UPDATE: Quiksilver Tops Q1 Estimates, Shares Surge

Shares of

jumped over 8% in after-hours trading after the company reported a lower-than-expected loss for its fiscal first quarter. The Huntington Beach, California-based company posted a quarterly net loss from continuing operations of $18 million, or $0.11 per share, versus a year-ago loss of $22 million, or $0.13 per share. Its revenue fell to $340.9 million from $394.9 million. However, analysts were expecting a loss of $0.14 per share on revenue of $337.37 million. Same-store sales from company-owned retail stores declined 3% in the quarter. At the end of the irst quarter, company-owned retail stores rose to 713, versus 645 at the end of year-ago quarter. Americas net revenue fell to $148 million in the first quarter, versus $175 million in the year-ago quarter. EMEA net revenue slipped to $126 million from $149 million, while APAC net revenue fell to $67 million from $70 million. Apparel and accessories net revenue fell to $251 million in the first quarter from $306 million in the year-ago period, while footwear net revenue gained to $89 million versus $88 million. Its gross margin shrank to 49.7% from 50.8%. Pro-forma adjusted EBITDA fell to $10 million from $16 million. "We are encouraged by our first quarter performance," said Andy Mooney, chairman and chief executive officer of Quiksilver, Inc. "Revenues adjusted for currencies and licensed categories essentially stabilized in Q1, and operating expenses decreased by $20 million versus the prior year in constant currencies. For the second quarter, Quiksilver projects revenue of $340 million, versus analysts' estimates of $369 million. The company also expects FY15 revenue of $1.38 billion to $1.45 billion. Quiksilver shares surged 8.82% to $1.85 in the after-hours trading session.