Shares of Quiksilver, one of the biggest and most recognizable makers of surfwear, are down nearly 30% Friday after the company’s disappointing quarterly results.
The company late Thursday reported a loss of $222.2 million on 12% lower revenue of $395.7 million. The company blamed changes to its supply chain that results in product being shipped late to retailers that sell its goods.
The quarterly loss is just the latest sign of how choppy the waters have gotten for the retailer. The company has posted adjusted per-share losses in the past five straight consecutive quarters, says S&P Capital IQ.
And if the company’s losses look gnarly, the stock is absolutely horrific. Shares of Quiksilver are down 77% this year. That’s a wipeout that just hard to watch.