Quiksilver’s 2Q15 results fell only a bit short of expectations, but management rescinded full year guidance due to near-term supply and delivery issues that should weigh on second half trends. While risk of bankruptcy has seemingly increased, near-term liquidity looks sufficient and 1H16 trends should improve based on stronger order books and the anniversarying of currency pressures. We also believe management should increasingly evaluate strategic alternatives for its various brands, including DC.
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