Quiksilver Inc. (ZQK, Financial) filed Quarterly Report for the period ended 2010-04-30.
Quiksilver Inc. has a market cap of $513.2 million; its shares were traded at around $3.96 with a P/E ratio of 39.6 and P/S ratio of 0.3. Quiksilver Inc. had an annual average earning growth of 4.4% over the past 10 years.ZQK is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, PRIMECAP Management, Chuck Royce of Royce& Associates, Charles Brandes of Brandes Investment, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Our selling, general and administrative expense (SG&A) for the three months ended April 30, 2010 increased 5% to $213.4 million from $202.6 million in the comparable period of the prior year. In the Americas segment, SG&A expenses decreased 9% to $81.2 million from $89.0 million in the comparable period of the prior year, while our European segment SG&A increased 9% to $86.0 million from $79.1 million, and our Asia/Pacific segment SG&A increased 23% to $32.3 million from $26.3 million for those same periods. As a percentage of revenues, our consolidated SG&A increased to 45.6% for the three months ended April 30, 2010 from 41.0% for the three months ended April 30, 2009. The consolidated SG&A increase includes a non-cash charge of $6.5 million during the three months ended April 30, 2010 for stock compensation expense related to stock granted to Kelly Slater as compared to zero during the three months ended April 30, 2009. In the Americas, SG&A as a percentage of revenues increased to 40.6% compared to 38.7% in the comparable period of the prior year. In Europe, SG&A as a percentage of revenues increased to 41.2% from 37.6% and in Asia/Pacific, SG&A as a percentage of revenues increased to 55.0% from 50.3% for those same periods. The increase in SG&A as a percentage of revenues in our Americas segment was primarily due to lower revenues in the current year, partially offset by lower overall expenses due to cost-cutting. The increase in SG&A as a percentage of revenues in our European segment was primarily caused by lower revenues and the costs of operating additional retail stores. Europes SG&A increased 4% 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. Asia/Pacifics SG&A decreased 9% in constant currency.
Our consolidated gross profit margin for the six months ended April 30, 2010 increased to 52.3% from 47.0% in the comparable period of the prior year. The gross profit margin in the Americas segment increased to 45.0% from 37.0%, while our European segment gross profit margin increased to 59.3% from 56.1%, and our Asia/Pacific segment gross profit margin increased to 54.5% from 54.2% for those same periods. 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 and, to a lesser extent, improved margins on clearance business. In our Asia/Pacific segment, the gross profit margin increase was primarily due to improved retail and wholesale margins in Japan, partially offset by a change in mix of products sold through our outlet stores versus full price stores during the six months ended April 30, 2010.
of the prior year, while our European segment SG&A increased 9% to $171.8 million from $157.8 million, and our Asia/Pacific segment SG&A increased 20% to $63.6 million from $53.2 million for those same periods. As a percentage of revenues, SG&A increased to 46.2% for the six months ended April 30, 2010 from 43.7% for the six months ended April 30, 2009. The consolidated SG&A increase includes a non-cash charge of $7.5 million during the six months ended April 30, 2010 for stock compensation expense related to stock granted to Kelly Slater as compared to zero during the six months ended April 30, 2009. In the Americas, SG&A as a percentage of revenues decreased to 40.7% compared to 41.8% the year before. In Europe, SG&A as a percentage of revenues increased to 44.4% from 40.2%, and in Asia/Pacific, SG&A as a percentage of revenues increased to 50.6% from 48.4% for those same periods. The decrease in SG&A as a percentage of revenue in our Americas segment was primarily a result of our expense cuts, partially offset by lower revenues. The increase in SG&A as a percentage of revenue 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.
Our trade accounts receivable decreased 23% to $333.3 million at April 30, 2010 from $430.9 million at October 31, 2009. Accounts receivable in our Americas segment decreased 26% to $146.8 million at April 30, 2010 from $198.5 million at October 31, 2009, European segment accounts receivable decreased 10% to $153.9 million from $170.4 million and Asia/Pacific segment accounts receivable decreased 47% to $32.6 million from $62.0 million. Compared to April 30, 2009, accounts receivable decreased 25% in the Americas segment, decreased 15% in our European segment and remained constant in our Asia/Pacific segment. In constant currency, consolidated trade accounts receivable decreased 21% compared to April 30, 2009. The decrease in consolidated trade accounts receivable was a result of lower levels of revenues and improved collections. Included in accounts receivable at April 30, 2010 are approximately $21.8 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, must be deducted from accounts receivable to more accurately compute days sales outstanding. Overall average days sales outstanding decreased by approximately 10 days at April 30, 2010 compared to April 30, 2009.
Consolidated inventories decreased 15% to $226.4 million at April 30, 2010 from $267.7 million at October 31, 2009. Inventories in the Americas segment decreased 6% to $102.8 million from $109.8 million at October 31, 2009, European segment inventories decreased 30% to $66.6 million from $95.5 million and Asia/Pacific segment inventories decreased 9% to $57.0 million from $62.4 million. Compared to April 30, 2009, inventories decreased 39% in the Americas segment, decreased 23% in our European segment and increased 7% in our Asia/Pacific segment. In constant currency, our consolidated inventories decreased 30% compared to April 30, 2009. The decrease in consolidated inventories was a result of less inventory purchases to support lower levels of revenues. Consolidated average annual inventory turnover was approximately 3.6 at April 30, 2010 compared
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Quiksilver Inc. has a market cap of $513.2 million; its shares were traded at around $3.96 with a P/E ratio of 39.6 and P/S ratio of 0.3. Quiksilver Inc. had an annual average earning growth of 4.4% over the past 10 years.ZQK is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, PRIMECAP Management, Chuck Royce of Royce& Associates, Charles Brandes of Brandes Investment, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Our consolidated gross profit margin for the three months ended April 30, 2010 increased to 53.2% from 47.2% in the comparable period of the prior year. The gross profit in the Americas segment increased to 46.6% from 36.9%, our European segment gross profit margin increased to 59.9% from 56.7%, and our Asia/Pacific segment gross profit margin decreased to 53.5% from 55.1% for those same periods. 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 and, to a lesser extent, improved margins on clearance business. In our Asia/Pacific segment, the gross profit margin decrease was primarily due to less full price retail sales compared to the prior year.Our selling, general and administrative expense (SG&A) for the three months ended April 30, 2010 increased 5% to $213.4 million from $202.6 million in the comparable period of the prior year. In the Americas segment, SG&A expenses decreased 9% to $81.2 million from $89.0 million in the comparable period of the prior year, while our European segment SG&A increased 9% to $86.0 million from $79.1 million, and our Asia/Pacific segment SG&A increased 23% to $32.3 million from $26.3 million for those same periods. As a percentage of revenues, our consolidated SG&A increased to 45.6% for the three months ended April 30, 2010 from 41.0% for the three months ended April 30, 2009. The consolidated SG&A increase includes a non-cash charge of $6.5 million during the three months ended April 30, 2010 for stock compensation expense related to stock granted to Kelly Slater as compared to zero during the three months ended April 30, 2009. In the Americas, SG&A as a percentage of revenues increased to 40.6% compared to 38.7% in the comparable period of the prior year. In Europe, SG&A as a percentage of revenues increased to 41.2% from 37.6% and in Asia/Pacific, SG&A as a percentage of revenues increased to 55.0% from 50.3% for those same periods. The increase in SG&A as a percentage of revenues in our Americas segment was primarily due to lower revenues in the current year, partially offset by lower overall expenses due to cost-cutting. The increase in SG&A as a percentage of revenues in our European segment was primarily caused by lower revenues and the costs of operating additional retail stores. Europes SG&A increased 4% 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. Asia/Pacifics SG&A decreased 9% in constant currency.
Our consolidated gross profit margin for the six months ended April 30, 2010 increased to 52.3% from 47.0% in the comparable period of the prior year. The gross profit margin in the Americas segment increased to 45.0% from 37.0%, while our European segment gross profit margin increased to 59.3% from 56.1%, and our Asia/Pacific segment gross profit margin increased to 54.5% from 54.2% for those same periods. 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 and, to a lesser extent, improved margins on clearance business. In our Asia/Pacific segment, the gross profit margin increase was primarily due to improved retail and wholesale margins in Japan, partially offset by a change in mix of products sold through our outlet stores versus full price stores during the six months ended April 30, 2010.
of the prior year, while our European segment SG&A increased 9% to $171.8 million from $157.8 million, and our Asia/Pacific segment SG&A increased 20% to $63.6 million from $53.2 million for those same periods. As a percentage of revenues, SG&A increased to 46.2% for the six months ended April 30, 2010 from 43.7% for the six months ended April 30, 2009. The consolidated SG&A increase includes a non-cash charge of $7.5 million during the six months ended April 30, 2010 for stock compensation expense related to stock granted to Kelly Slater as compared to zero during the six months ended April 30, 2009. In the Americas, SG&A as a percentage of revenues decreased to 40.7% compared to 41.8% the year before. In Europe, SG&A as a percentage of revenues increased to 44.4% from 40.2%, and in Asia/Pacific, SG&A as a percentage of revenues increased to 50.6% from 48.4% for those same periods. The decrease in SG&A as a percentage of revenue in our Americas segment was primarily a result of our expense cuts, partially offset by lower revenues. The increase in SG&A as a percentage of revenue 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.
Our trade accounts receivable decreased 23% to $333.3 million at April 30, 2010 from $430.9 million at October 31, 2009. Accounts receivable in our Americas segment decreased 26% to $146.8 million at April 30, 2010 from $198.5 million at October 31, 2009, European segment accounts receivable decreased 10% to $153.9 million from $170.4 million and Asia/Pacific segment accounts receivable decreased 47% to $32.6 million from $62.0 million. Compared to April 30, 2009, accounts receivable decreased 25% in the Americas segment, decreased 15% in our European segment and remained constant in our Asia/Pacific segment. In constant currency, consolidated trade accounts receivable decreased 21% compared to April 30, 2009. The decrease in consolidated trade accounts receivable was a result of lower levels of revenues and improved collections. Included in accounts receivable at April 30, 2010 are approximately $21.8 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, must be deducted from accounts receivable to more accurately compute days sales outstanding. Overall average days sales outstanding decreased by approximately 10 days at April 30, 2010 compared to April 30, 2009.
Consolidated inventories decreased 15% to $226.4 million at April 30, 2010 from $267.7 million at October 31, 2009. Inventories in the Americas segment decreased 6% to $102.8 million from $109.8 million at October 31, 2009, European segment inventories decreased 30% to $66.6 million from $95.5 million and Asia/Pacific segment inventories decreased 9% to $57.0 million from $62.4 million. Compared to April 30, 2009, inventories decreased 39% in the Americas segment, decreased 23% in our European segment and increased 7% in our Asia/Pacific segment. In constant currency, our consolidated inventories decreased 30% compared to April 30, 2009. The decrease in consolidated inventories was a result of less inventory purchases to support lower levels of revenues. Consolidated average annual inventory turnover was approximately 3.6 at April 30, 2010 compared
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