Exhibit 12.1

Quiksilver Inc.

Calculation of Ratio of Earnings to Fixed Charges

	Year Ended October 31,													Six Months Ended April 30,
(In thousands, except ratios)	2008		2009			2010		2011			2012			2013
Earnings:
Pretax income (loss) from continuing operations	$	98,571	$	(6,548	)	$	11,919	$	(35,573	)	$	(3,199	)	$	(53,153	)
Income from Minority interest / equity investees		690		2,926			3,414		3,388			1,013			682
Fixed charges		68,615		73,557			124,989		83,680			71,282			35,706
Distributed Income of Equity Investees		727		—			—		—			—			—
Total “Earnings”	$	168,603	$	69,935		$	140,322	$	51,495		$	69,096		$	(16,765	)
Fixed Charges:
Interest expense*	$	59,263	$	64,323		$	115,157	$	73,808		$	60,823		$	30,796
Estimate of interest within rental expense		9,352		9,234			9,832		9,872			10,459			4,910
Total “Fixed Charges”	$	68,615	$	73,557		$	124,989	$	83,680		$	71,282		$	35,706
Ratio of earnings to fixed charges		2.5		0.95			1.1		0.6			0.97			(0.5	)
Rent		120,677		119,150			126,867		127,384			134,956			63,357
Deficiency**		N/A		3,622			N/A		32,185			2,186			52,471

* Interest expense includes interest from both continuing and discontinued operations as well as amortization of capitalized expenses related to indebtedness.

** For the six months ended April 30, 2009, 2011, 2012 and 2013, earnings were insufficient to cover fixed charges by $3,622,000, $32,185,000, $2,186,000 and $52,471,000, respectively.