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Quiksilver shares plunge after it ditches full-year forecasts

Turmoil at iconic Australian-born surfwear brand Quiksilver Inc has intensified after the surfwear group disappointed investors by ditching its full year forecast and indicating a turnaround in the North American business is moving slowly.

The Southern California-based company recently had a management re-shuffle, kicking out its former chairman and CEO, Andy Mooney, and replacing him with Pierre Agnes in March.

Agnes said Quiksilver was "encouraged" by customer feedback on the Spring ’15 product offering across all brands, but an improvement in the North American business would take longer than expected.