Shares of Quiksilver Inc. lost nearly a third of their value Friday, a day after the seller of skateboarding- and surfing-inspired clothes reported a disappointing third quarter.
The clothing maker and retailer said sales suffered in the quarter as it made changes to its supply chain that caused deliveries to be sent late. Those problems have since been resolved, the company said.
Continue Reading Below
Quiksilver reported a loss of $220.1 million, or $1.29 per share, in the third quarter, compared with a net income of $2.1 million, or 1 cent per share, in the same quarter a year ago.
Losses, adjusted for asset impairment costs and restructuring costs, were 20 cents per share, missing Wall Street expectations of earnings of 3 cents per share, according to Zacks Investment Research.
Revenue slid 19 percent to $395.7 million as sales fell for all three of its clothing brands, Quiksilver, Roxy and DC.
Quicksilver shares fell 83 cents, or 29.5 percent, to $2 in afternoon trading Friday. Earlier, shares fell as low as $1.88, their lowest point since Dec. 2009. The stock is down 77 percent so far this year.