Quiksilver Profit Down by 19%
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COSTA MESA — Quiksilver Inc. reported a 19% drop in first-quarter profit Wednesday while sales increased.
The company, which designs and distributes sportswear and swimwear, attributed the earnings decline to higher costs in sales and marketing, computer systems and its winter sports division.
Quiksilver said it is encouraged by summer bookings and the “strong” reaction to its fall product lines, both domestically and in Europe.
Net income for the three months ended Jan. 31 dropped to $1.7 million, or 25 cents a share, from $2.1 million, or 30 cents a share, a year ago. Sales increased 13% to $45.9 million from $40.5 million.
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