Quicksilver’s net revenue in the Americas segment decreased 15%, on a reported basis during the third quarter of fiscal 2015, compared to similar period last year. Foreign currency fluctuations contributed 7 million US dollars to this performance.

Net revenue on a constant currency basis decreased 2% mainly driven by a decrease in the footwear category in the Americas wholesale channel. Net revenue in Mexico increased by 20% on an reported basis (44% in constant currency) while net revenue in Brazil decreased by 34% on an as reported basis (9% in constant currency) reflecting the combination of economic slowdown in the country and the negative impact of logistics issues.

Net revenue in the Americas retail channel decreased by 4% on a reported basis mainly driven by the negative growth in same-store sales and by stores net closures. Net revenue in the Americas e-commerce channel decreased by 5% on a constant currency continuing basis during the third quarter of fiscal 2015.

Net revenue in the EMEA segment decreased by 9%, on a reported basis during the third quarter of fiscal 2015, also reflecting changes in currency exchange. Net revenue on a constant currency basis increased by 14%, mainly driven by an increase in Quiksilver apparel and accessories net revenue in the EMEA wholesale channel.

Despite the significant adverse impact of currency exchange rate changes, net revenue in Russia increased by 18% on a reported basis (85% in constant currency) reflecting a better performance in the wholesale business.

Net revenue in the APAC segment decreased by 5%, on a reported basis during the third quarter of fiscal 2015. Net revenue on a constant currency basis increased by 11%. Net revenues in the emerging markets of China, South Korea, Taiwan and Indonesia increased by a combined 18% on a reported basis (28% in constant currency).

Quiksilver brand net revenues decreased by 6%, on a reported basis in the third quarter of fiscal 2015 (on a constant currency basis increased 11%, mainly driven by an increase in the EMEA wholesale channel net revenue). Roxy brand net revenue decreased by 18%, on a reported basis. Net revenue on a constant currency basis decreased by 4%, primarily due to decreased footwear net revenues in the Americas wholesale channel.

DC brand net revenue decreased by 1%, on an as reported basis (on a constant currency basis increased by 7%), primarily due to higher footwear net revenues in the APAC wholesale channel.

Overall gross profit decreased to 161 million US dollars in the third quarter of fiscal 2015 from 181 million US dollars in similar period last year. Gross margin increased slightly to 48.0% (47.9%). According to Quicksilver this results from lower discounting in the wholesale and retail channels of all three regional segments and a channel mix trend in favor of higher margin direct-to-consumer channels, offset by the negative impact of the foreign exchange variation on the cost of goods sold.

The company also announced that total foreign currency loss reached 5 million US dollars in the third quarter of fiscal 2015 compared to a gain of 2 million US dollars in the comparable prior year period.