Quiksilver Inc. (ZQK, Financial) filed Annual Report for the period ended 2011-10-31.
Quiksilver Inc. has a market cap of $703.59 million; its shares were traded at around $4.26 with a P/E ratio of 26.63 and P/S ratio of 0.36. Quiksilver Inc. had an annual average earning growth of 0.8% over the past 10 years.
Our selling, general and administrative expense (SG&A) increased 8% in fiscal 2011 to $895.9 million from $832.1 million in fiscal 2010. In the Americas segment, these expenses increased 11% to $360.9 million in fiscal 2011 from $324.7 million in fiscal 2010, in our European segment, they were virtually unchanged at $340.4 million as compared to $340.1 million, and in our Asia/Pacific segment, SG&A increased 15% to $147.9 million from $128.2 million for those same periods. As a percentage of revenues, SG&A increased to 45.9% of revenues in fiscal 2011 compared to 45.3% in fiscal 2010. In the Americas, SG&A as a percentage of revenues increased to 39.5% compared to 38.5% in the prior year. In Europe, SG&A as a percentage of revenues decreased to 44.7% compared to 46.7% and in Asia/Pacific, SG&A as a percentage of revenues increased to 54.3% compared to 49.2% in the prior year. The increase in SG&A as a percentage of revenues in our Americas segment was primarily due to additional spending to support growth initiatives, including marketing, retail and ecommerce expenses. The decrease in SG&A as a percentage of revenues in our European segment was primarily due to lower retail store expenses resulting from fewer retail stores. Europes SG&A decreased 3% in constant currency. In our Asia/Pacific segment, the increase in SG&A as a percentage of revenues was primarily the result of lower revenues and, to a lesser extent, the cost of operating additional retail stores. Asia/Pacifics SG&A increased 2% in constant currency.
Our consolidated gross profit margin increased to 52.6% in fiscal 2010 from 47.1% in the prior year. The gross profit margin in the Americas segment increased to 46.3% from 37.6% in the prior year, our European segment gross profit margin increased to 59.8% from 56.4%, and our Asia/Pacific segment gross profit margin increased to 54.2% from 53.9%. The increase in the Americas segment gross profit margin was primarily the result of less discounting in our wholesale business and, to a lesser extent, in our company-owned retail stores, less clearance business and improved sourcing. Our European segment gross profit margin increased primarily as a result of improved sourcing, improved margins in our company-owned retail stores and, to a lesser extent, improved margins on clearance business. In our Asia/Pacific segment, gross profit margin was generally flat compared to the prior year.
Our SG&A decreased 2% in fiscal 2010 to $832.1 million from $851.7 million in fiscal 2009. In the Americas segment, these expenses decreased 11% to $324.7 million in fiscal 2010 from $364.7 million in fiscal 2009, in our European segment, they were virtually unchanged at $340.1 million as compared to $341.8 million, and in our Asia/Pacific segment, SG&A increased 14% to $128.2 million from $112.4 million for those same periods. On a consolidated basis, expense reductions in SG&A were partially offset by approximately $11.2 million in charges related to restructuring activities, including severance costs. As a percentage of revenues, SG&A increased to 45.3% of revenues in fiscal 2010 compared to 43.1% in fiscal 2009. In the Americas, SG&A as a percentage of revenues decreased to 38.5% compared to 39.2% in the prior year. In Europe, SG&A as a percentage of revenues increased to 46.7% compared to 43.1% and in Asia/Pacific, SG&A as a percentage of revenues increased to 49.2% compared to 44.7% in the prior year. The decrease in SG&A as a percentage of revenues in our Americas segment was primarily a result of lower overall expenses due to cost cutting, partially offset by lower revenues. The increase in SG&A as a percentage of revenues in our European segment was primarily caused by lower revenues and, to a lesser extent, the cost of operating additional retail stores. In our Asia/Pacific segment, the increase in SG&A as a percentage of revenues was primarily the result of lower revenues in constant currency.
Our trade accounts receivable were $397.1 million at October 31, 2011, compared to $368.4 million the year before, an increase of 8%. Receivables in the Americas segment increased 11%, while European segment receivables increased 10% and Asia/Pacific segment receivables decreased 11%. In constant currency, consolidated trade accounts receivable increased 6%. The increase in consolidated trade accounts receivable was primarily the result of higher levels of revenues. European segment receivables in constant currency increased 9% and Asia/Pacific segment receivables in constant currency decreased 18%. Included in trade accounts receivable are approximately $26.6 million of value added tax and goods and services tax related to foreign accounts receivable. Such taxes are not reported as net revenues and as such, are deducted from accounts receivable to more accurately compute days sales outstanding. Overall average days sales outstanding decreased by approximately 2 days at October 31, 2011 compared to October 31, 2010.
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Quiksilver Inc. has a market cap of $703.59 million; its shares were traded at around $4.26 with a P/E ratio of 26.63 and P/S ratio of 0.36. Quiksilver Inc. had an annual average earning growth of 0.8% over the past 10 years.
Highlight of Business Operations:
Our total net revenues increased 6% in fiscal 2011 to $1,953.1 million from $1,837.6 million in fiscal 2010. In constant currency, net revenues increased 3% compared to the prior year. Net revenues in each of our Americas, Europe and Asia/Pacific segments include apparel, footwear, accessories and related products for our Quiksilver, Roxy, DC and other brands, which primarily include Hawk, Lib Technologies, and Gnu.Our selling, general and administrative expense (SG&A) increased 8% in fiscal 2011 to $895.9 million from $832.1 million in fiscal 2010. In the Americas segment, these expenses increased 11% to $360.9 million in fiscal 2011 from $324.7 million in fiscal 2010, in our European segment, they were virtually unchanged at $340.4 million as compared to $340.1 million, and in our Asia/Pacific segment, SG&A increased 15% to $147.9 million from $128.2 million for those same periods. As a percentage of revenues, SG&A increased to 45.9% of revenues in fiscal 2011 compared to 45.3% in fiscal 2010. In the Americas, SG&A as a percentage of revenues increased to 39.5% compared to 38.5% in the prior year. In Europe, SG&A as a percentage of revenues decreased to 44.7% compared to 46.7% and in Asia/Pacific, SG&A as a percentage of revenues increased to 54.3% compared to 49.2% in the prior year. The increase in SG&A as a percentage of revenues in our Americas segment was primarily due to additional spending to support growth initiatives, including marketing, retail and ecommerce expenses. The decrease in SG&A as a percentage of revenues in our European segment was primarily due to lower retail store expenses resulting from fewer retail stores. Europes SG&A decreased 3% in constant currency. In our Asia/Pacific segment, the increase in SG&A as a percentage of revenues was primarily the result of lower revenues and, to a lesser extent, the cost of operating additional retail stores. Asia/Pacifics SG&A increased 2% in constant currency.
Our consolidated gross profit margin increased to 52.6% in fiscal 2010 from 47.1% in the prior year. The gross profit margin in the Americas segment increased to 46.3% from 37.6% in the prior year, our European segment gross profit margin increased to 59.8% from 56.4%, and our Asia/Pacific segment gross profit margin increased to 54.2% from 53.9%. The increase in the Americas segment gross profit margin was primarily the result of less discounting in our wholesale business and, to a lesser extent, in our company-owned retail stores, less clearance business and improved sourcing. Our European segment gross profit margin increased primarily as a result of improved sourcing, improved margins in our company-owned retail stores and, to a lesser extent, improved margins on clearance business. In our Asia/Pacific segment, gross profit margin was generally flat compared to the prior year.
Our SG&A decreased 2% in fiscal 2010 to $832.1 million from $851.7 million in fiscal 2009. In the Americas segment, these expenses decreased 11% to $324.7 million in fiscal 2010 from $364.7 million in fiscal 2009, in our European segment, they were virtually unchanged at $340.1 million as compared to $341.8 million, and in our Asia/Pacific segment, SG&A increased 14% to $128.2 million from $112.4 million for those same periods. On a consolidated basis, expense reductions in SG&A were partially offset by approximately $11.2 million in charges related to restructuring activities, including severance costs. As a percentage of revenues, SG&A increased to 45.3% of revenues in fiscal 2010 compared to 43.1% in fiscal 2009. In the Americas, SG&A as a percentage of revenues decreased to 38.5% compared to 39.2% in the prior year. In Europe, SG&A as a percentage of revenues increased to 46.7% compared to 43.1% and in Asia/Pacific, SG&A as a percentage of revenues increased to 49.2% compared to 44.7% in the prior year. The decrease in SG&A as a percentage of revenues in our Americas segment was primarily a result of lower overall expenses due to cost cutting, partially offset by lower revenues. The increase in SG&A as a percentage of revenues in our European segment was primarily caused by lower revenues and, to a lesser extent, the cost of operating additional retail stores. In our Asia/Pacific segment, the increase in SG&A as a percentage of revenues was primarily the result of lower revenues in constant currency.
Our trade accounts receivable were $397.1 million at October 31, 2011, compared to $368.4 million the year before, an increase of 8%. Receivables in the Americas segment increased 11%, while European segment receivables increased 10% and Asia/Pacific segment receivables decreased 11%. In constant currency, consolidated trade accounts receivable increased 6%. The increase in consolidated trade accounts receivable was primarily the result of higher levels of revenues. European segment receivables in constant currency increased 9% and Asia/Pacific segment receivables in constant currency decreased 18%. Included in trade accounts receivable are approximately $26.6 million of value added tax and goods and services tax related to foreign accounts receivable. Such taxes are not reported as net revenues and as such, are deducted from accounts receivable to more accurately compute days sales outstanding. Overall average days sales outstanding decreased by approximately 2 days at October 31, 2011 compared to October 31, 2010.
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