Volcom slumps on drop in Q2 earnings
Volcom Inc. (Nasdaq:VLCM) has sunk 15% today after reporting after Thursday’s close its second-quarter profits were down from a year ago. For the quarter ended June 30, Costa Mesa, Calif.-based Volcom’s net income was $4.8 million, or $0.20 per share, compared with $6.2 million, or $0.25 per share, for the same quarter a year ago. Revenues were $72.5 million, up from $47.7 million in the second quarter of 2007. Volcom is a men’s and women’s clothing retailer; the company said the market for such items had softened with the weaker economy.
In today’s trading, shares are at $18.58 at 11:01 a.m. ET, down $3.48 from Thursday’s close. Trading volume has soared to more than 1 million shares, more than double the average.
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