Quiksilver ends fiscal Q3 with $202 million total liquidity, says CFO

By Lisa Kerner

Charlotte, N.C., Sept. 4 – Quiksilver, Inc. ended its third quarter of fiscal 2014 on July with cash of $108 million, including $24 million of restricted cash that is expected to be used by the end of January for planned capital expenditures, according to chief financial officer Richard Shields.

Shields made his comments during the company’s earnings conference call on Thursday.

The company ended the quarter with liquidity of $202 million, down $8 million from the beginning of the period.

Quiksilver’s nearest debt maturity is December 2017 when its €200 million of notes are due, said Shields.

Financial highlights

Net revenues for the quarter declined 19% year over year to $396 million.

Gross margin decreased 130 basis points to 47.8% reflecting increased discounting in the wholesale channels of certain regions, partially offset by sales growth in higher-margin direct-to-consumer channels, according to the earnings news release.

E-commerce revenues were up 10% to $35 million, while emerging markets generated net revenue growth of 10% in constant currency.

Quiksilver is an outdoor sports lifestyle company based in Huntington Beach, Calif.

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