Quiksilver shares are crashing.
Shares of the surf apparel retailer were down more than 30% on Friday after the company reported a $US220 million loss in its third quarter on Thursday night.
Revenue fell 19% in the third quarter to $US396 million from $US488 million in the prior year period.
Quiksilver also reported a loss per share from continuing operations of $US1.29 in the third quarter, which compares to breakeven quarter in the same period last year.
“We continued to execute against the key initiatives laid out in our profit improvement plan and to drive growth in our direct to consumer channels and emerging markets,” said Andy Mooney, president and CEO of Quiksilver. “As we expected, revenues for the third quarter declined in our wholesale channels in North America and Europe. In addition, late product deliveries, largely the result of our transition to global demand planning, negatively impacted our sales performance and gross margin.”
Friday’s tumble marks the second straight quarter that shares of the company have fallen hard after earnings.
Back in early June, Quiksilver shares also fell 30% after its second quarter earnings and sales missed expectations.
In its June quarter, sales of its namesake label fell 7%; Quiksilver brand sales fell 17% in the most recent quarter.
And overall, 2014 has been a disaster for Quiksilver investors, with shares of the company now down more than 75% year-to-date.
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