As I’ve noted pretty much every time I write about them, we’re lucky to have a smaller brand like Spy that’s public (though I don’t quite know why they are public) because we get to look over their shoulder as they manage their way through issues and opportunities. It’s much better than hoping VF gives us some clue as to how Reef is doing during their conference call. It’s a More…
Spy (Formerly Orange 21): Their Results for the Year
March 23rd, 2012Quiksilver’s January 31 Quarter- Sales and Loss Both Grow
March 18th, 2012Let’s start with the summary numbers. Sales rose 5.4% to $450 million. The gross profit margin fell from 52.4% to 50.7%. Quik reported an operating loss of $2.5 million compared to operating income of $13 million in the same quarter the previous year. The net loss grew from $15 million to $21 million. Taxes were $4 million higher, but interest expense fell 48% from $29 million to $15 million. Okay, so why did it More…
Vail’s Quarterly Results. If You’re a Winter Resort, Be a Big One. With Rich Customers. And Great Facilities.
March 9th, 2012In Vail Resort’s March 6 conference call, CEO Bob Katz described snow conditions during the quarter ended January 31st in the following terms: “In Colorado, snowfall levels were the lowest in over 30 years and for the first time in as many years, we were not able to get Vail’s Back Bowl open until Mid-January.” “In Tahoe, we experience weather patterns that have not been seen since the late 1800s More…
Skullcandy’s Quarterly and Annual Results and A Look at Their Strategic Bets
February 24th, 2012I’m working from the press release and conference call because it takes a while for the full year annual report to be released. But don’t worry; when it does come out I’ll go through it just to make sure something interesting didn’t get missed. Strategy and the Bets They are Placing Strategy is always way more interesting than numbers and accounting, so let’s start with this quote from the press More…
Update on Billabong: The TPG Offer
February 20th, 2012This is kind of fun. As you’re aware, TPG Capital offered to buy all of Billabong for $3 a share before the Nixon deal and other steps were announced. Billabong said no because the deal was contingent on too many things and they needed an immediate, certain solution to their short term balance sheet issue. But now, even with the Nixon deal happening, TPG still wants to buy them for $3.00 a share. What More…
Billabong’s Announcement: Short Term Solution, Longer Term Question.
February 20th, 2012With last Thursday’s announcement, Billabong has moved to address its balance sheet issues. But, to paraphrase one of the analysts in the conference call, "This is all well and good, but how do we know we won’t be discussing the same issue a year from now?" Let’s look at the steps Billabong took and its half yearly numbers. Then we’ll talk about Billabong’s longer term strategy and see if there’s an answer More…
Billabong’s Upcoming Half Year Report and Their Choices
February 16th, 2012Sometime late afternoon West Coast time, Billabong is going to release their half yearly numbers and have a conference call on those results. In the meantime, as most of you may know, trading on their stock has been suspended pending an announcement. That announcement may have something to do with this article stating that Billabong has received a US $820 million takeover offer from TPG Capital. All I know is what’s in More…
Interesting Stuff from Quiksilver’s 10K Annual Report
January 24th, 2012Back in December, Quiksilver released its annual and quarterly earnings and held a conference call. I did the best analysis I could, but bitched and moaned because I didn’t have the complete 10K or the balance sheet. You can see that analysis here. Last week, the company issued its 10K. I’m not going to redo the analysis I did, but there’s a few pieces of interesting additional information I thought you’d want to More…
Billabong Reports Deteriorating Sales Growth Trend; The Strategy or the Economy?
December 21st, 2011Billabong’s announcement about sales trends since the end of October and the actions it’s taking may portend issues for other companies as well as for Billabong. Let’s take a look at what they announced, what actions they are taking, how they found themselves in this position, and how it relates to the global economic environment. Here’s what they said (you can go here to read the announcement and the transcript of More…
Quik’s October 31st Quarter and Full Year
December 17th, 2011I’m going to work without my usual net of an SEC filing this time. That’s because year-end 10Ks always take a long time to come out, and I don’t want to wait that long to look at Quik’s results. I’ll review the 10K when it does show up. Right now, we’ll go with the press release and conference call transcript. Not to be old fashioned here, but I think I’ll avoid proforma adjusted More…
