Quiksilver Stock in Free Fall

Quiksilver has been on a long downward slide for awhile. Sales are in the toilet and the stock is suffering.

Via the Orange County Business Journal:

Shares of Quiksilver Inc. fell 38% to 77 cents and a market value of $131 million Tuesday, after it reported a dip in revenue for the second quarter and pulled guidance for the rest of fiscal 2015.

Quiksilver’s CEO Andy Mooney (who has since joined Fender Guitars as CEO) was fired a few months ago after unsuccessfully trying to turn the ship around.  Once a powerhouse worth $2billion Quiksilver is now 1/20th the size. Wether it’s a barometer of the action sports market or simply bad management, it’s a shame to see such a iconic surf brand losing its footing. Last year Kelly Slater walked away from Quiksilver after a 20 year partnership and the stock has been slipping ever since.

Perhaps the release of Point Break this December will reignite interest in surfing to the masses. Either way, something needs to happen soon to break Quiksilver’s fall.