Quiksilver Beats Forecasts With $3.7-Million 1st Quarter

Sportswear maker Quiksilver Inc. said Wednesday its first-quarter earnings dropped nearly 10% but still beat analysts’ expectations.

The Huntington Beach company recorded a profit of $3.7 million, or 16 cents a share, down from almost $4.1 million, or 18 cents a share, in the same period last year. Analysts on average had expected the company to earn 14 cents a share.

Sales for the quarter ended Jan. 31 rose 21.9% to $121.8 million.

Quiksilver had warned in December that first-quarter results would be depressed by unfavorable foreign currency rates.

As measured in French francs, European net sales increased 32% in the first quarter, but when measured in U.S. dollars, the sales increase totaled 16%, the company said.

The quarterly results were disclosed after regular trading hours in U.S. markets. The stock closed at $27, up $1.99 a share, on the New York Stock Exchange.