Falling Stock
Even though Volcom, a Costa Mesa–based surf brand, had a pretty good third quarter, its stock price dipped sharply after the company predicted fourth-quarter sales may not be as rosy. One of the reasons is that Pacific Sunwear of California Inc., a California retail chain that sells surfwear, is cutting back on Volcom orders. Other obstacles include fears of an economic slowdown and slowing sales of slip-on footwear. Volcom’s third-quarter net income rose 43 percent to $14.5 million on revenues of $91 million. For the fourth quarter, Volcom predicts revenues will be between $70 million and $73 million, less than analysts had predicted.
