Quiksilver Reports $6.4-Million Net for Fiscal Year

Quiksilver Inc., a supplier of casual clothes, Wednesday reported earnings of $6.4 million, or $1.02 a share, for its fiscal year ended Oct. 31. It had earnings last year of $9.5 million, or $1.50 a share.

Sales for the year were $97.1 million, up 6.5% from last year’s $91.2 million.

The company blamed “the continuing soft retail environment” and delays in deliveries for its lower profits and for its decline in domestic sales. It said lower gross profit margins and higher general and administrative expenses were “due to the company’s product development and marketing activities.”

The company reported a very soft fourth quarter. Earnings for the quarter were $24,000, close to the break-even point in per-share earnings. Earnings were $1.9 million, or 30 cents a share, a year earlier.

Fourth-quarter sales were $19.7 million, up 6% from $18.6 million a year earlier.

Sales were boosted by Quiksilver’s February acquisition of Na Pali S.A., whose sales are included in only the last nine months of the fiscal year’s results.

Quiksilver designs and arranges for the manufacture of men’s and boys’ beachwear, ski wear and casual clothing that it distributes to stores.