Quiksilver's Stock Set To Open At 6-year Low After Disappointing Results | Fox Business

Quiksilver Inc.'s stock plunged 15% in premarket trade Tuesday, putting it on track to open at the lowest price since March 20, 2009, after the outdoor-sports apparel retailer reported disappointing fiscal second-quarter results and withdrew its outlook. The company reported a loss of $37.6 million, or 22 cents a share, compared with a loss of $53.1 million, or 22 cents a share, in the same period a year ago, and wider than the FactSet consensus for a per-share loss of 14 cents. Revenue dropped to $333.1 million from $396.9 million, below the FactSet consensus of $341.2 million. The company said it was rescinding its previously-stated financial outlook for the year. Chief Executive Pierre Agnes said he expects unfavorable currency movements to be a "major headwind" during the year, and said North America sales and margins would be hurt by poor deliveries and an evolving distribution channel strategy. "The company had expected significant profit improvement in North America in the back half of the year when it provided guidance for fiscal 2015," Agnes said. "We are still confident this improvement can be achieved, but not in that time period." The stock has tumbled 44% year to date through Monday, while the S&P 500 has gained 1%.