Exhibit 12.1

Quiksilver Inc.

Calculation of Ratio of Earnings to Fixed Charges

	Year Ended October 31,													Nine Months Ended July 31,
(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	)	$	(51,131	)
Income from Minority interest / equity investees		690		2,926			3,414		3,388			1,013			435
Fixed charges		68,615		73,557			124,989		83,680			71,282			58,259
Distributed Income of Equity Investees		727		—			—		—			—			—
Total “Earnings”	$	168,603	$	69,935		$	140,322	$	51,495		$	69,096		$	7,563
Fixed Charges:
Interest expense*	$	59,263	$	64,323		$	115,157	$	73,808		$	60,823		$	50,991
Estimate of interest within rental expense		9,352		9,234			9,832		9,872			10,459			7,268
Total “Fixed Charges”	$	68,615	$	73,557		$	124,989	$	83,680		$	71,282		$	58,259
Ratio of earnings to fixed charges		2.5		0.95			1.1		0.6			0.97			0.1
Rent		120,677		119,150			126,867		127,384			134,956			93,777
Deficiency**		N/A		3,622			N/A		32,185			2,186			50,696

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

** For the year ended 2009, 2011 and 2012 and the nine months ended July 31, 2013, earnings were insufficient to cover fixed charges by $3,622,000, $32,185,000, $2,186,000 and $50,696,000, respectively.