Shares of Quiksilver Inc. rose about 20% to $1.76 and a market value of $300 million in early trading Friday, after it reported a narrower loss after markets closed yesterday.
The Huntington Beach-based apparel manufacturer and retailer’s losses for its most recent quarter were more than expected, but less than the same period last year.
Quiksilver had $49 million in red ink, or 29 cents per share, compared with a net loss of $175 million, or $1.04 per share, for the same quarter last year. It had net revenue of $401 million for the quarter, down 15.7% from $476 million a year-earlier.
Analysts expected $430.3 million in revenue and a loss of 11 cents per share for the quarter.
Revenue for its Quiksilver division decreased $21 million, or 12%, to $156 million. The Roxy division saw sales decrease $9 million, or 6%, to $124 million. DC Shoes was down $18 million, or 14%, to $112 million.
Quiksilver’s wholesale revenue overall declined $44 million, or 14%, to $280 million. Same-store sales in company-owned retail stores decreased 3% to $102 million. The company owned 683 retail stores at the end of fourth quarter, compared with 631 at the end of fiscal 2013.
Quiksilver’s revenues for fiscal 2014 were $1.57 billion, down 11% or $189 million.
“We have successfully completed the organizational restructuring of the company, with every employee now singularly focused on execution,” Chief Executive Andy Mooney said in a statement.
Mooney said the company had cut costs and inventory, and had “more than $160 million of liquidity at year end” that created a “a strong foundation [for] the coming year.”
Quiksilver said it expects first quarter 2015 net revenue to be approximately $340 million, a 7% decrease compared to the same period last year. It anticipates full fiscal year 2015 net revenue to be in the range of $1.48 billion to $1.55 billion, an increase of 1% to 5% compared to fiscal year 2014.
