Huntington Beach-based Quiksilver Inc. delivered a much lower quarterly profit on Thursday and cut its outlook for the current quarter.
Profits for the three months ended July 31 dropped 78% from a year earlier to $5 million.
The reduced figure includes stock compensation expenses and was impacted by weak sales at Skis Rossignol, which Quiksilver bought last year.
The results met Wall Street’s lowered expectations.
Investors didn’t like Quiksilver’s warning about the current quarter and next year, sending its shares down nearly 8% in afterhours trading.
Quiksilver said it expects to earn $67.5 million for the current quarter, including stock expenses. That’s slightly below what Wall Street had expected.
The company blamed the revision on slow sales of golf gear at Cleveland Golf, which came as part of the Rossignol buy.
Next year, Quiksilver sees profits of about $120 million, also off from expectations.
