83, down $0.05 or 1.74%, on a volume of 5.9 million shares. In after hours, the stock dropped $0.33 or 11.66%.