UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

June 9, 2015

 

 

Quiksilver, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-14229   33-0199426

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

 

15202 Graham Street, Huntington Beach, CA   92649
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code:

(714) 889-2200

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On June 9, 2015, Quiksilver, Inc. issued a press release announcing its financial results for the three and six months ended April 30, 2015. The press release is attached hereto as Exhibit 99.1.

In addition to Quiksilver’s GAAP financial information, the press release furnished with this report as Exhibit 99.1 reports adjusted EBITDA, pro forma adjusted EBITDA, and constant currency continuing category measures, all of which are considered non-GAAP financial measures. Quiksilver believes these non-GAAP financial measures are useful to investors as they provide consistency and comparability with its past financial reports, as well as useful information to enable investors to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate Quiksilver’s operations. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP or other pro forma measures used by other companies.

The information in this Form 8-K and Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that section, and, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is being furnished herewith:

 

Exhibit
No.

  

Exhibit Title or Description

99.1    Press Release dated June 9, 2015, issued by Quiksilver, Inc.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: June 9, 2015 Quiksilver, Inc.
(Registrant)
By:

/s/ Thomas Chambolle

Thomas Chambolle
Chief Financial Officer

 

3


INDEX TO EXHIBITS

 

Exhibit
No.

  

Exhibit Title or Description

99.1    Press Release, dated June 9, 2015, issued by Quiksilver, Inc.

 

4



Exhibit 99.1

 

LOGO

Quiksilver Announces Fiscal 2015 Second Quarter Financial Results

—Company Provides Updated Outlook for Fiscal 2015—

Huntington Beach, California, June 9, 2015—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.”

Please refer to the accompanying tables for a reconciliation of GAAP results from continuing operations to certain non-GAAP results from continuing operations, including pro-forma adjusted EBITDA; a definition of the Company’s emerging markets; and changes in net revenue on a constant currency continuing category basis, which adjusts prior period net revenues for changes in currency exchange rates and excludes prior period wholesale net revenues for product categories now licensed to third parties, as well as removes current period licensing net revenues for the same licensed product categories, in order to provide comparability of net revenues between periods.

Second Quarter Review:

The following comparisons refer to results of continuing operations for the second quarter of fiscal 2015 versus the second quarter of fiscal 2014.

Net revenues, as reported, were $333 million compared with $397 million. Net revenues were down 2%, or $5 million, on a constant currency continuing category basis.

 

    Americas net revenues, as reported, were $160 million compared with $186 million. Americas net revenues were down 4%, or $6 million, on a constant currency continuing category basis.


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Quiksilver, Inc. Reports Fiscal 2015 Second Quarter Financial Results

June 9, 2015

Page 2 of 8

 

    EMEA net revenues, as reported, were $116 million compared with $151 million. EMEA net revenues were down 3%, or $4 million, on a constant currency continuing category basis.

 

    APAC net revenues, as reported, were $56 million compared with $60 million. APAC net revenues were up 7%, or $4 million, on a constant currency continuing category basis.

Net revenues from emerging markets, as reported, were $45 million compared with $51 million. Net revenues from emerging markets were up 10%, or $4 million, on a constant currency continuing category basis.

Gross margin decreased to 47.1% from 48.9%. The 180 basis point decline in gross margin reflects higher discounting and freight expenses due to late deliveries, and unfavorable currency exchange rates, mainly in Europe, partially offset by the favorable impact of a higher percentage of sales mix in direct to consumer channels.

SG&A expense decreased $33 million to $175 million from $208 million. The decrease was primarily driven by currency exchange rates, reduced bad debt and employee compensation expenses.

Pro-forma Adjusted EBITDA was $7 million compared with $13 million.

Net loss from continuing operations attributable to Quiksilver, Inc. was $38 million, or $0.22 per share, in the second quarter of each of fiscal 2015 and 2014.

Cash and availability on credit facilities at the end of the quarter was $118 million.

Q2 Net Revenue Highlights:

Net revenues from continuing operations by brand, sales channel and product group for the second quarter of fiscal 2015 compared with the second quarter of fiscal 2014 were as follows.

Brands:

 

    Quiksilver net revenues, as reported, were $139 million compared with $167 million. Quiksilver net revenues were down 1%, or $1 million, on a constant currency continuing category basis;

 

    Roxy net revenues, as reported, were $105 million compared with $120 million. Roxy net revenues were up 1%, or $1 million, on a constant currency continuing category basis;

 

    DC net revenues, as reported, were $81 million compared with $103 million. DC net revenues were down 9%, or $8 million, on a constant currency continuing category basis.


LOGO

Quiksilver, Inc. Reports Fiscal 2015 Second Quarter Financial Results

June 9, 2015

Page 3 of 8

 

Distribution channels:

 

    Wholesale net revenues, as reported, were $230 million compared with $286 million. Wholesale net revenues were down 4%, or $9 million, on a constant currency continuing category basis;

 

    Retail net revenues, as reported, were $84 million compared with $90 million. Retail net revenues were up 6% on a constant currency continuing category basis. Same-store sales in company-owned retail stores decreased 3%. Company-owned retail stores totaled 719 at the end of the fiscal 2015 second quarter compared with 658 at the end of the fiscal 2014 second quarter;

 

    E-commerce net revenues, as reported, were $16 million compared with $19 million. E-commerce net revenues were down 6%, or $1 million, on a constant currency continuing category basis.

Product groups:

 

    Apparel and accessories net revenues, as reported, were $232 million compared with $283 million. Apparel and accessories net revenues were down 2%, or $5 million, on a constant currency continuing category basis;

 

    Footwear net revenues were $101 million compared with $114 million. Footwear net revenues were flat on a constant currency continuing category basis.

Outlook:

Based on management’s current assessment of the business, the Company is rescinding its previously stated financial guidance for the fiscal year 2015. The Company may choose to reinstate the policy of providing forward guidance in the future, but will not be providing an outlook for fiscal 2015 at this time.

About Quiksilver:

Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle companies, designs, produces and distributes branded apparel, footwear and accessories. The Company’s apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company’s Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company’s products are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders shops and other company-owned retail stores, other specialty stores, select department stores and through various e-commerce channels. The Company’s corporate headquarters are in Huntington Beach, California.

Forward-looking statements:

This press release contains forward-looking statements including, but not limited to, statements regarding management’s expectations for the Company’s net revenues, and EBITDA in future periods. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. The Company undertakes no obligation to update these statements, which are made only as of the date of this press release. For the factors that could cause actual results to differ materially from expectations, please refer to the Company’s SEC filings and specifically the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

* * * * *


LOGO

Quiksilver, Inc. Reports Fiscal 2015 Second Quarter Financial Results

June 9, 2015

Page 4 of 8

 

NOTE: For further information about Quiksilver, Inc., please visit our website at www.quiksilverinc.com. We also invite you to explore our brand sites, www.quiksilver.com, www.roxy.com and www.dcshoes.com.

Contact:

Investors:

Jean Fontana

ICR, Inc.

646-277-1214

zqk@quiksilver.com

Media:

Julia Young

ICR, Inc.

646-277-1280

Julia.young@icrinc.com

FINANCIAL TABLES FOLLOW


LOGO

Quiksilver, Inc. Reports Fiscal 2015 Second Quarter Financial Results

June 9, 2015

Page 5 of 8

 

QUIKSILVER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

     Second quarter ended     First half ended  
     April 30,     April 30,  
     2015     2014     2015     2014  
In thousands, except per share amounts                         

Revenues, net

   $ 333,052      $ 396,941      $ 673,906      $ 791,851   

Cost of goods sold

     176,254        202,651        347,664        396,921   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  156,798      194,290      326,242      394,930   

Selling, general and administrative expense

  175,179      207,921      345,683      411,705   

Asset impairments

  703      4,583      958      5,466   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

  (19,084   (18,214   (20,399   (22,241

Interest expense

  18,040      19,222      36,442      38,642   

Foreign currency (gain)/loss

  (3,258   887      (2,601   3,715   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before provision/(benefit) for income taxes

  (33,866   (38,323   (54,240   (64,598

Provision/(Benefit) for income taxes

  3,728      (443   1,644      (4,828
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations

  (37,594   (37,880   (55,884   (59,770

(Loss)/income from discontinued operations, net of tax

  —        (22,981   6,732      14,636   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

  (37,594   (60,861   (49,152   (45,134

Less: net loss/(income) attributable to non-controlling interest

  —        7,737      788      8,201   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Quiksilver, Inc.

$ (37,594 $ (53,124 $ (48,364 $ (36,933
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss per share from continuing operations attributable to Quiksilver, Inc.:

Basic

$ (0.22 $ (0.22 $ (0.33 $ (0.35

Diluted

$ (0.22 $ (0.22 $ (0.33 $ (0.35

(Loss)/income per share from discontinued operations attributable to Quiksilver, Inc.:

Basic

$ —      $ (0.09 $ 0.04    $ 0.13   

Diluted

$ —      $ (0.09 $ 0.04    $ 0.13   

Weighted average common shares outstanding:

Basic

  171,343      170,475      171,188      170,105   

Diluted

  171,343      170,475      171,188      170,105   

Amounts attributable to Quiksilver, Inc.:

Loss from continuing operations

$ (37,594 $ (37,880 $ (55,884 $ (59,409

(Loss)/income from discontinued operations, net of tax

  —        (15,244   7,520      22,476   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

$ (37,594 $ (53,124 $ (48,364 $ (36,933
  

 

 

   

 

 

   

 

 

   

 

 

 


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Quiksilver, Inc. Reports Fiscal 2015 Second Quarter Financial Results

June 9, 2015

Page 6 of 8

 

QUIKSILVER, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

     April 30, 2015     October 31, 2014  
In thousands             

ASSETS

    

Current Assets

    

Cash and cash equivalents

   $ 48,078      $ 46,664   

Restricted cash

     4,449        4,687   

Trade accounts receivable (net of allowance of $52,940 and $63,991, respectively)

     251,947        311,014   

Other receivables

     42,800        40,847   

Income taxes receivable

     494        —     

Inventories

     291,248        284,517   

Deferred income taxes

     4,838        4,926   

Prepaid expenses and other current assets

     30,425        28,080   

Current assets held for sale

     —          20,265   
  

 

 

   

 

 

 

Total Current Assets

  674,279      741,000   

Restricted cash

  2,868      16,514   

Fixed assets, net

  189,673      213,768   

Intangible assets, net

  138,038      135,510   

Goodwill

  80,102      80,622   

Other assets

  39,450      47,086   

Deferred income taxes - long-term

  14,182      16,088   

Non-current assets held for sale

  —        5,394   
  

 

 

   

 

 

 

TOTAL ASSETS

$ 1,138,592    $ 1,255,982   
  

 

 

   

 

 

 

LIABILITIES AND EQUITY/(DEFICIT)

Current Liabilities

Lines of credit

$ 33,037    $ 32,929   

Accounts payable

  149,968      168,307   

Accrued liabilities

  105,446      112,701   

Current portion of long-term debt

  2,248      2,432   

Income taxes payable

  —        1,124   

Deferred income taxes

  19,167      19,628   

Liabilities related to assets held for sale

  —        13,266   
  

 

 

   

 

 

 

Total Current Liabilities

  309,866      350,387   

Long-term debt, net of current portion

  785,482      793,229   

Other long-term liabilities

  35,747      39,342   

Deferred income taxes - long-term

  22,130      16,790   
  

 

 

   

 

 

 

Total Liabilities

  1,153,225      1,199,748   

Equity/(Deficit)

Common stock

  1,743      1,741   

Additional paid-in capital

  591,656      589,032   

Treasury stock

  (6,778   (6,778

Accumulated deficit

  (635,771   (587,407

Accumulated other comprehensive income

  34,517      57,288   
  

 

 

   

 

 

 

Total Quiksilver, Inc. Stockholders’ Equity/(Deficit)

  (14,633   53,876   

Non-controlling interest

  —        2,358   
  

 

 

   

 

 

 

Total Equity/(Deficit)

  (14,633   56,234   
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY/(DEFICIT)

$ 1,138,592    $ 1,255,982   
  

 

 

   

 

 

 


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Quiksilver, Inc. Reports Fiscal 2015 Second Quarter Financial Results

June 9, 2015

Page 7 of 8

 

QUIKSILVER, INC. AND SUBSIDIARIES

ADJUSTED EBITDA & PRO-FORMA ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

 

     Second quarter ended      First half ended  
     April 30,      April 30,  
     2015      2014      2015      2014  
In thousands                            

Loss from continuing operations attributable to Quiksilver, Inc.

   $ (37,594    $ (37,880    $ (55,884    $ (59,409

Provision/(benefit) for income taxes

     3,728         (443      1,644         (4,828

Interest expense

     18,040         19,222         36,442         38,642   

Depreciation and amortization

     9,701         14,273         20,452         24,818   

Non-cash stock-based compensation expense

     483         6,525         2,252         11,588   

Non-cash asset impairments, net

     703         4,583         958         5,466   
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

  (4,939   6,280      5,864      16,277   

Restructuring and other special charges

  11,648      6,382      10,948      12,830   
  

 

 

    

 

 

    

 

 

    

 

 

 

Pro-forma Adjusted EBITDA

  6,709      12,662      16,812      29,107   

Definition of Adjusted EBITDA and Pro-forma Adjusted EBITDA:

Adjusted EBITDA is defined as net loss from continuing operations attributable to Quiksilver, Inc. before (i) interest expense, (ii) (benefit)/provision for income taxes, (iii) depreciation and amortization, (iv) non-cash stock-based compensation expense and (v) non-cash asset impairments. Pro-forma Adjusted EBITDA is defined as Adjusted EBITDA excluding restructuring and other special charges (including, but not limited to, reserves and other charges associated with restructuring activities, non-operating charges for gains and losses on lease exit activities, as well as severance and other employee termination costs as a result of downsizing and reorganization). Adjusted EBITDA and Pro-forma Adjusted EBITDA are not defined under generally accepted accounting principles (“GAAP”), and may not be comparable to similarly titled measures reported by other companies. We use Adjusted EBITDA and Pro-forma Adjusted EBITDA, along with other GAAP measures, as measures of profitability because Adjusted EBITDA and Pro-forma Adjusted EBITDA compare our performance on a consistent basis by removing from our operating results the impact of our capital structure, the effect of operating in different tax jurisdictions, the impact of our asset base, which can differ depending on the book value of assets, the accounting methods used to compute depreciation and amortization, the existence or timing of asset impairments, the effect of non-cash stock-based compensation expense and restructuring and other special charges. We believe EBITDA is useful to investors as it is a widely used measure of performance and the adjustments we make to EBITDA provide further clarity on our profitability. We remove the effect of non-cash stock-based compensation from our earnings which can vary based on share price, share price volatility and the expected life of the equity instruments we grant. In addition, this stock-based compensation expense does not result in cash payments by us. We remove the effect of asset impairments from Adjusted EBITDA for the same reason that we remove depreciation and amortization as it is part of the non-cash impact of our asset base. We also remove from Pro-forma Adjusted EBITDA the impact of certain reserves and charges associated with restructuring activities, non-operating charges for gains and losses on lease exit activities, as well as severance and other employee termination costs as these costs are not typically part of normal, day-to-day operations. Adjusted EBITDA and Pro-forma Adjusted EBITDA have limitations as profitability measures in that they do not include the interest expense on our debts, our provisions for income taxes, the effect of our expenditures for capital assets and certain intangible assets, the effect of non-cash stock-based compensation expense, the effect of asset impairments and the effect of restructuring and other special charges.

Definition of Emerging Markets:

The Company’s references to emerging markets in this press release refer to net revenues generated in Brazil, Mexico, Korea, China, Indonesia, Taiwan and Russia, collectively.


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Quiksilver, Inc. Reports Fiscal 2015 Second Quarter Financial Results

June 9, 2015

Page 8 of 8

 

CONSTANT CURRENCY CONTINUING CATEGORY NET REVENUE RECONCILIATION

 

We make reference to net revenues on a “constant currency continuing category” basis in order to provide additional comparable information with regard to changes in net revenues. Constant currency continuing category reporting provides valuable comparisons of net revenues as it adjusts for the effect of changes in foreign currency exchange rates and for the impact on our wholesale channel of transitioning certain product categories to a third-party licensing model. Constant currency is calculated by taking the average foreign currency exchange rate for the current period and applying that same rate to the comparable prior year period. Continuing category impacts are determined by removing the comparable prior period net revenues generated from product categories which are now licensed as well as removing current period licensing net revenues generated from those same licensed product categories.

The following table presents net revenues from continuing operations by segment, brand, channel and product group on both an as reported basis and a comparable constant currency continuing category basis for the second quarters ended April 30, 2015 and 2014 (in thousands):

 

    Fiscal 2015
Net Revenues
As Reported
(GAAP)
    Less Fiscal
2015
Licensing
Revenue
from
Licensed
Product
Categories
    Fiscal 2015
Comparable
Net Revenues
(Non-GAAP)
    Fiscal 2014
Net Revenues
As Reported
(GAAP)
    Impact of
Fiscal
2015
Foreign
Exchange
Rates on
Fiscal
2014 Net
Revenues
    Less Fiscal
2014 Net
Revenues
from
Licensed
Product
Categories
    Fiscal 2014
Constant
Currency
Continuing
Category Net
Revenues
(Non-GAAP)
    %D Fiscal
2015
GAAP Net
Revenues
vs Fiscal
2014
GAAP Net
Revenues
    %D Fiscal
2015 Non-
GAAP Net
Revenues
vs Fiscal
2014 Non-
GAAP Net
Revenues
 

By Region:

                 

Americas

    159,987        (1,226     158,761        186,247        (7,316     (14,202     164,729        -14     -4

EMEA

    115,792        —          115,792        150,884        (30,908     (59     119,917        -23     -3

APAC

    56,276        —          56,276        59,721        (7,107     (150     52,464        -6     7

Corporate

    997        —          997        89        (33     —          56        1020     1680
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  333,052      (1,226   331,826      396,941      (45,364   (14,411   337,166      -16   -2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

By Brand:

Quiksilver

  138,701      (153   138,548      166,643      (20,461   (6,860   139,322      -17   -1

Roxy

  104,747      (970   103,777      120,091      (12,338   (5,353   102,400      -13   1

DC

  80,896      (103   80,793      102,909      (11,506   (2,198   89,205      -21   -9

Other

  8,708      —        8,708      7,298      (1,059   —        6,239      19   40
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  333,052      (1,226   331,826      396,941      (45,364   (14,411   337,166      -16   -2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

By Channel:

Wholesale

  229,837      —        229,837      286,205      (33,413   (14,411   238,381      -20   -4

Retail

  83,523      —        83,523      89,510      (10,516   —        78,994      -7   6

E-commerce

  16,149      —        16,149      18,551      (1,435   —        17,116      -13   -6

Licensing/Royalties

  3,543      (1,226   2,317      2,675      —        —        2,675      32   -13
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  333,052      (1,226   331,826      396,941      (45,364   (14,411   337,166      -16   -2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

By Product Group:

Apparel & Accessories

  231,579      (1,226   230,353      282,547      (32,605   (14,411   235,531      -18   -2

Footwear

  101,473      —        101,473      114,394      (12,759   —        101,635      -11   0
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  333,052      (1,226   331,826      396,941      (45,364   (14,411   337,166      -16   -2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

The following table presents net revenues from continuing operations by segment, brand, channel and product group on both an as reported basis and a comparable constant currency continuing category basis for the first halves ended April 30, 2015 and 2014 (in thousands):

 

    Fiscal 2015
Net Revenues
As Reported
(GAAP)
    Less Fiscal
2015
Licensing
Revenue
from
Licensed
Product
Categories
    Fiscal 2015
Comparable
Net Revenues
(Non-GAAP)
    Fiscal 2014
Net Revenues
As Reported
(GAAP)
    Impact of
Fiscal
2015
Foreign
Exchange
Rates on
Fiscal
2014 Net
Revenues
    Less Fiscal
2014 Net
Revenues
from
Licensed
Product
Categories
    Fiscal 2014
Constant
Currency
Continuing
Category Net
Revenues
(Non-GAAP)
    %D Fiscal
2015
GAAP Net
Revenues
vs Fiscal
2014
GAAP Net
Revenues
    %D Fiscal
2015 Non-
GAAP Net
Revenues
vs Fiscal
2014 Non-
GAAP Net
Revenues
 

By Region:

                 

Americas

    307,754        (1,703     306,051        361,710        (11,308     (24,927     325,475        -15     -6

EMEA

    241,605        —          241,605        300,280        (51,127     (123     249,030        -20     -3

APAC

    122,874        —          122,874        129,596        (12,686     (215     116,695        -5     5

Corporate

    1,673        —          1,673        265        (50     —          215        531     678
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  673,906      (1,703   672,203      791,851      (75,171   (25,264   691,416      -15   -3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

By Brand:

Quiksilver

  279,289      (223   279,066      330,487      (33,264   (12,382   284,841      -15   -2

Roxy

  205,164      (1,314   203,850      238,118      (20,710   (8,131   209,277      -14   -3

DC

  170,110      (166   169,944      205,899      (19,121   (4,751   182,027      -17   -7

Other

  19,343      —        19,343      17,347      (2,076   —        15,271      12   27
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  673,906      (1,703   672,203      791,851      (75,171   (25,264   691,416      -15   -3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

By Channel:

Wholesale

  422,202      —        422,202      524,901      (50,082   (25,264   449,555      -20   -6

Retail

  202,647      —        202,647      220,078      (22,432   —        197,646      -8   3

E-commerce

  42,810      —        42,810      42,025      (2,657   —        39,368      2   9

Licensing/Royalties

  6,247      (1,703   4,544      4,847      —        —        4,847      29   -6
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  673,906      (1,703   672,203      791,851      (75,171   (25,264   691,416      -15   -3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

By Product Group:

Apparel & Accessories

  482,941      (1,703   481,238      588,954      (57,022   (25,264   506,668      -18   -5

Footwear

  190,965      —        190,965      202,897      (18,149   —        184,748      -6   3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     
  673,906      (1,703   672,203      791,851      (75,171   (25,264   691,416      -15   -3