Quik says results better than expected

A quick summary of Quiksilver’s results for the first quarter ended Jan. 31. We’ll have more details later from the conference call.

Total revenue: down 2% to $432.7 million

Net loss, excluding charges: $2.5 million vs. $9 million the same period last year.

Net loss including severance charges: $5.4 million vs $65.9 million

Americas revenue: down 2%

Europe: down 2% in reported dollars. Down 12% in constant currency.

Asia/Pacific: down 16% in reported dollars. Down 15% in constant currency.

Inventory: down 21% to $301.2 million

Liquidity: $148 million available under credit lines; $150 million in unrestricted cash.

Second quarter guidance

Revenue: down high single digits

Earnings per share: in the low single digits