Quiksilver Inc. announced in an SEC filing last week that it expects $35 million to $40 million in capital expenditures in fiscal 2003 ending October 31, 2003. Fiscal 2002 capital expenditures were $22.2 million, compared with $22.6 million in fiscal 2001 and $16.4 million in fiscal 2000.
Quiksilver said it is planning more new company-owned retail stores in fiscal 2003, and computer hardware and software will be added to continuously improve systems, according to the 10-K filing, released Wednesday.
The Quiksliver brand represents 56% of revenue, Roxy makes up 31% of sales and “other brands” account for 13% of total revenues.
T-shirts were 20% of total sales in 2002, down from 23% in 2001 and 21% in the year 2000. Pants saw the biggest share increase across categories, growing to 12% of sales, up from 10% the year before and 9% in 2000. Jackets, Sweaters and Snowboard apparel decreased to 9% of total sales from 11% in 2001. Footwear was 4% of sales.
U.S. channel distribution is dominated by Specialty Shops, making up 50% of sales. Department Stores were 15% of sales and ZQKs retail stores contributed 25% of U.S. sales. Europe was 40% of sales and the U.S. was 60%. The west coast contributes 51% of U.S. sales. The company acquired its Asia-Pacific partners in 2002.
As previously reported in December, net income for the year jumped 34.2% to $37.6 million compared to $28 million in 2001. Sales grew 13.8 % to $700.7 million. The initial report ran in the Week_0251 edition of Sports Executive Weekly.