One of the first earnings calls for new Quiksilver CEO, Pierre Agnes, has been a tough one. “Logistics issues” have caused a drop in earnings, a larger loss per share than anticipated and a move to pull their outlook for the year.
Agnes said that they are “still working on execution issues that are going to impact our business in the second half of this year” which might have spooked one or two people and, combined with a fall in the gross margin due to discounting and increased freight costs associated with late delivery of stock, drove the stock price to a six year low.
This came a day after the semi-dramatic exit of board member Elizabeth Dolan. She cited being excluded from votes and crucial board discussions as the reason for leaving in a letter made public.
It all adds up to a pretty messy picture for the company that seems to be suffering through some fairly turbulent times internally.