Shorebreak Hotel as a venue for industry events. Cinematographer Louie Schwartzberg's "Moving Art Retreat" in June at Turtle Bay Resort. Details on Industry Insight.
Moody’s Investor Services upgraded its credit rating on Quiksilver Monday after the company reduced its debt by $140 million in its recent debt-for-equity swap.
Moody’s also took into consideration Quiksilver’s improved earnings, and cited the company’s more than 75% increase in operating income in the first half of the year.
Moody’s believes much of the earnings improvement is from higher gross margins as a result of better inventory control, and thinks the improvement is sustainable.
The upgrade moved Quiksilver from a B3 Corporate Family Rating to a B2.
Moody’s did note that the company is still highly leveraged and susceptible to the consumer spending slowdown, and is being impacted by weak sales at Roxy.