Quiksilver Profit and Sales Reach New Highs in ’88

Quiksilver Inc., a Newport Beach sportswear and surfwear manufacturer, reported record results for its 1988 fiscal year, which ended Oct. 31.

Net income for the year was $3.7 million, up 59.1% from $2.3 million in fiscal 1987. Sales climbed 60% to $48.3 million, contrasted with $30 million the previous year.

For the fourth quarter, net income was $670,000, contrasted with a net loss of $28,000 in the same period a year earlier. Sales for the quarter climbed 49% to $11.4 million compared to $7.6 million last year.

“Obviously, we had a great year,” said John C. Warner, chairman and chief executive. “The demand for our products continues to be very strong and our image is stronger than ever.”

Warner said the company has “worked hard at managing our manufacturing costs and controlling inventories. . . . That’s all reflected in the bottom-line results. And we had a terrific holiday season.”

Quiksilver designs and distributes beachwear for young men. Its products are sold to about 1,900 surf shops, specialty retailers and department stores.