Quiksilver 2008 First Quarter Net Revenues Up 14 Percent

quiksilver.gifQuiksilver, Inc. announced Friday, March 7, that its net revenues for the first quarter of 2008 – which ended Jan. 31 – are up by 14 percent to $605 million, according to a press release issued by the company.

After increasing it’s global apparel revenues one year ago by 19 percent to $505 million, Quiksilver has been on a steady track for the fiscal year 2008. The company indicated that visibility into revenues and earnings is limited for the remainder of the year. It acknowledged, however, consensus estimates as published by First Call of $2.6 billion for consolidated revenues and $0.58 for EPS (both from continuing operations) and believes that such estimates should be achievable, according to the statement.

“Although we are no t satisfied with our financial results in general, we are pleased that our core apparel and footwear operations enabled us to partially offset the more difficult than expected results from our wintersports equipment busines,” Bob McKnight, chairman of the board, president and CEO of Quiksilver. “As we go forward, we are energized to regain focus on our core opportunities. We are executing a variety of strategies to improve our gross margin, reduce our expense levels and generatecash flow to repay our indebtedness. We are resolved to continue to pursue strategic transactions to reduce or eliminate our exposure to our winter sports equipment business.”

Check out what Quiksilver has to offer this season at the company’s official Web site.