Weak winter sales chill Quiksilver
From Times Wire Services
Action sports apparel maker Quiksilver Inc. widened its projected first-quarter loss because of weakness at company-owned stores and delayed reorders of winter sports merchandise.
Shares of Huntington Beach-based Quiksilver fell 6.5% to $6.95 in after-hours trading.
Chief Executive Robert McKnight said “broad-based weakness at retail” had affected stores in the U.S. and Europe. Also, winter sports retailers were clearing out inventory and delaying reorders.
“In anticipation of continuing weakness in consumer spending, we are taking incremental action to reduce expenses and discretionary capital spending,” McKnight said.
