Quiksilver’s earnings crash, NAB finds business conditions sluggish, Citrix report says mobile work increases productivity: Midday roundup

More woes for iconic Australian surf brands have emerged, with Quiksilver reporting lower than expected revenue and earnings.

Quiksilver’s failure to meet targets has shocked analysts, as the company promised to come back from successive years of decreased earnings.

Quiksilver’s troubles have led to a 10% decrease in share prices, as the surf brand plans to liquidate excess inventory, dispose of non-core brands and downgrade its profit projection in response to the poor result.

The announcement by Quiksilver creates further anxiety for troubled surfwear rival Billabong, which last week announced takeover proposals had failed, showing how hard it is for retailers in the current climate.

Mobile work increases productivity: Citrix

Flexible mobile work styles are assisting small businesses in increasing their productivity levels, according to a report on business productivity by Citrix.

The worldwide study found 18% of small businesses in the US, Canada and Australia have increased their productivity level by 30%, thanks to flexible working.

The study found Australia is ahead of other countries in adopting flexible working, with 50% of Australian businesses offering flexible workplace policies to staff, compared to 44% worldwide. Reports show businesses are under increasing pressure from employees to adopt such practices.

NAB reports sluggish month for Australian business

National Australia Bank’s monthly business survey for May released today reveals sluggish business conditions and poor forecasts.

The survey reports low business confidence levels and employment conditions well below average.

The survey does report improvements in wholesale, manufacturing and construction; however, this is overshadowed by the mining sector, which has suffered from profits slumping during May.

Sharemarket wrap

The Australian sharemarket has opened 0.2% higher, following the Queen’s Birthday weekend. The S&P/ASX200 was up 0.2% to 4747. In the United States, the Dow Jones Industrial Average suffered a loss of 0.06% to 15238.59

The Australian dollar is back down to US94.14 cents after reaching US95.04 cents on Friday.