Quiksilver narrows Q1 loss
Quiksilver (NYSE: ZQK) said its net loss for the first quarter narrowed as the company took “bold steps” over the past several quarters to improve its operations.
It posted a loss of $5.4 million, or $0.04 per share, compared with a loss of $194.4 million, or $1.53 per share, a year earlier.
Excluding one-time items in both quarters, the company posted a loss of $0.02 per share for the period this year compared with $0.07 per share last year.
Its revenue fell 2 percent to $432.7 million.
Robert McKnight, Quiksilver’s CEO and chairman, said, “With continuing hopes for economic stabilization and improvement, we are poised to benefit from any upturn in discretionary consumer spending.
He added, “While we recognize that U.S. retail trends in general are improving, it appears that the pace of global recovery will not be uniform. That being said, we are well-positioned to deliver improved financial performance in the future.”
West Marine delays Q4 report
West Marine (Nasdaq: WMAR) delayed issuing its fourth-quarter results as it works through final audit items with its new accounting firm.
The report was due last week and the company plans to release results on Mar. 16.
Even though the company was completing its audit, it noted that the year's results exceeded expectations. It added that the industry seems to be improving, since the second-half of the year was better than the first half.
Hibbett’s Q4 profit surges
Hibbett Sports (Nasdaq: HIBB) said its fiscal fourth-quarter profit received a 55 percent bump as sales improved on the strength of University of Alabama and New Orleans Saints merchandise.
During the quarter ended Jan. 30, Hibbett earned $11.8 million, or $0.40 per share, compared with $7.6 million, or $0.26 per share, during the same period a year earlier.
Revenue grew 13 percent to $166.8 million from $147.9 million, helped by sales of University of Alabama and New Orleans Saints merchandise, which both won championships this season. Sales at stores open at least a year rose 9.6 percent in the quarter.
Full-year earnings climbed 11 percent to $32.5 million, or $1.12 per share, from $29.4 million, or $1.02 per share. Sales increased 5 percent to $593.5 million from $564.2 million. Sales at stores open at least a year edged up 0.7 percent.
Hibbett anticipates fiscal 2011 profit between $1.12 and $1.30 per share, with same-store sales up 1 percent to 4 percent.
Jarden declares cash dividend
Jarden (NYSE: JAH), parent of Coleman, K2 and Marmot, said its board of directors declared a regular quarterly cash dividend of $0.0825 per share of the company's common stock. It’s payable on April 30 to stockholders of record as of April 1.
--Compiled by Wendy Geister
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