Quiksilver, Inc. (NYSE:ZQK) (the "Company") today announced financial results for its fiscal 2015 second quarter ended April 30, 2015.
Pierre Agnes, Chief Executive Officer, stated, "Our second quarter performance came in largely as expected with revenues adjusted for currencies and licensed categories essentially stabilized. We also reduced operating expenses, which allowed the Company to meet its EBITDA goal for the quarter on a constant currency basis. We are encouraged by customer feedback on our Spring '15 product offering across all brands. In addition, as our order book for the Fall '15 product line continues to develop, we are confident in our ability to drive revenue growth in the medium term. Overall, we are quite happy with our product lines."
Mr. Agnes continued, "Currency exchange fluctuations are a major headwind this year, with a negative impact of roughly thirty million dollars to the initial EBITDA guidance for fiscal 2015. Also, we are still working on execution issues that are going to impact our business in the second half of this year, particularly in North America where sales and margins are affected by poor deliveries and an evolving distribution channel strategy. The Company had expected significant profit improvement in North America in the back half of the year when it provided guidance for fiscal 2015. We are still confident this improvement can be achieved, but not in that time period. We have a number of important steps underway that we believe will take our Company forward, including recommitting to our roots while at the same time enabling us to execute our business more effectively. We have reorganized the Company and have a tremendously talented team in place that is focused on delivering significant and sustainable EBITDA growth in 2016 and the following years."
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