Sponsors
Billabong ▼ -0.005 | PPR ▼ -1.20 | American Apparel ▲ +0.005 | The Buckle ▲ +0.68 | Columbia ▲ +0.93 | Deckers Outdoor ▲ +0.57 | Dicks ▼ -0.36 | Foot Locker ▲ +0.85 | Genesco ▲ +1.22 | Iconix Brand Group ▼ 0.00 | Jarden Corp ▲ +0.69 | Nordstrom ▲ +0.58 | Luxottica ▲ +0.04 | Nike ▼ -0.41 | Pacific Sunwear ▼ -0.03 | Skullcandy ▼ -0.07 | Sport Chalet - 0 | Urban Outfitters ▲ +0.19 | VF Corp ▲ +0.32 | Quiksilver ▲ +0.02 | Zumiez ▲ +0.73 | Macys ▲ +0.67 | Tillys ▼ -0.22 |
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Friedman Stroffe & Gerard, P.C.

FSG’s Action Sports Practice Group provides legal services to the action sports industry. Our clients include surfers, skiers, snowboarders and skaters, as well as sponsors and leading apparel companies. Our attorneys serve in positions with industry organizations such as the Association of Surfing Professionals. We know your business and can provide full-service legal solutions to meet your organizational needs.

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Tiffany Montgomery
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Moody's upgrades Quiksilver's credit rating

By Tiffany Montgomery
August 24, 2010 7:18 AM

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.

 


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