10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

______________________________________________________

FORM 10-Q

______________________________________________________

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-14229

______________________________________________________

QUIKSILVER, INC.

(Exact name of registrant as specified in its charter)

______________________________________________________

Delaware	33-0199426
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

15202 Graham Street

Huntington Beach, California

92649

(Address of principal executive offices)

(Zip Code)

(714) 889-2200

(Registrant’s telephone number, including area code)

__________________________________________________

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer	ý		Accelerated filer	¨
Non-accelerated filer	¨	(Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, at May 29, 2015 was 171,731,924.

QUIKSILVER, INC.

FORM 10-Q

INDEX

	Page No.
PART I - FINANCIAL INFORMATION
Item 1.         Financial Statements (Unaudited):
Quiksilver, Inc. Condensed Consolidated Statements of Operations Second Quarter (Three Months) and Six Months Ended April 30, 2015 and 2014	1
Quiksilver, Inc. Condensed Consolidated Statements of Comprehensive Loss Second Quarter (Three Months) and Six Months Ended April 30, 2015 and 2014	2
Quiksilver, Inc. Condensed Consolidated Balance Sheets April 30, 2015 and October 31, 2014	3
Quiksilver, Inc. Condensed Consolidated Statements of Cash Flows Six Months Ended April 30, 2015 and 2014	4
Quiksilver, Inc. Notes to Condensed Consolidated Financial Statements	5
Item 2.          Management’s Discussion and Analysis of Financial Condition and Results of Operations:
Cautionary Note Regarding Forward-Looking Statements	30
Business Overview	31
Results of Operations	32
Second Quarter (Three Months) Ended April 30, 2015 Compared to Second Quarter (Three Months) Ended April 30, 2014	32
Six Months Ended April 30, 2015 Compared to Six Months Ended April 30, 2014	37
Financial Position, Capital Resources and Liquidity	43
Critical Accounting Policies	44
New Accounting Pronouncements	47
Item 3.          Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.         Controls and Procedures	49
Part II - OTHER INFORMATION
Item 1A.      Risk Factors	51
Item 6.         Exhibits	52
SIGNATURES	54

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

QUIKSILVER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended April 30,						Six Months Ended April 30,
In thousands, except per share amounts	2015			2014			2015			2014
Revenues, net	$	333,052		$	396,941		$	673,906		$	791,851
Cost of goods sold	176,254			202,651			347,664			396,921
Gross profit	156,798			194,290			326,242			394,930
Selling, general and administrative expense	175,179			207,921			345,683			411,705
Asset impairments	703			4,583			958			5,466
Operating loss	(19,084		)	(18,214		)	(20,399		)	(22,241		)
Interest expense, net	18,040			19,222			36,442			38,642
Foreign currency (gain)/loss	(3,258		)	887			(2,601		)	3,715
Loss before provision/(benefit) for income taxes	(33,866		)	(38,323		)	(54,240		)	(64,598		)
Provision/(benefit) for income taxes	3,728			(443		)	1,644			(4,828		)
Loss from continuing operations	(37,594		)	(37,880		)	(55,884		)	(59,770		)
(Loss)/income from discontinued operations, net of tax (includes net gain on sale of businesses of $6,580 (for the six months ended 2015) and $30,833 (for the six months ended 2014)	—			(22,981		)	6,732			14,636
Net loss	(37,594		)	(60,861		)	(49,152		)	(45,134		)
Less: net loss attributable to non-controlling interest	—			7,737			788			8,201
Net loss attributable to Quiksilver, Inc.	$	(37,594	)	$	(53,124	)	$	(48,364	)	$	(36,933	)
Loss per share from continuing operations attributable to Quiksilver, Inc.	$	(0.22	)	$	(0.22	)	$	(0.33	)	$	(0.35	)
(Loss)/income per share from discontinued operations attributable to Quiksilver, Inc.	$	0.00		$	(0.09	)	$	0.04		$	0.13
Net loss per share attributable to Quiksilver, Inc.	$	(0.22	)	$	(0.31	)	$	(0.28	)	$	(0.22	)
Loss per share from continuing operations attributable to Quiksilver, Inc., assuming dilution	$	(0.22	)	$	(0.22	)	$	(0.33	)	$	(0.35	)
(Loss)/income per share from discontinued operations attributable to Quiksilver, Inc., assuming dilution	$	0.00		$	(0.09	)	$	0.04		$	0.13
Net loss per share attributable to Quiksilver, Inc., assuming dilution	$	(0.22	)	$	(0.31	)	$	(0.28	)	$	(0.22	)
Weighted average common shares outstanding, basic	171,343			170,475			171,188			170,105
Weighted average common shares outstanding, diluted	171,343			170,475			171,188			170,105
Amounts attributable to Quiksilver, Inc.:
Loss from continuing operations	$	(37,594	)	$	(37,880	)	$	(55,884	)	$	(59,409	)
(Loss)/income from discontinued operations, net of tax	—			(15,244		)	7,520			22,476
Net loss	$	(37,594	)	$	(53,124	)	$	(48,364	)	$	(36,933	)

See Notes to Condensed Consolidated Financial Statements.

1

QUIKSILVER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

	Three Months Ended April 30,						Six Months Ended April 30,
In thousands	2015			2014			2015			2014
Net loss	$	(37,594	)	$	(60,861	)	$	(49,152	)	$	(45,134	)
Other comprehensive (loss)/income:
Foreign currency translation adjustment	1,235			10,142			(32,908		)	(10,573		)
Reclassification adjustment for realized loss on derivative instruments transferred to earnings, net of tax benefit for the three months of 2015 and 2014, of $424 and $278, respectively, and $637 and $371 for the six months of 2015 and 2014, respectively	(7,648		)	(1,243		)	(10,566		)	(1,057		)
Net unrealized gain/(loss) on derivative instruments, net of tax (benefit)/provision of $(148) and $(1,167) for the three months of 2015 and 2014, respectively, and $1,147 and $248 for the six months of 2015 and 2014, respectively	2,261			(3,218		)	20,703			2,889
Comprehensive loss	(41,746		)	(55,180		)	(71,923		)	(53,875		)
Comprehensive loss attributable to non-controlling interest	—			7,737			788			8,201
Comprehensive loss attributable to Quiksilver, Inc.	$	(41,746	)	$	(47,443	)	$	(71,135	)	$	(45,674	)

See Notes to Condensed Consolidated Financial Statements.

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QUIKSILVER, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

In thousands, except share and per share amounts	April 30, 2015			October 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	48,078		$	46,664
Restricted cash	4,449			4,687
Trade accounts receivable, less allowances of $52,940 (2015) and $63,991 (2014)	251,947			311,014
Other receivables	42,800			40,847
Income taxes receivable	494			—
Inventories	291,248			284,517
Deferred income taxes - current	4,838			4,926
Prepaid expenses and other current assets	30,425			28,080
Current portion of assets held for sale	—			20,265
Total current assets	674,279			741,000
Restricted cash	2,868			16,514
Fixed assets, less accumulated depreciation and amortization of $215,094 (2015) and $220,888 (2014)	189,673			213,768
Intangible assets, net	138,038			135,510
Goodwill	80,102			80,622
Other assets	39,450			47,086
Deferred income taxes long-term	14,182			16,088
Assets held for sale, net of current portion	—			5,394
Total assets	$	1,138,592		$	1,255,982
LIABILITIES AND EQUITY/(DEFICIT)
Current liabilities:
Lines of credit	$	33,037		$	32,929
Accounts payable	149,968			168,307
Accrued liabilities	105,446			112,701
Current portion of long-term debt	2,248			2,432
Income taxes payable	—			1,124
Deferred income taxes - current	19,167			19,628
Current portion of assets held for sale	—			13,266
Total current liabilities	309,866			350,387
Long-term debt, net of current portion	785,482			793,229
Other long-term liabilities	35,747			39,342
Deferred income taxes long-term	22,130			16,790
Total liabilities	1,153,225			1,199,748
Equity/(Deficit):
Preferred stock, $0.01 par value, authorized shares - 5,000,000; issued and outstanding shares - none	—			—
Common stock, $0.01 par value, authorized shares - 285,000,000; issued shares - 174,642,124 (2015) and 174,057,410 (2014)	1,743			1,741
Additional paid-in capital	591,656			589,032
Treasury stock, 2,885,200 shares	(6,778		)	(6,778		)
Accumulated deficit	(635,771		)	(587,407		)
Accumulated other comprehensive income	34,517			57,288
Total Quiksilver, Inc. stockholders’ equity/(deficit)	(14,633		)	53,876
Non-controlling interest	—			2,358
Total equity/(deficit)	(14,633		)	56,234
Total liabilities and equity/(deficit)	$	1,138,592		$	1,255,982

See Notes to Condensed Consolidated Financial Statements.

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QUIKSILVER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended April 30,
In thousands	2015			2014
Cash flows from operating activities:
Net loss	$	(49,152	)	$	(45,134	)
Adjustments to reconcile net loss to net cash used in operating activities:
Income from discontinued operations	(6,732		)	(14,636		)
Depreciation and amortization	20,465			24,818
Stock-based compensation	2,252			11,588
Provision for doubtful accounts	3,370			15,240
Loss/(gain) on disposal of fixed assets	345			(493		)
Unrealized foreign currency (gain)/loss	(7,708		)	4,206
Asset impairments	958			5,466
Non-cash interest expense	1,760			1,702
Equity in earnings	596			1,144
Deferred income taxes	(4,091		)	529
Subtotal of non-cash reconciling adjustments	11,215			49,564
Changes in operating assets and liabilities:
Trade accounts receivable	38,800			37,913
Other receivables	(3,505		)	(6,146		)
Inventories	(20,158		)	29,217
Prepaid expenses and other current assets	(4,738		)	(7,744		)
Other assets	807			1,608
Accounts payable	3,832			(66,232		)
Accrued liabilities and other long-term liabilities	(3,927		)	(15,287		)
Income taxes payable	(1,588		)	(1,007		)
Subtotal of changes in operating assets and liabilities	9,523			(27,678		)
Cash used in operating activities of continuing operations	(28,414		)	(23,248		)
Cash provided by/(used in) operating activities of discontinued operations	4,668			(16,978		)
Net cash used in operating activities	(23,746		)	(40,226		)
Cash flows from investing activities:
Capital expenditures	(22,974		)	(23,687		)
Proceeds from sale of property	460			665
Changes in restricted cash	13,884			(56,047		)
Cash used in investing activities of continuing operations	(8,630		)	(79,069		)
Cash provided by investing activities of discontinued operations	10,713			77,051
Net cash provided by/(used in) investing activities	2,083			(2,018		)
Cash flows from financing activities:
Borrowings on lines of credit	40,739			91,625
Payments on lines of credit	(34,516		)	(67,258		)
Borrowings on long-term debt	57,701			75,574
Payments on long-term debt	(34,916		)	(38,429		)
Payments on short-term debt	—			(15,223		)
Stock option exercises and employee stock purchases	372			5,150
Payments of debt issuance costs	—			(771		)
Cash provided by financing activities of continuing operations	29,380			50,668
Net cash provided by financing activities	29,380			50,668
Effect of exchange rate changes on cash	(6,303		)	1,430
Net increase in cash and cash equivalents	1,414			9,854
Cash and cash equivalents, beginning of period	46,664			57,280
Cash and cash equivalents, end of period	$	48,078		$	67,134
Supplementary cash flow information:
Cash paid during the period for:
Interest	$	34,821		$	38,530
Income taxes paid	$	5,034		$	9,599
Summary of significant non-cash transactions:
Capital expenditures accrued at period end (investing activities)	$	2,224		$	5,211
Debt issued for purchase of non-controlling interest (financing activities)	$	—		$	17,388

See Notes to Condensed Consolidated Financial Statements.

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QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 — Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statement presentation.

Quiksilver, Inc. and its subsidiaries (the “Company”) has included all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the results of operations for all periods presented. The Company's fiscal year ends on October 31 (for example, “fiscal 2015” refers to the year ending October 31, 2015). The condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended October 31, 2014 included in the Company’s most recent Annual Report on Form 10-K. Interim results are not necessarily indicative of results for the full year.

Principles of Consolidation

The consolidated financial statements include the accounts of Quiksilver, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

The Company completed the sale of Mervin Manufacturing, Inc. ("Mervin") and substantially all of the assets of Hawk Designs, Inc. ("Hawk") during the first quarter of fiscal 2014. In December 2014, the Company sold its majority stake in Surfdome Shop, Ltd. ("Surfdome"). As a result, the Company reported the operating results of Mervin, Hawk and Surfdome in "Income from discontinued operations, net of tax" in the condensed consolidated statements of operations for all periods presented. In addition, the assets and liabilities associated with these businesses are reported as discontinued operations in the condensed consolidated balance sheets (see Note 15 — Discontinued Operations). Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash Equivalents

Cash equivalents represent cash and short-term, highly liquid investments, including commercial paper, U.S. Treasury, U.S. Agency, and corporate debt securities with original maturities of three months or less at the date of purchase. Cash equivalents represent Level 1 fair value investments. See the Fair Value Measurements section below for further details.

Fair Value Measurements

Accounting Standards Codification 820, Fair Value Measurements and Disclosures, ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels.

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy established in ASC 820 that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach).

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The levels of hierarchy are described below:

• Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities.

• Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 – Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option-pricing models, discounted cash flow models and similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.

Pricing vendors are utilized for certain Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The Company’s fair value processes include controls that are designed to ensure appropriate fair values are recorded. These controls include an analysis of period-over-period fluctuations and comparison to another independent pricing vendor.

Note 2 — New Accounting Pronouncements

Accounting Standards Adopted

In November 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2014-17, Pushdown Accounting, which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The Company adopted this guidance on November 18, 2014, the effective date of ASU 2014-17. The adoption of this guidance did not impact the Company's condensed consolidated financial statements and disclosures.

In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items, which eliminates the concept of extraordinary items from GAAP, which required certain classification and presentation of extraordinary items in the income statement and disclosures. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company adopted this guidance on November 1, 2014. The adoption of this guidance did not impact the Company's condensed consolidated financial statements and disclosures.

Accounting Standards Not Yet Adopted

In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property Plant and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which provides amended guidance on the presentation of financial statements and reporting discontinued operations and disclosures of disposals of components of an entity within property, plant and equipment. ASU 2014-08 amends the definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. The effective date of ASU 2014-08 is for disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. The Company is currently evaluating the impact, if any, that this amended guidance may have on its consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a single, comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersedes virtually all existing revenue recognition requirements and guidance. This framework is expected to result in less complex guidance in application while providing a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should apply the following steps: (i) identify the

6

contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 is effective for annual periods (and interim periods therein) beginning on or after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation, which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its consolidated financial statements and related disclosures.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, which will require an entity’s management to assess, for each annual and interim period, whether there is substantial doubt about the entity’s ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of “probable” similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which will require an entity’s management to assess whether they should consolidate certain legal entities. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs, which will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The guidance impacts disclosures only. The Company does not expect the impact of this amended guidance to have a material effect on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which will require an entity’s management to assess, for each annual and interim period, whether a cloud computing arrangement includes a software license. All software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

Note 3 — Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company currently operates in four segments: the Americas, EMEA, and APAC, each of which sells a full range of the Company’s products, as well as Corporate Operations. The Americas segment, consisting of North, South and Central America, includes revenues primarily from the United States, Canada, Brazil and Mexico. The EMEA segment, consisting of Europe, the Middle East and Africa, includes revenues primarily from continental Europe, the United Kingdom, Russia and South Africa. The APAC segment, consisting of Asia and the Pacific Rim, includes revenues primarily from Australia, Japan, New Zealand, South Korea, Taiwan and Indonesia. Costs that support all segments, including trademark protection, trademark maintenance and licensing functions, are part of Corporate

7

Operations. Corporate Operations also includes sourcing income and certain gross profits earned from the Company’s licensees.

8

Information related to the Company's operating segments, all from continuing operations, is as follows:

	Three Months Ended April 30,						Six Months Ended April 30,
In thousands	2015			2014			2015			2014
Revenues, net:
Americas	$	159,987		$	186,247		$	307,754		$	361,710
EMEA	115,792			150,883			241,605			300,280
APAC	56,276			59,721			122,874			129,596
Corporate Operations	997			90			1,673			265
Total	$	333,052		$	396,941		$	673,906		$	791,851
Gross profit/(loss):
Americas	$	67,196		$	78,909		$	131,505		$	154,823
EMEA	59,904			81,724			130,404			169,573
APAC	29,894			33,413			66,744			70,221
Corporate Operations	(196		)	244			(2,411		)	313
Total	$	156,798		$	194,290		$	326,242		$	394,930
SG&A expense:
Americas	$	78,509		$	96,701		$	148,533		$	186,262
EMEA	61,426			75,715			127,555			153,923
APAC	32,299			34,089			67,104			67,452
Corporate Operations	2,945			1,416			2,491			4,068
Total	$	175,179		$	207,921		$	345,683		$	411,705
Asset impairments:
Americas	$	466		$	4,191		$	542		$	4,413
EMEA	237			392			416			1,053
APAC	—			—			—			—
Corporate Operations	—			—			—			—
Total	$	703		$	4,583		$	958		$	5,466
Operating (loss)/income:
Americas	$	(11,779	)	$	(21,983	)	$	(17,570	)	$	(35,852	)
EMEA	(1,759		)	5,617			2,433			14,597
APAC	(2,405		)	(676		)	(360		)	2,769
Corporate Operations	(3,141		)	(1,172		)	(4,902		)	(3,755		)
Total	$	(19,084	)	$	(18,214	)	$	(20,399	)	$	(22,241	)
Depreciation and amortization expense:
Americas	$	3,827		$	6,017		$	7,935		$	10,533
EMEA	3,116			5,474			6,932			8,761
APAC	1,748			1,925			3,489			3,813
Corporate Operations	739			605			1,501			1,259
Total	$	9,430		$	14,021		$	19,857		$	24,366
Interest expense:
Americas	$	943		$	327		$	1,673		$	1,229
EMEA	3,827			4,708			8,055			9,519
APAC	458			541			984			1,128
Corporate Operations	12,812			13,646			25,730			26,766
Total	$	18,040		$	19,222		$	36,442		$	38,642

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SG&A expense by segment for the three and six months ended 2014 has been reclassified to conform to the current year presentation which reflects the Company's centralization of certain global business functions and related transfer pricing allocations.

In thousands	April 30, 2015		October 31, 2014
Identifiable assets:
Americas	$	438,138	$	464,831
EMEA	438,696		513,303
APAC	197,437		202,225
Corporate Operations	64,321		75,623
Total	$	1,138,592	$	1,255,982

Note 4 — Earnings per Share and Stock-based Compensation

The Company reports basic and diluted earnings per share (“EPS”). Basic EPS is based on the weighted average number of shares outstanding during the period, while diluted EPS additionally includes the dilutive effect of the Company’s outstanding stock options, warrants and shares of restricted stock computed using the treasury stock method.

The table below sets forth the reconciliation of the denominator of each net loss/income per share calculation for the three and six months endedApril 30, 2015 and 2014:

	Three Months Ended April 30,		Six Months Ended April 30,
In thousands	2015	2014	2015	2014
Shares used in computing basic net loss/income per share	171,343	170,475	171,188	170,105
Dilutive effect of stock options and restricted stock(1)	—	—	—	—
Dilutive effect of stock warrants(1)	—	—	—	—
Shares used in computing diluted net loss/income per share	171,343	170,475	171,188	170,105

(1) For the second quarter of fiscal 2015 and 2014, the shares used in computing diluted net loss per share do not include 232,000 and 3,229,000, respectively, of stock options and shares of restricted stock, nor 1,279,000 and 19,113,000, respectively, of warrant shares that would have normally been dilutive if the Company had net income for the periods, as the effect is anti-dilutive given the Company’s net loss from continuing operations. In addition, for the second quarter of fiscal 2015 and 2014, additional stock options outstanding of 5,712,000 and 685,000, respectively, are excluded from the calculation of diluted weighted-average shares outstanding as the exercise prices were greater than the average market price of the Company's common stock for those periods. These securities could potentially dilute earnings per share in the future.

For the first six months of fiscal 2015 and 2014, the shares used in computing diluted net loss per share do not include 233,000 and 3,603,000, respectively, of stock options and shares of restricted stock, nor 1,633,000 and 19,542,000, respectively, of warrant shares that would have been dilutive if the Company had net income for the periods, as the effect is anti-dilutive given the Company’s net loss from continuing operations. In addition, for the first six months of fiscal 2015 and 2014, additional stock options outstanding of 5,880,000 and 595,000, respectively, are excluded from the calculation of diluted weighted-average shares outstanding as the exercise prices were greater than the average market price of the Company's common stock for those periods. These securities could potentially dilute earnings per share in the future.

The Company accounts for stock-based compensation under the fair value recognition provisions of ASC 718, Compensation – Stock Compensation. Stock-based compensation expense is included in selling, general and administrative expense ("SG&A").

The Company grants performance-based options and performance-based restricted stock units to certain key employees and executives. Vesting of these awards is contingent upon a required service period and the Company’s achievement of specified common stock price thresholds or performance goals. In addition, the vesting of a portion of the performance-based stock options can be accelerated based upon the Company’s achievement of specified annual performance targets. The Company believes that the granting of these awards serves to further align the interests of its employees and

10

executives with those of its stockholders. The weighted average fair value of the performance-based restricted stock units granted in the six months ended April 30, 2015 and 2014 was $1.85 and $5.16. There were no performance-based options granted in the six months of fiscal 2015 or 2014.

Activity related to these performance-based options and performance-based restricted stock units for the six months endedApril 30, 2015 was as follows:

	Performance Options	Performance Restricted Stock Units
Outstanding, October 31, 2014	640,000	10,218,508
Granted	—	1,824,000
Exercised	—	—
Canceled	—	(2,263,502	)
Outstanding, April 30, 2015	640,000	9,779,006

As of April 30, 2015, 204,000 of the 640,000 outstanding performance-based stock options were exercisable and none of the performance-based restricted stock units were vested. As of April 30, 2015, the Company had unrecognized compensation expense, net of estimated forfeitures, of approximately $0.2 million related to the performance-based stock options and approximately $2.7 million related to the performance-based restricted stock units, which are not expected to vest. The unrecognized compensation expense related to the performance-based stock options is expected to be recognized over a weighted average period of approximately 1 year.

For non-performance-based stock options, the Company uses the Black-Scholes option-pricing model to value compensation expense. Forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The expected term of stock options granted is derived from historical data on employee exercises. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. Expected volatility is based on the historical volatility of the Company’s stock. For the first six months of fiscal 2015 and 2014, non-performance based options granted were valued assuming a risk free interest rate of 1.81% and 2.2%, respectively, volatility of 86% and 81%, respectively, zero dividend yields and an expected life of 6.6 years and 6.7 years, respectively. The weighted average fair value of the grants was $1.27 and $5.94 for the first six months of fiscal 2015 and 2014, respectively. The Company records stock-based compensation expense using the graded vested method over the vesting period, which is generally three years. As of April 30, 2015, the Company had approximately $0.9 million of unrecognized compensation expense for non-performance-based stock options expected to be recognized over a weighted average period of approximately 1.7 years.

Changes in shares underlying stock options, excluding performance-based stock options, for the six months endedApril 30, 2015 were as follows:

Dollar amounts in thousands, except per share amounts	Shares		Weighted Average Price		Weighted Average Life	Aggregate Intrinsic Value
Outstanding, October 31, 2014	6,817,609		$	4.52
Granted	275,000		1.70
Exercised	—		—
Canceled	(765,667	)	5.87
Outstanding, April 30, 2015	6,326,942		$	4.24	4.6	$	14
Options exercisable, April 30, 2015	5,927,274		$	4.12	4.4	$	14

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Changes in non-vested shares underlying stock options, excluding performance-based stock options, for the six months endedApril 30, 2015 were as follows:

	Shares		Weighted Average Grant Date Fair Value
Non-vested, October 31, 2014	1,121,336		$	4.18
Granted	275,000		1.27
Vested	(813,334	)	2.89
Canceled	(183,334	)	5.20
Non-vested, April 30, 2015	399,668		$	4.32

The Company may also grant restricted stock and restricted stock units under its 2013 Performance Incentive Plan. Restricted stock issued under this plan generally vests in three years while restricted stock units issued under this plan generally vest upon the completion of a requisite service period. Vesting of a prorated portion of restricted stock unit awards granted to our former chief executive officer in lieu of a cash annual salary was accelerated in the second quarter of fiscal 2015 upon his departure. Changes in restricted stock and restricted stock units for the six months endedApril 30, 2015 were as follows:

	Restricted Stock		Restricted Stock Units
Outstanding, October 31, 2014	175,000		—
Granted	105,000		675,676
Vested	(70,000	)	(281,532	)
Forfeited	—		(394,144	)
Outstanding, April 30, 2015	210,000		—

The fair value of restricted stock is determined using the intrinsic value method on the grant date. Forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The Company monitors the probability of meeting the restricted stock performance criteria, if any, and adjusts the amortization period as appropriate. As of April 30, 2015, there had been no acceleration of amortization periods and the Company had approximately $0.4 million of unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.5 years.

Note 5 — Restricted Cash

The Company’s restricted cash balance, including both current and non-current portions, was $7 million at April 30, 2015 and $21 million at October 31, 2014. Certain of the Company’s debt agreements contain restrictions on the usage of funds received from the sale of assets. These restrictions generally require such cash to be used for either repayment of indebtedness, capital expenditures, or acquisitions of assets. Restricted cash at April 30, 2015 included $3 million of the remaining proceeds from the sale of the Surfdome business in the first quarter of fiscal 2015, which is subject to these restrictions. Consequently, since the restricted cash is required to be invested in long-term assets or to repay long-term debt, it is reflected as a long-term asset. The Company expects to utilize these remaining proceeds during fiscal 2015.

Note 6 — Inventories

Inventories consisted of the following as of the dates indicated:

In thousands	April 30, 2015		October 31, 2014
Raw materials	$	2,666	$	3,524
Work in-process	422		467
Finished goods	288,160		280,526
Total	$	291,248	$	284,517

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Note 7 — Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following as of the dates indicated:

	April 30, 2015							October 31, 2014
In thousands	Gross Amount		Accumulated Amortization			Net Book Value		Gross Amount		Accumulated Amortization			Net Book Value
Non-amortizable trademarks	$	124,143	$	—		$	124,143	$	124,121	$	—		$	124,121
Amortizable trademarks	24,550		(12,543		)	12,007		21,858		(12,508		)	9,350
Amortizable licenses	10,766		(10,766		)	—		11,817		(11,817		)	—
Other amortizable intangibles	8,416		(6,528		)	1,888		8,406		(6,367		)	2,039
Total	$	167,875	$	(29,837	)	$	138,038	$	166,202	$	(30,692	)	$	135,510

The change in non-amortizable trademarks is due primarily to foreign currency exchange fluctuations. Other amortizable intangibles primarily include non-compete agreements, patents and customer relationships, and are amortized on a straight-line basis over their estimated useful lives of 5 to 18 years. Certain trademarks and licenses will continue to be amortized using estimated useful lives of 10 to 25 years with no residual values. Intangible amortization expense for each of the six-month periods ended April 30, 2015 and 2014 was approximately $1 million. Annual amortization expense is estimated to be approximately $2 million in fiscal 2016 through fiscal 2018 and $1 million in fiscal 2019 through fiscal 2020.

Goodwill

A summary of goodwill by reporting unit, and in total, and changes in the carrying amounts, as of the dates indicated is as follows:

In thousands	Americas			EMEA			APAC			Consolidated
Net goodwill at October 31, 2013	$	74,943		$	180,475		$	6,207		$	261,625
Impairments	—			(178,197		)	—			(178,197		)
Foreign currency translation and other	(528		)	(2,278		)	—			(2,806		)
Gross goodwill	74,415			178,197			135,752			388,364
Accumulated impairment losses	—			(178,197		)	(129,545		)	(307,742		)
Net goodwill at October 31, 2014	$	74,415		$	—		$	6,207		$	80,622
Foreign currency translation and other	(520		)	—			—			(520		)
Gross goodwill	73,895			178,197			135,752			387,844
Accumulated impairment losses	—			(178,197		)	(129,545		)	(307,742		)
Net goodwill at April 30, 2015	$	73,895		$	—		$	6,207		$	80,102

Note 8 — Income Taxes

Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. As of April 30, 2015, the Company continued to maintain a full valuation allowance against its net deferred tax assets in certain jurisdictions in each of its four operating segments due to sustained pre-tax losses. As a result of the valuation allowances recorded, no tax benefits have been recognized for losses incurred in those tax jurisdictions for the first six months of fiscal 2015 and 2014.

The Company's hedging instruments in Europe generated tax expense of approximately $4 million within other comprehensive income in the first six months of fiscal 2015. However, as the Company does not expect to pay income tax after application of available loss carryforwards, an offsetting income tax benefit was recognized within continuing operations. Before this tax benefit, the Company generated income tax expense of approximately $6 million in the six months ended April 30, 2015 due to being unable to record tax benefits against the losses in certain jurisdictions where the Company has previously recorded valuation allowances.

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As of April 30, 2015, the Company’s liability for uncertain tax positions was approximately $12 million resulting from unrecognized tax benefits, excluding interest and penalties. If the Company’s positions are favorably sustained by the relevant taxing authority, approximately $11 million (excluding interest and penalties) of uncertain tax position liabilities would favorably impact the Company’s effective tax rate in future periods.

During the next 12 months, it is reasonably possible that the Company’s liability for uncertain tax positions may change by a significant amount as a result of the resolution or payment of uncertain tax positions. The Company believes the outcomes which are reasonably possible within the next 12 months range from a reduction of the liability for unrecognized tax benefits of $10 million to an increase of the liability of $4 million, excluding penalties and interest, for its existing tax positions.

Note 9 — Restructuring Charges

In connection with the globalization of its organizational structure and core processes, as well as its cost reduction efforts, the Company developed and approved a multi-year profit improvement plan in 2013 ("the 2013 Plan"). The 2013 Plan covers the global operations of the Company, and as the Company continues to evaluate its structure, processes and costs, additional charges may be incurred in the future under the 2013 Plan that are not yet determined. The 2013 Plan is, in many respects, a continuation and acceleration of the Company’s Fiscal 2011 Cost Reduction Plan (the “2011 Plan”). The Company will no longer incur any new charges under the 2011 Plan, but will continue to make cash payments on amounts previously accrued under the 2011 Plan. Amounts charged to expense under the 2013 Plan and 2011 Plan were primarily recorded in SG&A with a small portion recorded in cost of goods sold ("COGS") in the Company’s condensed consolidated statements of operations.

Activity and liability balances recorded as part of the 2013 Plan and 2011 Plan were as follows:

In thousands	Workforce			Facility & Other			Total
Balance, October 31, 2013	$	12,159		$	6,939		$	19,098
Charged to expense	19,350			15,295			34,645
Cash payments	(19,999		)	(9,943		)	(29,942		)
Balance, October 31, 2014	$	11,510		$	12,291		$	23,801
Charged to expense	6,435			5,057			11,492
Cash payments	(7,507		)	(4,076		)	(11,583		)
Adjustments	—			(1,986		)	(1,986		)
Balance, April 30, 2015	$	10,438		$	11,286		$	21,724

Amounts charged to expense during the six months endedApril 30, 2015 were primarily composed of severance charges for employees, as well as early lease exit costs. The majority of these charges were within the Americas, EMEA and Corporate Operations segments. In the first quarter of fiscal 2015, the Company recorded an adjustment to its facility and other restructuring liabilities upon completion of a sub-lease agreement within the Americas segment at more favorable terms than originally expected.

In addition to the restructuring charges noted above, the Company also recorded $2 million of additional expenses within SG&A during the first six months of fiscal 2014, related to certain non-core brands and peripheral product categories that have been discontinued, which are not reflected in the table above.

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Note 10 — Debt

A summary of borrowings under lines of credit and long-term debt as of the dates indicated is as follows:

In thousands	Maturity	April 30, 2015			October 31, 2014
Lines of credit - 0.7% Floating	October 31, 2016	$	33,037		$	32,929
2017 Notes - 8.875% Fixed	December 15, 2017	220,590			252,188
ABL Credit Facility - 2.1% to 4.6% Floating	May 24, 2018	60,779			35,933
2018 Notes - 7.875% Fixed	August 1, 2018	278,957			278,834
2020 Notes - 10.000% Fixed	August 1, 2020	222,743			222,582
Capital lease obligations and other borrowings - Various %	Various	4,661			6,124
Total debt		820,767			828,590
Less current portion		(35,285		)	(35,361		)
Long-term debt, net of current portion		$	785,482		$	793,229

As of April 30, 2015, the Company’s credit facilities allowed for total cash borrowings and letters of credit of $184 million. The total maximum borrowings and actual availability fluctuate with the amount of assets comprising the borrowing base under certain of the credit facilities. At April 30, 2015, the Company had a total of $94 million of direct borrowings and $28 million in letters of credit outstanding. As of April 30, 2015, the remaining availability for borrowings under the Company’s credit facilities was $45 million, $20 million of which could also be used for letters of credit in the United States and APAC. In addition to the $45 million of availability for borrowings, the Company also had $18 million in additional capacity for letters of credit in EMEA as of April 30, 2015. Many of the Company’s debt agreements contain customary default provisions and restrictive covenants. The Company is not subject to financial covenant restrictions unless remaining borrowing availability under the ABL Credit Facility was to fall below the greater of $15 million or 10.0% of total borrowing base availability.

The estimated fair value of the Company’s borrowings under lines of credit and long-term debt as of April 30, 2015 was $710 million, compared to a carrying value of $821 million. The fair value of the Company’s debt is calculated based on the market price of the Company’s publicly traded 2020 Notes, the trading prices of the Company’s 2018 Notes and 2017 Notes (all Level 1 inputs) and the carrying values of the Company’s other debt obligations due to the variable rate nature of those debt obligations.

Note 11 — Derivative Financial Instruments

The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to certain sales, royalty income and product purchases of its international subsidiaries that are denominated in currencies other than their functional currencies. The Company is also exposed to foreign currency gains and losses resulting from domestic transactions that are not denominated in U.S. dollars. Furthermore, the Company is exposed to gains and losses resulting from the effect that fluctuations in foreign currency exchange rates have on the reported results in the Company’s condensed consolidated financial statements due to the translation of the operating results and financial position of the Company’s international subsidiaries. As part of its overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, the Company uses various foreign currency exchange contracts and intercompany loans.

The Company accounts for all of its cash flow hedges under ASC 815, Derivatives and Hedging, which requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. In accordance with ASC 815, the Company designates forward contracts as cash flow hedges of forecasted purchases of commodities. The results of derivative financial instruments are recorded in cash flows from operating activities on the condensed consolidated statements of cash flows.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. As of April 30, 2015, the Company was hedging a portion of forecasted transactions expected to occur through October 2016. Assuming April 30, 2015 exchange rates remain constant, $14 million of gains, net of tax, related to hedges of these transactions are expected to be reclassified into earnings over the next 18 months. For

15

additional information of the gains/losses related to hedging, see Note 14 — Accumulated Other Comprehensive Income/(Loss).

On the date the Company enters into a derivative contract, management designates the derivative as a hedge of the identified exposure. Before entering into various hedge transactions, the Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy. In this documentation, the Company identifies the asset, liability, firm commitment, or forecasted transaction that has been designated as a hedged item and indicates how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally measures effectiveness of its hedging relationships both at the hedge inception and on an ongoing basis in accordance with its risk management policy. The Company would discontinue hedge accounting prospectively (i) if management determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. As a result of the expiration, sale, termination, or exercise of derivative contracts, the Company reclassified into earnings net gains of $8 million and $1 million for the three months endedApril 30,2015 and 2014, respectively, and $11 million and $1 million for the six months endedApril 30,2015 and 2014, respectively.

The Company enters into forward exchange and other derivative contracts with major banks and is exposed to exchange rate losses in the event of nonperformance by these banks. The Company anticipates, however, that these banks will be able to fully satisfy their obligations under the contracts. Accordingly, the Company does not require collateral or other security to support the contracts.

As of April 30, 2015, the Company had the following outstanding derivative contracts that were entered into to hedge forecasted purchases:

In thousands	Commodity	Notional Amount		Maturity	Fair Value
United States dollars	Inventory	$	238,686	May 2015 – October 2016	$	19,427

The Company’s derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, the Company’s credit risk and the Company’s counterparties’ credit risks. Based on these inputs, the Company’s derivative assets and liabilities are classified within Level 2 of the valuation hierarchy.

The following table reflects the fair values of derivative assets and liabilities measured and recognized at fair value on a recurring basis on the accompanying condensed consolidated balance sheets as of the dates indicated:

	Fair Value Measurements Using							Derivative Assets/(Liabilities)
In thousands	Level 1		Level 2			Level 3		At Fair Value
Other receivables	$	—	$	20,871		$	—	$	20,871
Derivative liabilities:
Accrued liabilities	—		(749		)	—		(749		)
Other long-term liabilities	—		(695		)	—		(695		)
Total fair value at April 30, 2015	$	—	$	19,427		$	—	$	19,427
Other receivables	$	—	$	16,683		$	—	$	16,683
Accrued liabilities	—		(2		)	—		(2		)
Total fair value at October 31, 2014	$	—	$	16,681		$	—	$	16,681

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Note 12 — Stockholders' Equity/(Deficit) and Non-controlling Interest

The following tables summarize the changes in equity/(deficit) attributable to Quiksilver, Inc. and the non-controlling interests of its consolidated subsidiaries:

	Attributable to Quiksilver, Inc.			Non- controlling Interest			Total Stockholders’ Equity/(Deficit)
In thousands
Balance, October 31, 2014	$	53,876		$	2,358		$	56,234
Stock-based compensation expense	2,252			—			2,252
Employee stock purchase plan	374			—			374
Business disposition	—			(1,570		)	(1,570		)
Net loss and other comprehensive loss	(71,135		)	(788		)	(71,923		)
Balance, April 30, 2015	$	(14,633	)	$	—		$	(14,633	)
Balance, October 31, 2013	$	366,247		$	17,952		$	384,199
Stock-based compensation expense	11,588			—			11,588
Exercise of stock options	4,476			—			4,476
Employee stock purchase plan	673			—			673
Transactions with non-controlling interest holders	(10,839		)	(5,704		)	(16,543		)
Net loss and other comprehensive income	(45,674		)	(8,201		)	(53,875		)
Balance, April 30, 2014	$	326,471		$	4,047		$	330,518

The business disposition reflects the Company's sale of its stake in Surfdome in the first quarter of fiscal 2015. See Note 15 — Discontinued Operations for further information. Transactions with non-controlling interest holders reflect the Company's acquisition of the remaining non-controlling interests of its Brazil and Mexico subsidiaries in the first quarter of fiscal 2014.

Note 13 — Litigation, Indemnities and Guarantees

As part of its global operations, the Company may be involved in legal claims involving trademarks, intellectual property, licensing, employment matters, compliance, contracts and other matters incidental to its business. The Company believes the resolution of any such matter, individually and in aggregate, currently threatened or pending will not have a material adverse effect on its financial condition, results of operations or liquidity.

During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These include (i) intellectual property indemnities to the Company’s customers and licensees in connection with the use, sale and/or license of the Company’s products, (ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facilities or leases, (iii) indemnities to vendors and service providers pertaining to claims based on the negligence or willful misconduct of the Company, and (iv) indemnities involving the accuracy of representations and warranties in certain contracts. The duration of these indemnities, commitments and guarantees varies and, in certain cases, may be indefinite. The majority of these indemnities, commitments and guarantees do not provide for any limitation of the maximum potential for future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities, commitments and guarantees in the accompanying condensed consolidated balance sheets.

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Note 14 — Accumulated Other Comprehensive Income/(Loss)

The components of accumulated other comprehensive income/(loss) include changes in fair value of derivative instruments qualifying as cash flow hedges and foreign currency translation adjustments. The components of accumulated other comprehensive income/(loss), net of tax, are as follows:

	Derivative Instruments			Foreign Currency Adjustments			Total
In thousands
Balance, October 31, 2014	$	4,093		$	53,195		$	57,288
Net gains reclassified to COGS	(10,566		)	—			(10,566		)
Changes in fair value, net of tax	20,703			(32,908		)	(12,205		)
Balance, April 30, 2015	$	14,230		$	20,287		$	34,517
Balance, October 31, 2013	$	(4,591	)	$	78,509		$	73,918
Net gains reclassified to COGS	(1,057		)	—			(1,057		)
Changes in fair value, net of tax	2,889			(10,573		)	(7,684		)
Balance, April 30, 2014	$	(2,759	)	$	67,936		$	65,177

Note 15 — Discontinued Operations

In November 2013, the Company completed the sale of Mervin Manufacturing, Inc., a manufacturer of snowboards and related products under the "Lib-Technologies" and "GNU" brands, ("Mervin") for $58 million. In January 2014, the Company completed the sale of substantially all of the assets of Hawk Designs, Inc. ("Hawk"), its subsidiary that owned and operated the "Hawk" brand, for $19 million. These transactions resulted in an after-tax gain of approximately $31 million during the first six months of fiscal 2014, which is included in income from discontinued operations in the table below. In December 2014, the Company sold its majority stake in U.K.-based Surfdome Shop, Ltd., a multi-brand e-commerce retailer, ("Surfdome") for net proceeds of approximately $16 million, which included payments from Surfdome for all outstanding loans and trade receivables. The sale resulted in an after-tax gain of $7 million in the first quarter of fiscal 2015, which is included in income from discontinued operations in the table below. Accordingly, each of the Company's Mervin, Hawk and Surfdome businesses were classified as "held for sale" as of October 31, 2014 and are presented as discontinued operations in the accompanying condensed consolidated financial statements for all periods presented. The Company’s sale of the Mervin and Hawk businesses generated income tax expense of approximately $18 million within discontinued operations during the first six months of fiscal 2014. However, as the Company did not expect to pay income tax after application of available loss carry-forwards, an offsetting income tax benefit was recognized within continuing operations.

The operating results of discontinued operations for the three and six months endedApril 30,2015 and 2014 are as follows:

	Three Months Ended April 30,					Six Months Ended April 30,
In thousands	2015		2014			2015		2014
Revenues, net	$	—	$	11,114		$	13,239	$	31,276
(Loss)/income before income taxes	—		(16,625		)	6,785		31,469
Provision for income taxes	—		6,356			53		16,833
(Loss)/income from discontinued operations	—		(22,981		)	6,732		14,636
Less: net loss attributable to non-controlling interest	—		7,737			788		7,840
(Loss)/income from discontinued operations attributable to Quiksilver, Inc.	$	—	$	(15,244	)	$	7,520	$	22,476

18

There were no assets classified as held for sale at April 30, 2015. The components of major assets and liabilities held for sale at October 31, 2014 were as follows:

In thousands	October 31, 2014
Assets:
Inventories	$	19,659
Other	6,000
Total	$	25,659
Liabilities:
Accounts payable	$	12,520
Accrued liabilities	120
Deferred tax liabilities	626
Total	$	13,266

Total assets held for sale as of October 31, 2014 by segment were as follows:

In thousands	October 31, 2014
Americas	$	28
EMEA	25,631
APAC	—
Total	$	25,659

Note 16 — Condensed Consolidation Financial Information

In July 2013, the Company issued $225 million aggregate principal amount of its 2020 Notes. These notes were issued in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). They were offered within the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside of the United States only to non-U.S. investors in accordance with Regulation S under the Securities Act. In November 2013, these notes were exchanged for publicly registered notes with identical terms. Obligations under the Company’s 2020 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of its existing 100% owned domestic subsidiaries.

The Company presents condensed consolidating financial information for Quiksilver, Inc. and its domestic subsidiaries within the notes to the condensed consolidated financial statements in accordance with the criteria established for parent companies in the SEC’s Regulation S-X, Rule 3-10(f). The following condensed consolidating financial information presents the results of operations for the three and six months endedApril 30, 2015 and 2014, the financial position as of April 30, 2015 and October 31, 2014, and cash flows for the six months endedApril 30, 2015 and 2014, of Quiksilver, Inc., QS Wholesale, Inc., the 100% owned guarantor subsidiaries, the non-guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

19

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Three Months Ended April 30,2015

In thousands	Quiksilver, Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	118		$	83,703		$	63,086		$	209,322		$	(23,177	)	$	333,052
Cost of goods sold	—			51,307			42,793			104,876			(22,722		)	176,254
Gross profit	118			32,396			20,293			104,446			(455		)	156,798
Selling, general and administrative expense	4,662			47,400			21,083			103,446			(1,412		)	175,179
Asset impairments	—			—			466			237			—			703
Operating (loss)/income	(4,544		)	(15,004		)	(1,256		)	763			957			(19,084		)
Interest expense, net	11,660			962			(2		)	5,420			—			18,040
Foreign currency (gain)/loss	(205		)	330			28			(3,411		)	—			(3,258		)
Equity in earnings	21,565			419			—			—			(21,984		)	—
Loss before provision for income taxes	(37,564		)	(16,715		)	(1,282		)	(1,246		)	22,941			(33,866		)
Provision for income taxes	30			146			236			3,316			—			3,728
Net loss	(37,594		)	(16,861		)	(1,518		)	(4,562		)	22,941			(37,594		)
Other comprehensive loss	(4,152		)	—			—			(4,152		)	4,152			(4,152		)
Comprehensive loss	$	(41,746	)	$	(16,861	)	$	(1,518	)	$	(8,714	)	$	27,093		$	(41,746	)

20

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Three Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	116		$	90,937		$	79,964		$	257,018		$	(31,094	)	$	396,941
Cost of goods sold	193			55,274			62,839			122,224			(37,879		)	202,651
Gross profit	(77		)	35,663			17,125			134,794			6,785			194,290
Selling, general and administrative expense	6,378			59,138			21,227			122,808			(1,630		)	207,921
Asset impairments	—			765			3,255			563			—			4,583
Operating (loss)/income	(6,455		)	(24,240		)	(7,357		)	11,423			8,415			(18,214		)
Interest expense, net	11,618			455			—			7,149			—			19,222
Foreign currency loss	124			7			220			536			—			887
Equity in earnings	34,927			(692		)	—			—			(34,235		)	—
(Loss)/income before (benefit)/provision for income taxes	(53,124		)	(24,010		)	(7,577		)	3,738			42,650			(38,323		)
(Benefit)/provision for income taxes	—			(4,120		)	(2,933		)	6,610			—			(443		)
Loss from continuing operations	(53,124		)	(19,890		)	(4,644		)	(2,872		)	42,650			(37,880		)
Loss from discontinued operations	—			(4,165		)	(2,948		)	(15,868		)	—			(22,981		)
Net loss	(53,124		)	(24,055		)	(7,592		)	(18,740		)	42,650			(60,861		)
Net loss attributable to non-controlling interest	—			—			—			7,737			—			7,737
Net loss attributable to Quiksilver, Inc.	(53,124		)	(24,055		)	(7,592		)	(11,003		)	42,650			(53,124		)
Other comprehensive income	5,681			—			—			5,681			(5,681		)	5,681
Comprehensive loss attributable to Quiksilver, Inc.	$	(47,443	)	$	(24,055	)	$	(7,592	)	$	(5,322	)	$	36,969		$	(47,443	)

21

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Six Months Ended April 30,2015

In thousands	Quiksilver, Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	234		$	155,239		$	131,621		$	439,219		$	(52,407	)	$	673,906
Cost of goods sold	—			95,359			87,884			213,953			(49,532		)	347,664
Gross profit	234			59,880			43,737			225,266			(2,875		)	326,242
Selling, general and administrative expense	7,137			76,178			50,788			214,942			(3,362		)	345,683
Asset impairments	—			—			466			492			—			958
Operating (loss)/income	(6,903		)	(16,298		)	(7,517		)	9,832			487			(20,399		)
Interest expense, net	23,305			1,709			(4		)	11,432			—			36,442
Foreign currency (gain)/loss	(363		)	(288		)	430			(2,380		)	—			(2,601		)
Equity in earnings	18,459			95			—			—			(18,554		)	—
(Loss)/income before provision for income taxes	(48,304		)	(17,814		)	(7,943		)	780			19,041			(54,240		)
Provision for income taxes	60			292			539			753			—			1,644
(Loss)/income from continuing operations	(48,364		)	(18,106		)	(8,482		)	27			19,041			(55,884		)
(Loss)/income from discontinued operations	—			—			(2		)	6,734			—			6,732
Net (loss)/income	(48,364		)	(18,106		)	(8,484		)	6,761			19,041			(49,152		)
Net loss attributable to non-controlling interest	—			—			—			788			—			788
Net (loss)/income attributable to Quiksilver, Inc.	(48,364		)	(18,106		)	(8,484		)	7,549			19,041			(48,364		)
Other comprehensive loss	(22,771		)	—			—			(22,771		)	22,771			(22,771		)
Comprehensive (loss) attributable to Quiksilver, Inc.	$	(71,135	)	$	(18,106	)	$	(8,484	)	$	(15,222	)	$	41,812		$	(71,135	)

22

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Six Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	232		$	176,473		$	178,705		$	526,788		$	(90,347	)	$	791,851
Cost of goods sold	193			106,538			131,041			242,008			(82,859		)	396,921
Gross profit	39			69,935			47,664			284,780			(7,488		)	394,930
Selling, general and administrative expense	15,403			115,104			43,895			243,865			(6,562		)	411,705
Asset impairments	—			765			3,477			1,224			—			5,466
Operating (loss)/income	(15,364		)	(45,934		)	292			39,691			(926		)	(22,241		)
Interest expense, net	23,218			1,465			—			13,959			—			38,642
Foreign currency loss/(gain)	160			(3		)	(4		)	3,562			—			3,715
Equity in earnings	(1,809		)	(618		)	—			—			2,427			—
(Loss)/income before (benefit)/provision for income taxes	(36,933		)	(46,778		)	296			22,170			(3,353		)	(64,598		)
(Benefit)/provision for income taxes	—			(10,289		)	(6,878		)	12,339			—			(4,828		)
(Loss)/income from continuing operations	(36,933		)	(36,489		)	7,174			9,831			(3,353		)	(59,770		)
Income/(loss) from discontinued operations	—			19,757			10,583			(15,704		)	—			14,636
Net (loss)/income	(36,933		)	(16,732		)	17,757			(5,873		)	(3,353		)	(45,134		)
Net loss attributable to non-controlling interest	—			—			—			8,201			—			8,201
Net (loss)/income attributable to Quiksilver, Inc.	(36,933		)	(16,732		)	17,757			2,328			(3,353		)	(36,933		)
Other comprehensive loss	(8,741		)	—			—			(8,741		)	8,741			(8,741		)
Comprehensive (loss)/income attributable to Quiksilver, Inc.	$	(45,674	)	$	(16,732	)	$	17,757		$	(6,413	)	$	5,388		$	(45,674	)

23

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Balance Sheet

April 30, 2015

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	157		$	11,555	$	—	$	39,758	$	(3,392	)	$	48,078
Restricted cash	—			—		—		4,449		—			4,449
Trade accounts receivable, net	—			51,993		19,581		180,373		—			251,947
Other receivables	10			1,989		1,084		39,717		—			42,800
Income taxes receivable	—			—		—		938		(444		)	494
Inventories	—			32,866		74,357		204,346		(20,321		)	291,248
Deferred income taxes	—			21,554		—		4,838		(21,554		)	4,838
Prepaid expenses and other current assets	1,639			8,340		3,402		17,044		—			30,425
Intercompany balances	—			264,452		—		132		(264,584		)	—
Total current assets	1,806			392,749		98,424		491,595		(310,295		)	674,279
Restricted cash	—			—		—		2,868		—			2,868
Fixed assets, net	19,192			31,249		21,277		117,955		—			189,673
Intangible assets, net	9,636			43,495		1,071		83,836		—			138,038
Goodwill	—			61,983		11,089		7,030		—			80,102
Other assets	6,253			4,531		662		28,004		—			39,450
Deferred income taxes long-term	30,807			—		2,052		14,182		(32,859		)	14,182
Investment in subsidiaries	706,629			1,430		—		—		(708,059		)	—
Total assets	$	774,323		$	535,437	$	134,575	$	745,470	$	(1,051,213	)	$	1,138,592
LIABILITIES AND EQUITY/(DEFICIT)
Current liabilities:
Lines of credit	$	—		$	—	$	—	$	33,037	$	—		$	33,037
Accounts payable	3,092			42,219		22,149		82,508		—			149,968
Accrued liabilities	19,014			13,637		9,387		66,800		(3,392		)	105,446
Current portion of long-term debt	—			600		—		1,648		—			2,248
Income taxes payable	—			443		1		—		(444		)	—
Deferred income taxes	31,450			—		4,925		4,346		(21,554		)	19,167
Intercompany balances	231,536			—		33,048		—		(264,584		)	—
Total current liabilities	285,092			56,899		69,510		188,339		(289,974		)	309,866
Long-term debt	501,699			46,103		—		237,680		—			785,482
Other long-term liabilities	2,165			6,044		8,719		18,819		—			35,747
Deferred income taxes long-term	—			38,052		—		16,937		(32,859		)	22,130
Total liabilities	788,956			147,098		78,229		461,775		(322,833		)	1,153,225
Stockholders’/invested equity/(deficit)	(14,633		)	388,339		56,346		283,695		(728,380		)	(14,633		)
Total liabilities and equity/(deficit)	$	774,323		$	535,437	$	134,575	$	745,470	$	(1,051,213	)	$	1,138,592

24

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Balance Sheet

October 31, 2014

In thousands	Quiksilver, Inc.		QS Wholesale, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	158	$	2,867	$	(2,701	)	$	46,340	$	—		$	46,664
Restricted cash	—		—		—			4,687		—			4,687
Trade accounts receivable, net	—		51,663		34,779			224,572		—			311,014
Other receivables	10		3,402		1,071			36,644		(280		)	40,847
Inventories	—		25,681		72,761			203,529		(17,454		)	284,517
Deferred income taxes	—		21,554		—			4,926		(21,554		)	4,926
Prepaid expenses and other current assets	1,579		6,209		2,941			17,351		—			28,080
Intercompany balances	—		258,808		—			—		(258,808		)	—
Current portion of assets held for sale	—		—		28			20,237		—			20,265
Total current assets	1,747		370,184		108,879			558,286		(298,096		)	741,000
Restricted cash	—		16,514		—			—		—			16,514
Fixed assets, net	20,381		34,408		21,259			137,720		—			213,768
Intangible assets, net	6,674		43,815		1,150			83,871		—			135,510
Goodwill	—		61,982		11,089			7,551		—			80,622
Other assets	7,097		5,160		1,255			33,574		—			47,086
Deferred income taxes long-term	30,807		—		2,052			16,088		(32,859		)	16,088
Investment in subsidiaries	722,935		1,525		—			—		(724,460		)	—
Assets held for sale, net of current portion	—		—		—			5,394		—			5,394
Total assets	$	789,641	$	533,588	$	145,684		$	842,484	$	(1,055,415	)	$	1,255,982
LIABILITIES AND EQUITY
Current liabilities:
Lines of credit	$	—	$	—	$	—		$	32,929	$	—		$	32,929
Accounts payable	4,582		40,942		22,008			100,775		—			168,307
Accrued liabilities	17,887		15,092		7,230			72,492		—			112,701
Current portion of long-term debt	—		600		—			1,832		—			2,432
Income taxes payable	—		—		—			1,404		(280		)	1,124
Deferred income taxes	31,450		—		4,925			4,807		(21,554		)	19,628
Intercompany balances	179,251		—		39,265			40,292		(258,808		)	—
Current portion of assets held for sale	—		—		6			13,260		—			13,266
Total current liabilities	233,170		56,634		73,434			267,791		(280,642		)	350,387
Long-term debt	501,416		22,657		—			269,156		—			793,229
Other long-term liabilities	1,179		9,800		7,420			20,943		—			39,342
Deferred income taxes long-term	—		38,052		—			11,597		(32,859		)	16,790
Total liabilities	735,765		127,143		80,854			569,487		(313,501		)	1,199,748
Stockholders’/invested equity	53,876		406,445		64,830			270,639		(741,914		)	53,876
Non-controlling interest	—		—		—			2,358		—			2,358
Total liabilities and equity	$	789,641	$	533,588	$	145,684		$	842,484	$	(1,055,415	)	$	1,255,982

25

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Cash Flows

Six Months Ended April 30,2015

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net (loss)/income	$	(48,364	)	$	(18,106	)	$	(8,484	)	$	6,761		$	19,041		$	(49,152	)
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Income from discontinued operations	—			—			2			(6,734		)	—			(6,732		)
Depreciation and amortization	1,453			4,717			2,808			11,487			—			20,465
Stock-based compensation	2,252			—			—			—			—			2,252
Provision for doubtful accounts	—			647			314			2,409			—			3,370
Asset impairments	—			—			466			492			—			958
Equity in earnings	18,459			95			—			596			(18,554		)	596
Non-cash interest expense	1,030			632			—			98			—			1,760
Deferred income taxes	—			—			—			(4,091		)	—			(4,091		)
Other adjustments to reconcile net (loss)/income	(1,185		)	(281		)	47			(5,944		)	—			(7,363		)
Changes in operating assets and liabilities:
Trade accounts receivable	—			(977		)	14,886			24,891			—			38,800
Inventories	—			(7,185		)	(2,083		)	(10,403		)	(487		)	(20,158		)
Intercompany	67,233			1,020			(50,764		)	(17,489		)	—			—
Other operating assets and liabilities	1,176			(4,251		)	6,772			(9,424		)	(3,392		)	(9,119		)
Cash provided by/(used in) operating activities of continuing operations	42,054			(23,689		)	(36,036		)	(7,351		)	(3,392		)	(28,414		)
Cash (used in)/provided by operating activities of discontinued operations	—			—			(2		)	4,670			—			4,668
Net cash provided by/(used in) operating activities	42,054			(23,689		)	(36,038		)	(2,681		)	(3,392		)	(23,746		)
Cash flows from investing activities:
Proceeds from sale of property	—			—			—			460			—			460
Capital expenditures	(3,194		)	(1,674		)	(6,249		)	(11,857		)	—			(22,974		)
Changes in restricted cash	—			16,514			—			(2,630		)	—			13,884
Cash (used in)/provided by investing activities of continuing operations	(3,194		)	14,840			(6,249		)	(14,027		)	—			(8,630		)
Cash provided by investing activities of discontinued operations	—			—			—			10,713			—			10,713
Net cash (used in)/provided by investing activities	(3,194		)	14,840			(6,249		)	(3,314		)	—			2,083
Cash flows from financing activities:
Borrowings on lines of credit	—			—			—			40,739			—			40,739
Payments on lines of credit	—			—			—			(34,516		)	—			(34,516		)
Borrowings on long-term debt	—			43,038			—			14,663			—			57,701
Payments on long-term debt	—			(19,600		)	—			(15,316		)	—			(34,916		)
Stock option exercises and employee stock purchases	372			—			—			—			—			372
Intercompany	(39,087		)	(5,901		)	44,988			—			—			—
Cash (used in )/provided by financing activities of continuing operations	(38,715		)	17,537			44,988			5,570			—			29,380
Net cash (used in)/provided by financing activities	(38,715		)	17,537			44,988			5,570			—			29,380
Effect of exchange rate changes on cash	(146		)	—			—			(6,157		)	—			(6,303		)
Net (decrease)/increase in cash and cash equivalents	(1		)	8,688			2,701			(6,582		)	(3,392		)	1,414
Cash and cash equivalents, beginning of period	158			2,867			(2,701		)	46,340			—			46,664
Cash and cash equivalents, end of period	$	157		$	11,555		$	—		$	39,758		$	(3,392	)	$	48,078

26

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Cash Flows

Six Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net (loss)/income	$	(36,933	)	$	(16,732	)	$	17,757		$	(5,873	)	$	(3,353	)	$	(45,134	)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	—			(19,757		)	(10,583		)	15,704			—			(14,636		)
Depreciation and amortization	1,157			5,298			4,355			14,008			—			24,818
Stock-based compensation	11,588			—			—			—			—			11,588
Provision for doubtful accounts	—			12,458			158			2,624			—			15,240
Asset impairments	—			765			3,477			1,224			—			5,466
Equity in earnings	(1,809		)	(618		)	—			1,144			2,427			1,144
Non-cash interest expense	942			491			—			269			—			1,702
Deferred income taxes	—			—			—			529			—			529
Other adjustments to reconcile net income	157			(13		)	(288		)	3,857			—			3,713
Changes in operating assets and liabilities:
Trade accounts receivable	—			(7,671		)	17,124			28,460			—			37,913
Inventories	—			9,210			10,607			8,474			926			29,217
Intercompany	26,610			(3,121		)	(35,129		)	11,640			—			—
Other operating assets and liabilities	(1,824		)	(29,289		)	(22,034		)	(41,661		)	—			(94,808		)
Cash (used in)/provided by operating activities of continuing operations	(112		)	(48,979		)	(14,556		)	40,399			—			(23,248		)
Cash used in operating activities of discontinued operations	—			—			(1,861		)	(15,117		)	—			(16,978		)
Net cash (used in)/provided by operating activities	(112		)	(48,979		)	(16,417		)	25,282			—			(40,226		)
Cash flows from investing activities:
Proceeds from sale of property	—			11			505			149			—			665
Capital expenditures	(4,139		)	(5,159		)	(3,262		)	(11,127		)	—			(23,687		)
Changes in restricted cash	—			(50,214		)	—			(5,833		)	—			(56,047		)
Cash used in investing activities of continuing operations	(4,139		)	(55,362		)	(2,757		)	(16,811		)	—			(79,069		)
Cash provided by investing activities of discontinued operations	—			58,060			18,991			—			—			77,051
Net cash (used in)/provided by investing activities	(4,139		)	2,698			16,234			(16,811		)	—			(2,018		)
Cash flows from financing activities:
Borrowings on lines of credit	—			—			—			91,625			—			91,625
Payments on lines of credit	—			—			—			(67,258		)	—			(67,258		)
Borrowings on long-term debt	—			69,000			—			6,574			—			75,574
Payments on long-term debt	—			(26,500		)	—			(11,929		)	—			(38,429		)
Payments on short-term debt	—			—			—			(15,223		)	—			(15,223		)
Stock option exercises and employee stock purchases	5,150			—			—			—			—			5,150
Payments of debt issuance costs	(809		)	38			—			—			—			(771		)
Cash provided by financing activities of continuing operations	4,341			42,538			—			3,789			—			50,668
Net cash provided by financing activities	4,341			42,538			—			3,789			—			50,668
Effect of exchange rate changes on cash	—			—			—			1,430			—			1,430
Net increase/(decrease) in cash and cash equivalents	90			(3,743		)	(183		)	13,690			—			9,854
Cash and cash equivalents, beginning of period	35			3,733			296			53,216			—			57,280
Cash and cash equivalents, end of period	$	125		$	(10	)	$	113		$	66,906		$	—		$	67,134

27

Note 17 — Restatement of Prior Period Financial Statements

Subsequent to the issuance of the Company's consolidated financial statements for the year ended October 31, 2014, the Company identified errors related to inappropriate revenue cut-off (revenues inappropriately recognized prior to meeting the GAAP revenue recognition criteria) that impacted prior periods, including each quarter of fiscal 2014 and earlier periods. The Company determined that certain shipments previously reported as revenue in its Americas wholesale channel did not meet the criteria for revenue recognition until the subsequent quarter when the shipments were delivered to, and accepted by, its wholesale customers. The impact of the inappropriate revenue cut-off was to overstate net revenue and gross margin for the three months ended April 30, 2014, and to understate net revenue and gross margin for the six months ended April 30, 2014. Accumulated deficit was understated for the three months ended April 30, 2014, and overstated for the six months ended April 30, 2014. For fiscal 2014 as a whole, the impact of this error was to overstate net revenue and gross margin and to understate accumulated deficit.

The Company assessed the materiality of these errors to each of the 2014, 2013 and 2012 fiscal years, as well as to each quarter of fiscal 2014, in accordance with the Securities and Exchange Commission's Staff Accounting Bulletin ("SAB") No. 99 and concluded that the errors were not material to any of these periods. However, the Company also concluded that recording an out of period correction would be material to the three months ended January 31, 2015, as it would materially understate first quarter results and key revenue trends within its Americas segment. Consequently, in accordance with SAB No. 108, the accompanying condensed consolidated statement of operations for the three and six months periods ended April 30, 2014 and condensed consolidated balance sheet as of October 31, 2014 have been revised to correct for these immaterial errors.

During the first quarter of fiscal 2015, the Company also identified an error in the recording of estimated non-cash impairment charges within discontinued operations related to Surfdome in the fourth quarter of fiscal 2014. The impact of this error was to understate assets held for sale, accumulated other comprehensive income, and non-controlling interest, and to overstate accumulated deficit as of October 31, 2014. The Company assessed the materiality of this error and concluded it was not material to previously reported annual and interim amounts. The Company corrected the error in the first quarter of fiscal 2015 in connection with the closing of the sale of Surfdome.

The table below is a summary of the impact of these corrections on selected balance sheet data:

	October 31, 2014
In thousands	As Previously Reported			As Restated
Trade accounts receivable	$	319,840		$	311,014
Inventories	278,780			284,517
Total current assets	744,089			741,000
Assets held for sale, net of current portion	2,987			5,394
Total assets	1,256,664			1,255,982
Income taxes payable	1,156			1,124
Current portion of assets held for sale	12,640			13,266
Total current liabilities	349,793			350,387
Total liabilities	1,199,154			1,199,748
Accumulated deficit	(585,263		)	(587,407		)
Accumulated other comprehensive income	57,298			57,288
Total Quiksilver, Inc. stockholders' equity	56,030			53,876
Non-controlling interest	1,480			2,358
Total equity	57,510			56,234
Selected Segment Data:
Americas identifiable assets	$	467,920		$	464,831
EMEA identifiable assets	510,896			513,303

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The table below is a summary of the impact of these corrections on selected statements of operations data:

	Three Months Ended April 30, 2014						Six Months Ended April 30, 2014
In thousands	As Previously Reported			As Restated			As Previously Reported			As Restated
Revenues, net	$	397,121		$	396,941		$	789,733		$	791,851
Gross profit	194,354			194,290			394,189			394,930
Operating loss	(18,152		)	(18,214		)	(22,982		)	(22,241		)
Loss from continuing operations	(37,817		)	(37,880		)	(60,511		)	(59,770		)
Net loss attributable to Quiksilver, Inc.	(53,061		)	(53,124		)	(37,674		)	(36,933		)
Net loss per share attributable to Quiksilver, Inc.	$	(0.31	)	$	(0.31	)	$	(0.22	)	$	(0.22	)
Selected Americas Segment Data:
Revenues, net	$	186,427		$	186,247		$	359,592		$	361,710
Gross margin	78,972			78,909			154,082			154,823
Operating loss	(21,920		)	(21,983		)	(36,593		)	(35,852		)

The correction of these errors had no net impact on the Company's net cash used in operating activities for the six months ended April 30, 2014.

29

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless the context indicates otherwise, when we refer to “Quiksilver,” “we,” “us,” “our,” or the “Company” in this Form 10-Q, we are referring to Quiksilver, Inc. and its subsidiaries on a consolidated basis. The following management discussion and analysis (MD&A) should be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto contained elsewhere in this report. The information contained in this Quarterly Report on Form 10-Q is not a complete description of our business or the risks associated with an investment in our securities. We urge you to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the Securities and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K for the year ended October 31, 2014 and subsequent reports on Form 10-Q and Form 8-K, which discuss our business in greater detail. The section entitled “Risk Factors” set forth in Item 1A of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K, and similar disclosures in our other SEC filings, discuss some of the important risk factors that may affect our business, results of operations and financial condition. You should carefully consider those risks, in addition to the information in this report and in our other filings with the SEC, before deciding to invest in, or maintain your investment in, our common stock or senior notes.

Cautionary Note Regarding Forward-Looking Statements

This report on Form 10-Q contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are often, but not always, identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “outlook,” “strategy,” “future,” “likely,” “may,” “should,” “could,” “will” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding:

• the matters discussed below under "Known or Anticipated Trends"; and

• our belief that we have sufficient liquidity to fund our business operations during at least the next twelve months; and

• our expectations regarding our level of capital expenditures in fiscal 2015; and

• our expectations regarding the future performance of our business.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

• our ability to execute our mission and strategies;

• our ability to achieve the financial results that we anticipate;

• our ability to improve our business performance;

• our ability to effectively transition our supply chain and certain other business processes to global scope;

• future expenditures for capital projects;

• increases in production costs and raw materials and disruptions in the supply chains for these materials;

• deterioration of global economic conditions and credit and capital markets;

• potential non-cash asset impairment charges for goodwill, intangible assets or other assets;

• our ability to continue to maintain our brand image and reputation;

• foreign currency exchange rate and interest rate fluctuations;

• our ability to remain compliant with our debt covenants;

• payments due on contractual commitments and other debt obligations;

• our ability to finance our operations;

30

• the impact of labor disruptions or restrictions in the timely transportation of products;

• changes in political, social and economic conditions and local regulations, particularly in Europe and Asia;

• the occurrence of hostilities or catastrophic events;

• changes in customer demand; and

• disruptions to, or breaches of, our computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures or equipment.

Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Business Overview

We began operations in 1976 as a California company making boardshorts for surfers in the United States under a license agreement with the Quiksilver brand founders in Australia. We reincorporated in Delaware and went public in 1986 and, in subsequent years, acquired the worldwide licenses and trademarks that created the global company that we are today. Our business is rooted in the strong heritage and authenticity of our core brands, Quiksilver, Roxy and DC, each of which caters to the casual, outdoor lifestyle associated with surfing, skateboarding, snowboarding, BMX and motocross, among other activities. Today, our products are sold in over 115 countries through a wide range of distribution points, including wholesale accounts (surf shops, skate shops, snow shops, sporting goods stores, discount centers, specialty stores, select department stores, and licensed stores), 719 Company-owned retail stores, and via our e-commerce websites. We operate in the outdoor market of the sporting goods industry in which we design, develop and distribute branded apparel, footwear, accessories and related products. We have four operating segments consisting of the Americas, EMEA and APAC, each of which sells a full range of our products, as well as Corporate Operations. Our Americas segment, consisting of North, South, and Central America, includes revenues primarily from the United States, Canada, Brazil, and Mexico. Our EMEA segment, consisting of Europe, the Middle East, and Africa, includes revenues primarily from continental Europe, the United Kingdom, Russia and South Africa. Our APAC segment, consisting of Australia, New Zealand, and Pacific Rim markets, includes revenues primarily from Australia, Japan, New Zealand, South Korea, Taiwan, and Indonesia. Royalties earned from various licensees in other international territories are categorized in Corporate Operations along with revenues from sourcing services for our licensees. For information regarding the operating income and identifiable assets attributed to our operating segments, see Note 3 —Segment Information, to our condensed consolidated financial statements.

Known or Anticipated Trends

Based on our recent operating results and current perspective on our operating environment, we anticipate certain trends continuing to impact our operating results over the next few quarters, including:

• Year-over-year net revenue and gross margin comparisons continuing to be unfavorable due primarily to the impact of currency exchange rates and licensing. We also expect our net revenues and margins to be unfavorably impacted by late deliveries and an evolving distribution channel strategy, particularly in North America and expect continued net revenue growth in our emerging markets.

• Year-over-year SG&A reductions continuing due to expense reduction initiatives implemented in fiscal 2014 and 2015, as well as the impact of foreign currency exchange rates; and

• Capital expenditures continuing below prior year capital investment levels.

Discontinued Operations

In order to improve our focus on the operations and development of our three core brands (Quiksilver, Roxy and DC), we have divested certain non-core businesses. In November 2013, we completed the sale of Mervin Manufacturing, Inc. ("Mervin"), a manufacturer of snowboards and related products, for $58 million. In January 2014, we completed the sale of substantially all of the assets of Hawk Designs, Inc. ("Hawk"), our subsidiary that owned and operated the "Hawk" brand, for $19 million. The sale of Mervin and Hawk generated a net after-tax gain of approximately $31 million, which is included in income from discontinued operations for the six months of fiscal 2014. Our sale of the Mervin and Hawk businesses generated income tax expense of approximately $18 million during the first six months of fiscal 2014 within discontinued operations. However, as we did not expect to pay income tax on these sales after application of available loss carry-forwards, an offsetting income tax benefit was recognized within continuing operations. In December 2014, we sold our 51% ownership stake in Surfdome Shop Ltd., a multi-brand e-commerce business ("Surfdome"). At the completion of the sale, we received net proceeds of

31

approximately $16 million, which included payments to us from Surfdome for all outstanding loans and trade receivables. The transaction resulted in an after-tax gain of $7 million in the first quarter of fiscal 2015, which is included in income from discontinued operations.

The Mervin, Hawk and Surfdome businesses are presented as discontinued operations in our condensed consolidated financial statements for all periods presented. See Note 15 — Discontinued Operations, to our condensed consolidated financial statements for further discussion of the operating results of our discontinued businesses.

Restatement of Prior Period Financial Statements

Subsequent to the issuance of our consolidated financial statements for the year ended October 31, 2014, we identified and corrected certain immaterial errors related to inappropriate net revenue cut-off in fiscal 2014 and prior periods. See Note 17 — Restatement of Prior Period Financial Statements, in our condensed consolidated financial statements contained elsewhere in this report for additional details. Consequently, the condensed consolidated statement of operations for the three and six months ended April 30, 2014 and balance sheet as of October 31, 2014 have been revised to correct for these immaterial errors. MD&A included herein is based on the revised financial results.

Results of Operations

The following table sets forth selected statement of operations data expressed as a percentage of net revenues for the second quarter and first six months of fiscal 2015 and 2014. The discussion of our operating results from continuing operations that follows should be read in conjunction with the table.

	Three Months Ended April 30,				Six Months Ended April 30,
	2015		2014		2015		2014
Revenues, net	100.0	%	100.0	%	100.0	%	100.0	%
Gross profit	47.1	%	48.9	%	48.4	%	49.9	%
Selling, general and administrative expense	52.6	%	52.4	%	51.3	%	52.0	%
Asset impairments	0.2	%	1.2	%	0.1	%	0.7	%
Operating loss	(5.7	)%	(4.6	)%	(3.0	)%	(2.8	)%
Interest expense, net	5.4	%	4.8	%	5.4	%	4.9	%
Foreign currency (gain)/loss	(1.0	)%	0.2	%	(0.4	)%	0.5	%
Loss before benefit for income taxes	(10.2	)%	(9.7	)%	(8.0	)%	(8.2	)%

Second Quarter (Three Months) Ended April 30, 2015 Compared to Second Quarter (Three Months) Ended April 30, 2014

Revenues, net

Reconciliation of GAAP Results to Non-GAAP Measures

In order to provide additional information regarding comparable growth rates in our regional operating segments, brands, distribution channels and product groups, we make reference to net revenues on a "constant currency continuing category" basis, which is a non-GAAP measure. Our use of this non-GAAP measure is not intended to be a replacement of net revenues reported on a GAAP basis and readers should not ignore our GAAP-based net revenue results. We believe constant currency continuing category reporting provides additional perspective into the changes in our net revenues, as it adjusts for the effect of changing foreign currency exchange rates from period to period and the net revenue impact from product categories that have been transitioned to a third-party licensing model. Constant currency is calculated by taking the average foreign currency exchange rate for the current period and applying that same rate to the comparable prior year period. Continuing category impacts are determined by removing the comparable prior period wholesale channel net revenues generated from product categories which are now licensed, as well as the current period licensing net revenues generated from those same product categories.

The following tables present net revenues from continuing operations by segment, brand, channel and product group on an as reported (GAAP) basis, and on a constant currency continuing category (non-GAAP) basis, for the second quarter of fiscal 2015 and 2014:

32

Revenues, net – by Segment

Net revenues by segment, on both an as reported and a constant currency continuing category basis, for the second quarter of fiscal 2015 and 2014 were as follows:

In millions	Americas			EMEA			APAC			Corporate			Total
Three Months Ended April 30, 2015
Net revenues as reported	$	160		$	116		$	56		$	1		$	333
Less licensing revenues from licensed product categories	(1		)	—			—			—			(1		)
Constant currency continuing category net revenues	$	159		$	116		$	56		$	1		$	332
Three Months Ended April 30, 2014
Net revenues as reported	$	186		$	151		$	60		$	—		$	397
Impact of fiscal 2015 foreign exchange rates	(7		)	(31		)	(7		)	—			(45		)
Less wholesale net revenues from licensed product categories	(14		)	—			—			—			(14		)
Constant currency continuing category net revenues	$	165		$	120		$	53		$	—		$	338
Change in net revenues as reported ($)	$	(26	)	$	(35	)	$	(4	)	$	1		$	(64	)
Change in net revenues as reported (%)	(14		)%	(23		)%	(7		)%	—		%	(16		)%
Change in constant currency continuing category net revenues ($)	$	(6	)	$	(4	)	$	3		$	1		$	(6	)
Change in constant currency continuing category net revenues (%)	(4		)%	(3		)%	6		%	—		%	(2		)%

Net revenues in our Americas segment decreased $26 million, or 14%, on an as reported basis during the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $7 million of this decrease. In addition, our licensing of peripheral product categories contributed $14 million of this decrease. Net revenues on a constant currency continuing category basis decreased by $6 million, or 4%, primarily due to a decrease in apparel and accessories category net revenues in the Americas wholesale channel. Net revenues in the emerging market of Mexico increased by 11% on an as reported basis (27% in constant currency) while net revenues in the emerging market of Brazil decreased by 29% on an as reported basis (7% in constant currency) reflecting the economic slowdown in Brazil in the second quarter of fiscal 2015. Net revenues in the Americas retail channel increased 2% on an as reported basis due to new store openings. Net revenues in the Americas e-commerce channel decreased 30% on an as reported basis in the second quarter of fiscal 2015, primarily due to reduced discounting resulting in lower revenues but improved gross margins.

Net revenues in our EMEA segment decreased $35 million, or 23%, on an as reported basis during the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $31 million of this decrease. Our licensing of peripheral product categories did not materially affect the EMEA region. Net revenues on a constant currency continuing category basis decreased by $4 million, or 3%, primarily due to a reduction in DC footwear net revenues of $5 million in the EMEA wholesale channel. Net revenues in the emerging market of Russia decreased 31% on an as reported basis, but increased 15% on a constant currency basis, reflecting the significant adverse impact of currency exchange rate changes. Net revenues in the e-commerce channel increased 28% on a constant currency continuing category basis in the second quarter of fiscal 2015, offsetting the 7% net revenue decline in the wholesale channel.

Net revenues in our APAC segment decreased by $4 million, or 7%, on an as reported basis during the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $7 million of this decrease. Our licensing of peripheral product categories did not affect the APAC region. Net revenues on a constant currency continuing category basis increased by $3 million, or 6%, primarily due to new store openings in the retail channel and a 28% increase in e-commerce channel net revenues. Net revenues in the emerging markets of China, South Korea, Taiwan and Indonesia increased by a combined 9% on an as reported basis (17% in constant currency).

Aggregate net revenues in our emerging markets, which include Brazil, Mexico, Russia, Indonesia, South Korea, China, and Taiwan, decreased 13% versus the comparable prior year period on an as reported basis, but increased 10% in constant currency, reflecting the significant adverse impact of the strengthening U.S. dollar on local currency results. These markets are reported within their respective regional segments above.

33

Revenues, net – By Brand

Net revenues by brand, on both an as reported and a constant currency continuing category basis, for the second quarter of fiscal 2015 and 2014 were as follows:

In millions	Quiksilver			Roxy			DC			Other			Total
Three Months Ended April 30, 2015
Net revenues as reported	$	139		$	105		$	81		$	8		$	333
Less licensing revenues from licensed product categories	—			(1		)	—			—			(1		)
Constant currency continuing category net revenues	$	139		$	104		$	81		$	8		$	332
Three Months Ended April 30, 2014
Net revenues as reported	$	167		$	120		$	103		$	7		$	397
Impact of fiscal 2015 foreign exchange rates	(20		)	(12		)	(12		)	(1		)	(45		)
Less wholesale net revenues from licensed product categories	(7		)	(5		)	(2		)	—			(14		)
Constant currency continuing category net revenues	$	140		$	103		$	89		$	6		$	338
Change in net revenues as reported ($)	$	(28	)	$	(15	)	$	(22	)	$	1		$	(64	)
Change in net revenues as reported (%)	(17		)%	(13		)%	(21		)%	14		%	(16		)%
Change in constant currency continuing category net revenues ($)	$	(1	)	$	1		$	(8	)	$	2		$	(6	)
Change in constant currency continuing category net revenues (%)	(1		)%	1		%	(9		)%	33		%	(2		)%

Quiksilver brand net revenues decreased $28 million, or 17%, on an as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $20 million of this decrease. Our licensing of peripheral product categories contributed $7 million of this decrease. Net revenues on a constant currency continuing category basis decreased by $1 million, or 1%, primarily due to decreased net revenues in the EMEA wholesale channel.

Roxy brand net revenues decreased $15 million, or 13%, on an as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $12 million of this decrease. Our licensing of peripheral product categories contributed $5 million of this decrease. Net revenues on a constant currency continuing category basis increased $1 million, or 1%, primarily due to increased apparel net revenues in the APAC retail channel.

DC brand net revenues decreased $22 million, or 21%, on an as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $12 million of this decrease. Our licensing of peripheral product categories contributed $2 million of this decrease. Net revenues on a constant currency continuing category basis decreased $8 million, or 9%, primarily due to lower footwear net revenues in the EMEA wholesale channel.

34

Revenues, net – By Channel

Net revenues by channel, on both an as reported and a constant currency continuing category basis, for the second quarter of fiscal 2015 and 2014 were as follows:

In millions	Wholesale			Retail			E-com			Licensing			Total
Three Months Ended April 30, 2015
Net revenues as reported	$	230		$	84		$	16		$	3		$	333
Less licensing revenues from licensed product categories	—			—			—			(1		)	(1		)
Constant currency continuing category net revenues	$	230		$	84		$	16		$	2		$	332
Three Months Ended April 30, 2014
Net revenues as reported	$	286		$	89		$	19		$	3		$	397
Impact of fiscal 2015 foreign exchange rates	(33		)	(11		)	(1		)	—			(45		)
Less wholesale net revenues from licensed product categories	(14		)	—			—			—			(14		)
Constant currency continuing category net revenues	$	239		$	78		$	18		$	3		$	338
Change in net revenues as reported ($)	$	(56	)	$	(5	)	$	(3	)	$	—		$	(64	)
Change in net revenues as reported (%)	(20		)%	(6		)%	(16		)%	—		%	(16		)%
Change in constant currency continuing category net revenues ($)	$	(9	)	$	6		$	(2	)	$	(1	)	$	(6	)
Change in constant currency continuing category net revenues (%)	(4		)%	8		%	(11		)%	(33		)%	(2		)%

Wholesale net revenues decreased $56 million, or 20%, on an as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $33 million of this decrease. Our licensing of peripheral product categories contributed $14 million of this decrease. On a constant currency continuing category basis, wholesale net revenues decreased $9 million, or 4%, compared to the prior year period, primarily due to wholesale net revenue declines in the DC brand.

Retail net revenues decreased $5 million, or 6%, on as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $11 million of this decrease. Global retail same-store sales were down 3% in the second quarter of fiscal 2015 on an as reported basis. On a constant currency continuing category basis, retail net revenues increased $6 million, or 8%, versus the prior year, due to 61 net new store openings during the previous twelve months.

E-commerce net revenues decreased $3 million, or 16%, on an as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates resulted in a $1 million decrease in net revenues. E-commerce net revenues increased in our EMEA and APAC segments as we expanded our online service area. E-commerce net revenues decreased 30% in the Americas due to a significant reduction in discounting which resulted in improved gross margins.

35

Revenues, net – By Product Group

Net revenues by product group, on both an as reported and a constant currency continuing category basis, for the second quarter of fiscal 2015 and 2014 were as follows:

In millions	Apparel and Accessories			Footwear			Total
Three Months Ended April 30, 2015
Net revenues as reported	$	232		$	101		$	333
Less licensing revenue from licensed product categories	(1		)	—			(1		)
Constant currency continuing category net revenues	$	231		$	101		$	332
Three Months Ended April 30, 2014
Net revenues as reported	$	283		$	114		$	397
Impact of fiscal 2015 foreign exchange rates	(33		)	(12		)	(45		)
Less licensing revenue from licensed product categories	(14		)	—			(14		)
Constant currency continuing category net revenues	$	236		$	102		$	338
Change in net revenues as reported ($)	$	(51	)	$	(13	)	$	(64	)
Change in net revenues as reported (%)	(18		)%	(11		)%	(16		)%
Change in constant currency continuing category net revenues ($)	$	(5	)	$	(1	)	$	(6	)
Change in constant currency continuing category net revenues (%)	(2		)%	(1		)%	(2		)%

Apparel and accessories net revenues decreased $51 million, or 18%, on an as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $33 million of this decrease. Our licensing of peripheral product categories contributed $14 million of this decrease. On a constant currency continuing category basis, apparel and accessories net revenues decreased $5 million, or 2%, primarily due to a wholesale net revenue decrease in the Americas segment.

Footwear net revenues decreased $13 million, or 11%, on an as reported basis in the second quarter of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed a $12 million decrease in net revenues. Our licensing of peripheral product categories did not affect our footwear product group. On a constant currency continuing category basis, net revenues decreased $1 million, or 1%, with decreases in DC brand footwear within the EMEA segment partially offset by increases in all channels within the APAC segment.

Gross Profit

Gross profit decreased to $157 million in the second quarter of fiscal 2015 from $194 million in the comparable period of the prior year. Gross margin, or gross profit as a percentage of net revenues, declined to 47.1% in the second quarter of fiscal 2015 versus 48.9% in the comparable prior year period. This 180 basis point decrease in gross margin was primarily due to increased discounting in the wholesale and retail channels of all three regional segments (approximately 260 basis points) and higher freight expenses due to late deliveries, partially offset by net revenue growth from our higher margin direct-to-consumer channels (approximately 80 basis points).

Gross margin by regional segment for the second quarter of fiscal 2015 and 2014 was as follows:

	Three Months Ended April 30,				Basis Point (bp) Change Increase (Decrease)
By regional segment	2015		2014
Americas	42.0	%	42.4	%	(40) bp
EMEA	51.7	%	54.2	%	(250) bp
APAC	53.1	%	55.9	%	(280) bp
Consolidated	47.1	%	48.9	%	(180) bp

36

Selling, General and Administrative Expense (“SG&A”)

SG&A from continuing operations decreased $33 million, or 16%, to $175 million in the second quarter of fiscal 2015 from $208 million in the comparable prior year period. Changes in foreign currency exchange rates contributed approximately $22 million of this decrease. The remaining $11 million decrease was primarily attributable to reduced bad debt expenses and employee compensation expenses.

SG&A by segment (in millions) as reported for the second quarter of fiscal 2015 and 2014 was as follows:

	Three Months Ended April 30,				$ Change Increase (Decrease)
In millions	2015		2014
Americas	$	79	$	97	$	(18	)
EMEA	61		76		(14		)
APAC	32		34		(2		)
Corporate Operations	3		1		2
Consolidated	$	175	$	208	$	(33	)

SG&A by segment for the second quarter of fiscal 2014 has been reclassified to conform to the current year presentation as a result of the Company's centralization of certain global business functions. The decrease in Americas segment SG&A was primarily due to reductions in bad debt expenses, employee compensation, and changes in foreign currency exchange rates. The decrease in EMEA and APAC segment SG&A was almost entirely due to changes in foreign currency exchange rates.

Asset Impairments

Asset impairment charges were $1 million in the second quarter of fiscal 2015 compared to $5 million in the second quarter of fiscal 2014, all related to under-performing retail stores.

Non-Operating Expenses

Net interest expense for the second quarter of fiscal 2015 was $18 million compared to $19 million in the second quarter of fiscal 2014. This decrease was primarily due to the impact of changes in foreign currency exchange rates on our euro-denominated interest expense.

Our foreign currency gain was $3 million in the second quarter of fiscal 2015 compared to a loss of $1 million in the comparable prior year period.

Our income tax expense for the second quarter of fiscal 2015 was $4 million compared to a benefit of $0.4 million in the second quarter of fiscal 2014. We generated income tax expense in the second quarter of fiscal 2015 as we recorded tax expense in certain jurisdictions, but were unable to record certain tax benefits against losses in those jurisdictions where we have previously recorded valuation allowances. The tax benefit generated in the second quarter of fiscal 2014 was due to the recognition of an offsetting income tax benefit within continuing operations generated from our sale of our former Mervin and Hawk businesses.

Net Loss from Continuing Operations Attributable to Quiksilver, Inc.

Our net loss from continuing operations attributable to Quiksilver, Inc. for the second quarter of each of fiscal 2015 and 2014 was $38 million, or $0.22 per share.

Six Months Ended April 30, 2015 Compared to Six Months Ended April 30, 2014

Revenues, net

37

Revenues, net – by Segment

Net revenues by segment, on both an as reported and a constant currency continuing category basis, for the first six months of fiscal 2015 and 2014 were as follows:

In millions	Americas			EMEA			APAC			Corporate			Total
Six Months Ended April 30, 2015
Net revenues as reported	$	308		$	242		$	123		$	1		$	674
Less licensing revenues from licensed product categories	(2		)	—			—			—			(2		)
Constant currency continuing category net revenues	$	306		$	242		$	123		$	1		$	672
Six Months Ended April 30, 2014
Net revenues as reported	$	362		$	300		$	130		$	—		$	792
Impact of fiscal 2015 foreign exchange rates	(11		)	(51		)	(13		)	—			(75		)
Less wholesale net revenues from licensed product categories	(25		)	—			—			—			(25		)
Constant currency continuing category net revenues	$	326		$	249		$	117		$	—		$	692
Change in net revenues as reported ($)	$	(54	)	$	(58	)	$	(7	)	$	1		$	(118	)
Change in net revenues as reported (%)	(15		)%	(19		)%	(5		)%	—		%	(15		)%
Change in constant currency continuing category net revenues ($)	$	(20	)	$	(7	)	$	6		$	1		$	(20	)
Change in constant currency continuing category net revenues (%)	(6		)%	(3		)%	5		%	—		%	(3		)%

Net revenues in our Americas segment decreased $54 million, or 15%, on an as reported basis during the first six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $11 million of this decrease. In addition, our licensing of peripheral product categories contributed $25 million of this decrease. Net revenues on a constant currency continuing category basis decreased by $20 million, or 6%, primarily due to a reduction in DC brand apparel category net revenues of $9 million in the Americas wholesale channel. Net revenues in the emerging market of Mexico increased by 24% on an as reported basis (39% in constant currency). Net revenues in the emerging market of Brazil decreased by 14% on an as reported basis, reflecting the adverse impact of foreign currency changes and the economic slowdown in Brazil during the second quarter of fiscal 2015, but increased 4% in constant currency. Net revenues in the Americas retail channel increased 3% due to new store openings. Net revenues in the Americas e-commerce channel decreased 14% in the first six months of fiscal 2015 as a result of the second quarter decline noted previously.

Net revenues in our EMEA segment decreased $58 million, or 19%, on an as reported basis during the first six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $51 million of this decrease. Our licensing of peripheral product categories did not materially affect the EMEA region. Net revenues on a constant currency continuing category basis decreased by$7 million, or 3%, primarily due to a reduction in apparel net revenues of $12 million in the wholesale channel. EMEA wholesale apparel net revenues decreased across all three core brands, but more significantly in the Quiksilver brand. Net revenues in the emerging market of Russia decreased 30% on an as reported basis, but increased 14% on a constant currency basis, reflecting the significant adverse impact of currency exchange rate changes. Net revenues in the e-commerce channel increased significantly on a constant currency continuing category basis in the first six months of fiscal 2015, offsetting some of the net revenue decline in the wholesale channel.

Net revenues in our APAC segment decreased by $7 million, or 5%, on an as reported basis during the first six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $13 million of this decrease. Our licensing of peripheral product categories did not affect the APAC region. Net revenues on a constant currency continuing category basis increased by $6 million, or 5%, primarily due to retail and e-commerce channel net revenue growth. Net revenues in the emerging markets of China, South Korea, Taiwan and Indonesia increased by a combined 13% on an as reported basis (19% in constant currency).

Aggregate net revenues in our emerging markets, which include Brazil, Mexico, Russia, Indonesia, South Korea, China, and Taiwan, decreased 5% versus the comparable prior year period on an as reported basis, but increased 16% in constant currency, reflecting the significant adverse impact of the stronger U.S. dollar on local currency results. These markets are reported within their respective regional segments above.

38

Revenues, net – By Brand

Net revenues by brand, on both an as reported and a constant currency continuing category basis, for the first six months of fiscal 2015 and 2014 were as follows:

In millions	Quiksilver			Roxy			DC			Other			Total
Six Months Ended April 30, 2015
Net revenues as reported	$	279		$	205		$	170		$	20		$	674
Less licensing revenues from licensed product categories	—			(2		)	—			—			(2		)
Constant currency continuing category net revenues	$	279		$	203		$	170		$	20		$	672
Six Months Ended April 30, 2014
Net revenues as reported	$	331		$	238		$	206		$	17		$	792
Impact of fiscal 2015 foreign exchange rates	(33		)	(21		)	(19		)	(2		)	(75		)
Less wholesale net revenues from licensed product categories	(12		)	(8		)	(5		)	—			(25		)
Constant currency continuing category net revenues	$	286		$	209		$	182		$	15		$	692
Change in net revenues as reported ($)	$	(52	)	$	(33	)	$	(36	)	$	3		$	(118	)
Change in net revenues as reported (%)	(16		)%	(14		)%	(17		)%	18		%	(15		)%
Change in constant currency continuing category net revenues ($)	$	(7	)	$	(6	)	$	(12	)	$	5		$	(20	)
Change in constant currency continuing category net revenues (%)	(2		)%	(3		)%	(7		)%	33		%	(3		)%

Quiksilver brand net revenues decreased $52 million, or 16%, on an as reported basis in the first six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $33 million of this decrease. Our licensing of peripheral product categories contributed $12 million of this decrease. Net revenues on a constant currency continuing category basis decreased by $7 million, or 2%, primarily due to lower apparel net revenues in the EMEA wholesale channel.

Roxy brand net revenues decreased $33 million, or 14%, on an as reported basis in the first six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $21 million of this decrease. Our licensing of peripheral product categories contributed $8 million of this decrease. Net revenues on a constant currency continuing category basis decreased $6 million, or 3%, primarily due to lower apparel net revenues in the Americas and EMEA wholesale channels.

DC brand net revenues decreased $36 million, or 17%, on an as reported basis in the six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $19 million of this decrease. Our licensing of peripheral product categories contributed $5 million of this decrease. Net revenues on a constant currency continuing category basis decreased $12 million, or 7%, primarily due to lower apparel net revenues in the Americas and EMEA wholesale channels.

39

Revenues, net – By Channel

Net revenues by channel, on both an as reported and a constant currency continuing category basis, for the first six months of fiscal 2015 and 2014 were as follows:

In millions	Wholesale			Retail			E-com			Licensing			Total
Six Months Ended April 30, 2015
Net revenues as reported	$	422		$	203		$	43		$	6		$	674
Less licensing revenues from licensed product categories	—			—			—			(2		)	(2		)
Constant currency continuing category net revenues	$	422		$	203		$	43		$	4		$	672
Six Months Ended April 30, 2014
Net revenues as reported	$	525		$	220		$	42		$	5		$	792
Impact of fiscal 2015 foreign exchange rates	(50		)	(22		)	(3		)	—			(75		)
Less wholesale net revenues from licensed product categories	(25		)	—			—			—			(25		)
Constant currency continuing category net revenues	$	450		$	198		$	39		$	5		$	692
Change in net revenues as reported ($)	$	(103	)	$	(17	)	$	1		$	1		$	(118	)
Change in net revenues as reported (%)	(20		)%	(8		)%	2		%	20		%	(15		)%
Change in constant currency continuing category net revenues ($)	$	(28	)	$	5		$	4		$	(1	)	$	(20	)
Change in constant currency continuing category net revenues (%)	(6		)%	3		%	10		%	(20		)%	(3		)%

Wholesale net revenues decreased $103 million, or 20%, on an as reported basis in the six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $50 million of this decrease. Our licensing of peripheral product categories contributed $25 million of this decrease. On a constant currency continuing category basis, wholesale net revenues decreased $28 million, or 6%, primarily due to lower apparel net revenues in our Americas and EMEA wholesale channels. Wholesale channel apparel net revenues decreased in each core brand.

Retail net revenues decreased $17 million, or 8%, on an as reported basis in the six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates accounted for $22 million of this decrease. Global retail same-store sales were down 3% in the first six months of fiscal 2015, which was more than offset by 61 net new store openings during the previous twelve months. On a constant currency continuing category basis, retail net revenues were up $5 million, or 3%, versus the prior year.

E-commerce net revenues increased $1 million, or 2%, on an as reported basis in the six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates resulted in a $3 million decrease in net revenues. On a constant currency continuing category basis, e-commerce net revenues increased $4 million, or 10%, versus the prior year. E-commerce net revenues increased significantly in our EMEA and APAC segments as we expanded our online service area, while Americas e-commerce net revenues decreased 14% as a result of a reduction in discounting. E-commerce net revenues increased 16% in the Quiksilver and DC brands and decreased 4% in the Roxy brand.

40

Revenues, net – By Product Group

Net revenues by product group, on both an as reported and a constant currency continuing category basis, for the first six months of fiscal 2015 and 2014 were as follows:

In millions	Apparel and Accessories			Footwear			Total
Six Months Ended April 30, 2015
Net revenues as reported	$	483		$	191		$	674
Less licensing revenue from licensed product categories	(2		)	—			(2		)
Constant currency continuing category net revenues	$	481		$	191		$	672
Six Months Ended April 30, 2014
Net revenues as reported	$	589		$	203		$	792
Impact of fiscal 2015 foreign exchange rates	(57		)	(18		)	(75		)
Less licensing revenue from licensed product categories	(25		)	—			(25		)
Constant currency continuing category net revenues	$	507		$	185		$	692
Change in net revenues as reported ($)	$	(106	)	$	(12	)	$	(118	)
Change in net revenues as reported (%)	(18		)%	(6		)%	(15		)%
Change in constant currency continuing category net revenues ($)	$	(26	)	$	6		$	(20	)
Change in constant currency continuing category net revenues (%)	(5		)%	3		%	(3		)%

Apparel and accessories net revenues decreased $106 million, or 18%, on an as reported basis in the first six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $57 million of this decrease. Our licensing of peripheral product categories contributed $25 million of this decrease. On a constant currency continuing category basis, net revenues decreased $26 million, or 5%, primarily due to net revenue declines in the Americas and EMEA wholesale channels across all three corebrands.

Footwear net revenues decreased $12 million, or 6%, on an as reported basis in the first six months of fiscal 2015 versus the comparable prior year period. Changes in foreign currency exchange rates contributed $18 million of this decrease. Our licensing of peripheral product categories did not affect our footwear product group. On a constant currency continuing category basis, net revenues increased $6 million, or 3%, with increases in Quiksilver and Roxy brands in each channel.

Gross Profit

Gross profit decreased to $326 million in the first six months of fiscal 2015 from $395 million in the comparable period of the prior year. Gross margin, or gross profit as a percentage of net revenues, declined to 48.4% in the first six months of fiscal 2015 versus 49.9% in the comparable prior year period. This 150 basis point decrease in gross margin was primarily due to increased discounting in the Americas and EMEA wholesale channels (approximately 230 basis points) and higher freight expenses due to late deliveries, partially offset by net revenue growth from our higher margin direct-to-consumer channels (approximately 80 basis points).

Gross margin by regional segment for the first six months of fiscal 2015 and 2014 was as follows:

	Six Months Ended April 30,				Basis Point (bp) Change Increase (Decrease)
By regional segment	2015		2014
Americas	42.7	%	42.8	%	(10) bp
EMEA	54.0	%	56.5	%	(250) bp
APAC	54.3	%	54.2	%	10 bp
Consolidated	48.4	%	49.9	%	(150) bp

41

Selling, General and Administrative Expense (“SG&A”)

SG&A from continuing operations decreased $66 million, or 16%, to $346 million in the first six months of fiscal 2015 from$412 million in the comparable prior year period. Changes in foreign currency exchange rates contributed approximately $35 million of this decrease. Of the remaining $31 million decrease, $17 million was attributable to reductions in employee compensation and $13 million was attributable to reduced bad debt expenses.

SG&A by segment (in millions) as reported for the first six months of fiscal 2015 and 2014 was as follows:

	Six Months Ended April 30,				$ Change Increase (Decrease)
In millions	2015		2014
Americas	$	149	$	186	$	(38	)
EMEA	128		154		(26		)
APAC	67		67		—
Corporate Operations	2		4		(2		)
Consolidated	$	346	$	412	$	(66	)

SG&A by segment for the first six months of fiscal 2014 has been reclassified to conform to the current year presentation as a result of the Company's centralization of certain global business functions. The decrease in Americas segment SG&A was primarily due to reductions in bad debt expenses, employee compensation, early lease termination costs, and changes in foreign currency exchange rates. The decrease in EMEA segment SG&A was almost entirely due to changes in foreign currency exchange rates. The decrease in Corporate Operations SG&A was primarily due to expense reduction initiatives and organizational changes that transitioned responsibility for certain costs to our other segments.

Asset Impairments

Asset impairment charges were $1 million in the six months of fiscal 2015 compared to $5 million in the six months of fiscal 2014. Asset impairment charges for fiscal 2014 included $4 million related to a restructuring of our e-commerce platform. All other impairment charges for fiscal 2015 and 2014 relate to under-performing retail stores.

Non-Operating Expenses

Net interest expense for the first six months of fiscal 2015 was $36 million compared to $39 million in the first six months of fiscal 2014. This decrease was primarily due to the impact of changes in foreign currency exchange rates on our euro-denominated interest expense.

Our foreign currency gain was $3 million in the first six months of fiscal 2015 compared to a loss of $4 million in the comparable prior year period.

Our income tax expense for the first six months of fiscal 2015 was $2 million compared to a benefit of $5 million in the first six months of fiscal 2014. Our hedging instruments in Europe generated tax expense of approximately $4 million within other comprehensive income in the first six months of fiscal 2015. However, as we do not expect to pay income tax after application of available loss carry-forwards, an offsetting income tax benefit was recognized within continuing operations. Before this income tax benefit, we generated income tax expense in the first six months of 2015 as we recorded tax expense in certain jurisdictions, but were unable to record certain tax benefits against losses in those jurisdictions where we have previously recorded valuation allowances.

Net Loss from Continuing Operations Attributable to Quiksilver, Inc.

Our net loss from continuing operations attributable to Quiksilver, Inc. for the first six months of fiscal 2015 was $56 million, or $0.33 per share, compared to net loss of $59 million, or $0.35 per share, in the comparable period of the prior year. The lower net loss in the current year was primarily due to net savings in SG&A exceeding the reduction in gross profit generated from lower net revenues compared to the prior year period.

42

Financial Position, Capital Resources and Liquidity

The following table shows our cash, working capital and total indebtedness in millions as of the dates indicated:

In millions	April 30, 2015	October 31, 2014	$ Change Increase(Decrease)	% Change Increase(Decrease)
Cash and cash equivalents	$48	$47	$1	2%
Restricted cash	7	21	(14)	(67)%
Working capital	364	391	(27)	(7)%
Total indebtedness	821	829	(8)	(1)%

We believe that our cash flows from operations, cash on hand, and restricted cash, together with access to our existing credit facilities, will be adequate to fund our capital requirements for at least the next twelve months. At April 30, 2015, we had $48 million of cash on hand, $7 million in restricted cash, $45 million available on our credit facilities, and $18 million available for additional letters of credit in EMEA. Taken together, this represents cash and credit facility availability of $118 million at April 30, 2015. Our primary credit facilities mature in October 2016 and May 2018. We have no principal payments due on our 2017, 2018 or 2020 Notes before December 2017. Restricted cash at April 30, 2015 includes $3 million of the remaining proceeds from our sale of the Surfdome business during the first quarter of fiscal 2015. We expect to utilize the remaining proceeds during fiscal 2015.

Our liquidity assessment is based upon significant judgments and estimates regarding expected future costs and expected future revenue and assumes the renewal or replacement of our EMEA lines of credit and overdraft facilities in fiscal 2015. Our costs may exceed or our revenues may fall short of our estimates, our estimates may change, and future developments may affect our estimates. Any of these factors may increase our need for additional capital, which would require us to seek additional financing, which financing may not be available on terms acceptable to us or at all, or to sell or monetize existing assets to continue implementing our current operating plans. Specifically, we may not be successful in renewing or replacing our EMEA lines of credit and overdraft facilities, in which event we will need to raise additional funds to implement our current operating plans in our EMEA segment. Further, we may seek additional financing, such as the sale of additional equity and debt securities, or sell assets to undertake initiatives not contemplated by our current operating plans or for other business reasons, or seek to refinance or renegotiate certain of our other obligations. Our ability to obtain additional financing or refinancing depends on several factors, including credit markets and future market conditions, our ability to increase net revenues and operating efficiencies, our future creditworthiness, and restrictions contained in our debt agreements, among others. Our liquidity, financial condition and results of operations could be materially and adversely impacted if our judgments or estimates prove to be materially incorrect.

Cash Flows

Cash Flows from Operating Activities

The following table summarizes the major categories of changes in cash flows from operations for the six months endedApril 30,2015 and 2014:

	Six Months Ended April 30,
In thousands	2015			2014			Change
Net loss	$	(49,152	)	$	(45,134	)	$	(4,018	)
Net effect of non-cash reconciling adjustments	11,215			49,564			(38,349		)
Cash provided by/(used in) operating assets and liabilities	9,523			(27,678		)	37,201
Cash used in operating activities of continuing operations	(28,414		)	(23,248		)	(5,166		)
Cash provided by/(used in) operating activities of discontinued operations	4,668			(16,978		)	21,646
Net cash used in operating activities	$	(23,746	)	$	(40,226	)	$	16,480

Net cash used in operating activities was $24 million for the six months endedApril 30, 2015 compared to $40 million in the comparable period of the prior year. Net cash used by our continuing operations increased by $5 million to fund our losses from operating activities for the six months ended April 30, 2015, but net cash used by our discontinued operations decreased by $22 million for the same period.

43

Cash Flows from Investing Activities

Net cash provided by investing activities was $2 million in the first six months of fiscal 2015, an increase of $4 million compared to the same period prior year. This increase was primarily attributable to an improvement in net restricted cash provided of $4 million in the first six months of fiscal 2015 compared to the prior year. Capital expenditures in the first six months of fiscal 2015 were $23 million and were primarily focused on company-owned retail stores. We expect capital expenditures in fiscal 2015 to be approximately $25 million. We intend to fund these expenditures from cash on hand, restricted cash, operating cash flows, and availability on our credit facilities.

Cash Flows from Financing Activities

Net cash provided by financing activities was $29 million in the first six months of fiscal 2015, a decrease of $21 million compared to the prior year. This decrease in cash provided was primarily attributable to reductions in comparative net borrowings under our credit facilities of $17 million and proceeds from stock option exercises of $5 million.

Working Capital - Trade Accounts Receivable and Inventories

Two of the primary components of our working capital and near-term sources of cash at any point in time are trade accounts receivable and inventories. Our net trade accounts receivable decreased $59 million to $252 million at April 30, 2015 compared to $311 million at October 31, 2014 primarily due to the typical seasonality of our business. Compared to April 30, 2014, our net trade accounts receivable decreased $92 million, due primarily to our wholesale net revenue decline, and our average days sales outstanding (“DSO”) improved by 6%, or 5 days.

Our net inventories increased $6 million to $291 million at April 30, 2015 compared to $285 million at October 31, 2014.Compared to April 30, 2014, net inventories decreased $18 million and inventory days on hand increased 7%, or 10 days. The increase in inventory days on hand is the result of lower revenues compared to the comparable prior year period. The decrease in net inventories was primarily due to tighter buying practices versus the comparable prior year period.

Income Taxes

As of April 30, 2015, our liability for uncertain tax positions, exclusive of interest and penalties, was approximately $12 million. If our positions are favorably sustained by the relevant taxing authority, approximately $11 million, excluding interest and penalties, of uncertain tax position liabilities would favorably impact our effective tax rate in future periods.

Contractual Obligations

There have been no material changes outside the ordinary course of business in our contractual obligations since October 31, 2014.

Critical Accounting Policies

Our condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. To prepare these financial statements, we must make estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates also affect our reported revenues and expenses. Judgments must also be made about the disclosure of contingent liabilities. Actual results could be significantly different from these estimates. We believe that the following discussion addresses the accounting policies that are necessary to understand and evaluate our reported financial results.

Revenue Recognition

Revenues are recognized when the risk of ownership and title passes to our customers, which is generally at the time of shipment in the wholesale channel, at the point of purchase in the retail channel, and at the point of delivery in the e-commerce channel. Generally, we extend credit to our customers and do not require collateral. Our sales agreements with our customers do not provide for any rights of return. However, we do approve returns on a case-by-case basis at our sole discretion to protect our brands and our image. We provide allowances for estimated returns as reductions to revenues when revenues are recorded. Related losses have historically been within our expectations, but there can be no assurance that we will continue to experience the same loss rates. If actual or expected future returns were significantly greater or lower than the allowances we have established, we would record a reduction or increase to net revenues in the period when such determination is known.

Accounts Receivable

Throughout the year, we perform credit evaluations of our customers, and we adjust credit limits based on payment history and the customer’s current creditworthiness. We continuously monitor our collections and maintain a reserve for estimated credit

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losses based on our historical experience and any specific customer collection issues that have been identified. We also use insurance on certain classes of receivables in our EMEA segment. Historically, our losses have been consistent with our estimates, but there can be no assurance that we will continue to experience the same credit loss rates that we have

experienced in the past. It is not uncommon for some of our customers to have financial difficulties from time to time. This is normal given the wide variety of our account base, which includes small surf shops, medium-sized retail chains, and some large department store chains. Upon determination that a significantly greater or lower reserve is necessary, we record a charge or credit to selling, general and administrative expense in the period when such determination is known.

Inventories

We value inventories at the cost to purchase and/or manufacture the product or the current estimated market value of the inventory, whichever is lower. We regularly review our inventory quantities on hand, and adjust inventory values with a charge to cost of sales in the period in which such determination is known for excess and obsolete inventory based primarily on estimated forecasts of product demand and market value.

Long-Lived Assets

We acquire tangible and intangible assets in the normal course of our business. We evaluate the recovery of non-amortizing intangible assets in conjunction with our goodwill evaluation. We evaluate the recoverability of the carrying amount of other long-lived assets (including fixed assets, trademarks, licenses and other amortizable intangibles) whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Impairment indicators include, but are not limited to, cost factors, financial performance, adverse legal or regulatory developments, industry and market conditions and general economic conditions. An impairment loss is recognized when the carrying value exceeds the undiscounted future cash flows estimated to result from the use and eventual disposition of the asset. Impairments are recognized in operating earnings in the period in which such determination is known. We use our best judgment based on the most current facts and circumstances regarding our business when applying these impairment rules to determine the timing of the impairment tests, the undiscounted cash flows used to assess impairments, and the fair value of a potentially impaired asset. The estimates we have used are consistent with the plans and estimates that we use to manage our business. It is possible, however, that the plans may change and estimates used may prove to be inaccurate. If our actual results, or the plans and estimates used in future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur future impairment charges.

Goodwill

Our business acquisitions have resulted in the recognition of goodwill. Goodwill is not amortized but is subject to annual impairment tests (in the fourth fiscal quarter for us) and between annual tests, if events indicate it is more likely than not that the fair value of a reporting unit is less than its carrying value. Significant judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which we operate, increases in costs that have a negative

effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others.

Goodwill is allocated at the reporting unit level, which is defined as an operating segment or one level below an operating segment. We have two reporting units under which we evaluate goodwill for impairment; the Americas and APAC. The application of the goodwill impairment test requires significant judgment, including the identification of the reporting units, and the determination of both the carrying value and the fair value of the reporting units. The carrying value of each reporting unit is determined by assigning the assets and liabilities, including existing goodwill, to those reporting units. The determination of the fair value of each reporting unit requires significant judgment, including our estimation of future cash flows, which is dependent upon internal forecasts, estimation of the long-term rate of growth of our businesses, estimation of the useful lives of the assets which will generate the cash flows, determination of our weighted-average cost of capital and other factors. In determining the appropriate discount rate, we considered the weighted-average cost of capital for each reporting unit which, among other factors, considers the cost of common equity capital and the marginal cost of debt.

The estimates and assumptions used to calculate the fair value of a reporting unit may change from period to period based upon actual operating results, market conditions and our view of future trends, and are subject to a high degree of uncertainty. The estimates we have used are consistent with the plans and estimates that we use to manage our business. It is possible, however, that the plans may change and estimates used may prove to be inaccurate. The estimated fair value of a reporting unit could change materially if different assumptions and estimates were used. If our actual results, or the plans and estimates used in

future impairment analyses, are lower than the original estimates used to assess the recoverability of these assets, we could incur future impairment charges.

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We test goodwill for impairment using the two-step method. When performing the two-step impairment test, we use a combination of an income approach, which estimates fair value of the reporting unit based upon future discounted cash flows, and a market approach, which estimates fair value using market multiples for transactions in a set of comparable companies. If the carrying value of the reporting unit exceeds its fair value, we then perform the second step of the impairment test to measure the amount of the impairment loss, if any. The second step requires fair valuation of all the reporting unit’s assets and

liabilities in a manner similar to a purchase price allocation, with any residual fair value being allocated to goodwill. This residual fair value of goodwill is then compared to the carrying value to determine impairment. An impairment charge will be recognized only when the estimated fair value of a reporting unit, including goodwill, is less than its carrying value.

As of October 31, 2014, the fair value of each of our reporting units substantially exceeded their respective carrying values. Goodwill was $74 million for the Americas, zero for EMEA, and $6 million for APAC as of October 31, 2014.

Income Taxes

We are subject to income taxes in both domestic and foreign tax jurisdictions. The calculation of income tax expense involves significant judgment in the application of global, complex tax laws and regulations. The provision for income taxes is determined using the applicable statutory tax rates in the relevant jurisdictions, which may be more or less than the U.S. federal statutory rate. Current income tax expense is the amount of income taxes expected to be payable for the current year. A deferred income tax asset or liability is established for the expected future consequences of temporary differences in the financial reporting and tax bases of assets and liabilities. We consider future taxable income and ongoing prudent and feasible tax planning strategies in assessing the value of our deferred tax assets. If we determine that it is more likely than not that these assets will not be realized, we would reduce the value of these assets to their expected realizable value by recording a valuation allowance, thereby decreasing net income. Evaluating the value of these assets is necessarily based on our judgment. Realization of deferred tax assets related to operating loss and credit carry-forwards is dependent upon future taxable income in

specific jurisdictions, the amount and timing of which is uncertain. If we subsequently determine that the deferred tax assets for which a valuation allowance had been recorded would, in our judgment, be realized in the future, the valuation allowance would be reduced, thereby increasing net income in the period when that determination was made.

We do not provide for withholding and U.S. taxes for certain unremitted earnings of non-U.S. subsidiaries because we intend to permanently reinvest these earnings in these foreign operations. Income tax expense could be incurred if these earnings were remitted to the United States. It is not practicable to estimate the amount of the deferred tax liability on such unremitted earnings.

We recognize a tax benefit from an uncertain tax position when, in our judgment, it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the tax position. Judgment is also used in determining that a tax position will be settled and the possible settlement outcomes. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of our provision for income taxes. The application of this guidance can create significant variability in our tax rate from period to period based upon changes in or adjustments to our uncertain tax positions.

Stock-based Compensation Expense

We recognize compensation expense for all stock-based payments net of an estimated forfeiture rate and only recognize compensation cost for those shares expected to vest using the graded vested method over the requisite service period of the award. For option valuation, we determine the fair value at the grant date using the Black-Scholes option-pricing model which requires the input of certain assumptions, including the expected life of the stock-based payment awards, stock price volatility and interest rates. For performance based equity awards with stock price contingencies, we determine the fair value using a

Monte-Carlo simulation, which creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms.

Foreign Currency Translation

A significant portion of our revenues are generated in Europe, where we operate with the euro as our primary functional currency, and a smaller portion of our revenues are generated in APAC, where we operate with the Australian dollar and Japanese yen as our primary functional currencies. Our European revenues in the United Kingdom are denominated in British pounds, and substantial portions of our EMEA and APAC product is sourced in U.S. dollars, both of which result in exposure to gains and losses that could occur from fluctuations in foreign currency exchange rates. Revenues and expenses that are denominated in foreign currencies are translated using the average exchange rate for the period. Assets and liabilities are translated at the rate of exchange on the balance sheet date. Gains and losses from assets and liabilities denominated in a

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currency other than the functional currency of the entity on which they reside are generally recognized currently in our statement of operations. Gains and losses from translation of foreign subsidiary financial statements into U.S. dollars are

included in accumulated other comprehensive income or loss in our statement of financial position.

As part of our overall strategy to manage our level of exposure to the risk of fluctuations in foreign currency exchange rates, we enter into foreign currency exchange contracts generally in the form of forward contracts. For all contracts that qualify as cash flow hedges, we record the changes in the fair value of the derivative contracts in other comprehensive income or loss.

New Accounting Pronouncements

See Note 2 — New Accounting Pronouncements to our condensed consolidated financial statements for a discussion of pronouncements that may affect our future financial reporting.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to a variety of risks. Two of these risks are foreign currency exchange rate fluctuations and changes in interest rates that affect interest expense. See Note 11 — Derivative Financial Instruments to our condensed consolidated financial statements.

Foreign Currency and Derivatives

We are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to certain sales, royalty income and product purchases of our international subsidiaries that are denominated in currencies other than their functional currencies. We are also exposed to foreign currency gains and losses resulting from domestic transactions that are not denominated in U.S. dollars, and to fluctuations in interest rates related to our variable rate debt. Furthermore, we are exposed to gains and losses resulting from the effect that fluctuations in foreign currency exchange rates have on the reported

results in our consolidated financial statements due to the translation of the operating results and financial position of our

international subsidiaries. We use foreign currency exchange contracts and intercompany loans as part of our overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates.

On the date we enter into a derivative contract, we designate the derivative as a hedge of the identified exposure. Before entering into various hedge transactions, we formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy. In this documentation, we identify the asset, liability, firm commitment, or forecasted transaction that has been designated as a hedged item and indicate how the hedging instrument is expected to hedge the risks related to the hedged item. We formally measure effectiveness of our hedging relationships both at the hedge inception and on an ongoing basis in accordance with our risk management policy. We will discontinue hedge accounting prospectively:

• if we determine that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item;

• when the derivative expires or is sold, terminated or exercised;

• if it becomes probable that the forecasted transaction being hedged by the derivative will not occur;

• if a hedged firm commitment no longer meets the definition of a firm commitment; or

• if we determine that designation of the derivative as a hedge instrument is no longer appropriate.

Derivatives that do not qualify or are no longer deemed effective to qualify for hedge accounting but are used by management to mitigate exposure to currency risks are marked to fair value with corresponding gains or losses recorded in earnings. For all qualifying cash flow hedges, the changes in the fair value of the derivatives are recorded in other comprehensive income. As of April 30, 2015, we were hedging a portion of forecasted transactions expected to occur through October 2016. Assuming exchange rates at April 30, 2015 remain constant, $14 million of gains, net of tax, related to hedges of these transactions are expected to be reclassified into earnings over the next 18 months.

We enter into forward exchange and other derivative contracts with major banks and are exposed to foreign currency losses in the event of nonperformance by these banks. We anticipate, however, that these banks will be able to fully satisfy their obligations under the contracts. Accordingly, we do not obtain collateral or other security to support the contracts.

Translation of Results of International Subsidiaries

As discussed above, we are exposed to financial statement gains and losses as a result of translating the operating results and financial position of our international subsidiaries. We translate the local currency statements of operations of our foreign subsidiaries into U.S. dollars using the average exchange rate during the reporting period. Changes in foreign currency exchange rates affect our reported results and distort comparisons from period to period. We generally do not use foreign currency exchange contracts to hedge the profit and loss effects of such exposure as accounting rules do not allow such types of contracts to qualify for hedge accounting.

By way of example, when the U.S. dollar strengthens compared to the euro, there is a negative effect on our reported results for EMEA because it takes more profits in euros to generate the same amount of profits in stronger U.S. dollars. The opposite is also true. That is, when the U.S. dollar weakens there is a positive effect on the translation of our reported results from EMEA. In addition, the statements of operations of APAC are translated from Australian dollars and Japanese yen into U.S. dollars, and

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there is a negative effect on our reported results for APAC when the U.S. dollar is stronger in comparison to the Australian dollar or Japanese yen.

EMEA revenues decreased 23% in U.S. dollars during the three months endedApril 30, 2015 compared to the three months endedApril 30, 2014 as reported in our condensed consolidated financial statements, primarily as a result of a stronger U.S. dollar versus various currencies in EMEA in comparison to the prior fiscal year period. On a constant currency continuing category basis, EMEA revenues decreased 3%.

EMEA revenues decreased 19% in U.S. dollars during the six months endedApril 30, 2015 compared to the six months endedApril 30, 2014 as reported in our condensed consolidated financial statements, primarily as a result of a stronger U.S. dollar versus various currencies in EMEA in comparison to the prior fiscal year period. On a constant currency continuing category basis, EMEA revenues decreased 3%.

APAC revenues decreased 7% in U.S. dollars during the three months endedApril 30, 2015 compared to the three months endedApril 30, 2014 in our condensed consolidated financial statements, primarily as a result of a stronger U.S. dollar compared to various APAC currencies. On a constant currency continuing category basis, APAC revenues increased 6%.

APAC revenues decreased 5% in U.S. dollars during the six months endedApril 30, 2015 compared to the six months endedApril 30, 2014 in our condensed consolidated financial statements, primarily as a result of a stronger U.S. dollar compared to various APAC currencies. On a constant currency continuing category basis, APAC revenues increased 5%.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

We carried out an evaluation under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2015, the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of April 30, 2015.

Audit Committee Investigation

In February 2015, management identified and brought to the attention of the Audit Committee a revenue cut-off issue. The Audit Committee promptly commenced an investigation, with the assistance of independent legal counsel engaged by the Audit Committee and outside forensic accountants (the "Independent Investigation"), into the scope and causes of this revenue cut-off issue and reported the results of the Independent Investigation to the full Board of Directors and management.

Based on the results of the Independent Investigation and our assessment of the deficiencies in the operational effectiveness of certain of our internal controls, we determined that the material weakness noted below existed in our internal control over financial reporting as of January 31, 2015. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

We did not maintain effective controls based on the criteria established in the 1992 COSO Framework. Specifically, in our North America wholesale operations, accurate information regarding actual shipment routing and customer delivery was not consistently maintained in our ERP system in accordance with our procedures. As a result, certain net revenues recorded in the prior period did not meet the criteria for revenue recognition at that time but instead should have been recognized in the following quarter. In addition, certain of our employees took actions inconsistent with our Code of Business Conduct and Ethics. These deficiencies in combination represented a material weakness in our internal control over financial reporting.

We analyzed the impact of the misstatements from this revenue cut-off issue and concluded that it did not have a material impact on our previously issued financial statements. Notwithstanding the material weakness in our internal control over financial reporting, we have concluded that the financial statements and other financial information included in this Quarterly Report on Form 10-Q, fairly present in all material respects our financial condition, results of operations and cash flows as of, and for, the periods presented.

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Remediation of Material Weakness

As a result of the material weakness that existed as of January 31, 2015, we took certain steps to remediate the issues giving rise to the material weakness including, but not limited to, implementing an additional internal control related to shipment routing, enhancing pre-existing internal controls related to revenue recognition, conducting employee training sessions, and increasing management and board oversight related to revenue recognition issues.

Changes in Internal Control Over Financial Reporting

As noted above, we have implemented changes to our internal control over financial reporting to remediate the material weakness described above that existed as of January 31, 2015. Other than as described above, there have been no other changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended April 30, 2015 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1A. RISK FACTORS

We have included in Part I, Item 1A, "Risk Factors", of our Form 10-K for the fiscal year ended October 31, 2014 and in Part II, Item 1A, "Risk Factors" of our Form 10-Q for the three months ended January 31, 2015, descriptions of certain risks and uncertainties that our business faces, many of which are beyond our control. There have been no material changes to our risk factors since the date of those filings. The impact of these risks, as well as other unforeseen risks, could have a material negative impact on our business, financial condition or results of operations. The trading price of our common stock or our senior notes could decline as a result. You should consider these risks before deciding to invest in, or maintain your investment in, our common stock or senior notes.

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Item 6. Exhibits
2.1	Stock Purchase Agreement dated October 22, 2013 by and among Quiksilver, Inc., QS Wholesale, Inc. and Extreme Holdings, Inc. (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K filed on October 28, 2013).
3.1	Restated Certificate of Incorporation of Quiksilver, Inc., as amended (incorporated by reference to Exhibit 3.1 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2004).
3.2	Certificate of Amendment of Restated Certificate of Incorporation of Quiksilver, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2005).
3.3	Certificate of Designation of the Series A Convertible Preferred Stock of Quiksilver, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on August 4, 2009).
3.4	Certificate of Amendment of Restated Certificate of Incorporation of Quiksilver, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on April 1, 2010).
3.5	Amended and Restated Bylaws of Quiksilver, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on October 14, 2014).
4.1	Indenture, dated as of December 10, 2010, by and among Boardriders S.A., Quiksilver, Inc., as guarantor, the subsidiary guarantor parties thereto, and Deutsche Trustee Company Limited, as trustee, Deutsche Bank Luxembourg S.A., as registrar and transfer agent, and Deutsche Bank AG, London Branch, as principal paying agent and common depositary (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed December 13, 2010).
4.2	Indenture, dated as of July 16, 2013, related to the $280,000,000 aggregate principal amount 7.875% Senior Secured Notes due 2018, by and among Quiksilver, Inc., QS Wholesale, Inc., the subsidiary guarantor parties thereto, and Wells Fargo Bank, National Association, as trustee and collateral agent, including the Form of Note attached thereto (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed July 16, 2013).
4.3	Indenture, dated as of July 16, 2013, related to the $225,000,000 aggregate principal amount of their 10.000% Senior Notes due 2020, by and among Quiksilver, Inc., QS Wholesale, Inc., the subsidiary guarantor parties thereto, and Wells Fargo Bank, National Association, as trustee, including the Form of Note attached thereto (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed July 16, 2013).
10.1	Employment Agreement between Greg Healy and Ug Manufacturing Co. Pty Ltd dated February 1, 2012 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed April 1, 2015). (1)
10.2	Amendment to Employment Agreement between Greg Healy and Ug Manufacturing Pty. Ltd., dated April 7, 2015 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K/A filed April 10, 2015). (1)
10.3	Separation Agreement between Andrew Mooney and Quiksilver, Inc., dated March 26, 2015 (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K/A filed April 10, 2015). (1)
31.1	Rule 13a-14(a)/15d-14(a) Certifications - Principal Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certifications - Principal Financial Officer
32.1	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 - Chief Executive Officer
32.2	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 - Chief Financial Officer
(1)	Management contract or compensatory plan.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document

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101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

June 9, 2015

QUIKSILVER, INC.

/s/ Thomas Chambolle

Thomas Chambolle

Chief Financial Officer

(Principal Financial and Accounting Officer)

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EX-31.1

Exhibit 31.1

§ 302 CERTIFICATION

I, Pierre Agnes, certify that:

(1) I have reviewed this quarterly report on Form 10-Q of Quiksilver, Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 9, 2015	/s/ Pierre Agnes
	Pierre Agnes
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

§ 302 CERTIFICATION

I, Thomas Chambolle, certify that:

(1) I have reviewed this quarterly report on Form 10-Q of Quiksilver, Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 9, 2015	/s/ Thomas Chambolle
	Thomas Chambolle
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Quiksilver, Inc. (the “Company”) on Form 10-Q for the period ending April 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Pierre Agnes, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Pierre Agnes

Pierre Agnes

Chief Executive Officer

June 9, 2015

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Quiksilver, Inc. (the “Company”) on Form 10-Q for the period ending April 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas Chambolle, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Thomas Chambolle

Thomas Chambolle

Chief Financial Officer

June 9, 2015

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Segment Information - Additional Information (Detail)	6 Months Ended
	Apr. 30, 2015 Segment
Segment Reporting [Abstract]
Number of segments	4

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Restructuring Charges - Activity and Liability Balances (Detail) (Restructuring Plan 2013 and 2011, USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Apr. 30, 2015	Oct. 31, 2014
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 23,801	$ 19,098
Charged to expense	11,492	34,645
Cash payments	(11,583)	(29,942)
Adjustments	(1,986)
Ending Balance	21,724	23,801
Workforce
Restructuring Reserve [Roll Forward]
Beginning Balance	11,510	12,159
Charged to expense	6,435	19,350
Cash payments	(7,507)	(19,999)
Adjustments	0
Ending Balance	10,438	11,510
Facility & Other
Restructuring Reserve [Roll Forward]
Beginning Balance	12,291	6,939
Charged to expense	5,057	15,295
Cash payments	(4,076)	(9,943)
Adjustments	(1,986)
Ending Balance	$ 11,286	$ 12,291

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Restricted Cash - Additional Information (Detail) (USD $)	Apr. 30, 2015	Oct. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 7,000,000	$ 21,000,000
Restricted cash balance	2,868,000	16,514,000
Surfdome
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash balance	$ 3,000,000

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Condensed Consolidation Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Cash flows from operating activities:
Net (loss)/income	$ (49,152)	$ (45,134)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	(6,732)	(14,636)
Depreciation and amortization	20,465	24,818
Stock based compensation	2,252	11,588
Provision for doubtful accounts	3,370	15,240
Asset impairments	958	5,466
Equity in earnings	596	1,144
Non-cash interest expense	1,760	1,702
Deferred income taxes	(4,091)	529
Other adjustments to reconcile net (loss)/income	(7,363)	3,713
Changes in operating assets and liabilities:
Trade accounts receivable	38,800	37,913
Inventories	(20,158)	29,217
Intercompany	0	0
Other operating assets and liabilities	(9,119)	(94,808)
Cash used in operating activities of continuing operations	(28,414)	(23,248)
Cash provided by/(used in) operating activities of discontinued operations	4,668	(16,978)
Net cash used in operating activities	(23,746)	(40,226)
Cash flows from investing activities
Proceeds from sale of property	460	665
Capital expenditures	(22,974)	(23,687)
Changes in restricted cash	13,884	(56,047)
Cash used in investing activities of continuing operations	(8,630)	(79,069)
Cash provided by investing activities of discontinued operations	10,713	77,051
Net cash provided by/(used in) investing activities	2,083	(2,018)
Cash flows from financing activities:
Borrowings on lines of credit	40,739	91,625
Payments on lines of credit	(34,516)	(67,258)
Borrowings on long-term debt	57,701	75,574
Payments on long-term debt	(34,916)	(38,429)
Payments on short-term debt	0	(15,223)
Payments of debt issuance costs	0	(771)
Stock option exercises and employee stock purchases	372	5,150
Intercompany	0
Cash provided by financing activities of continuing operations	29,380	50,668
Net cash provided by financing activities	29,380	50,668
Effect of exchange rate changes on cash	(6,303)	1,430
Net increase in cash and cash equivalents	1,414	9,854
Cash and cash equivalents, beginning of period	46,664	57,280
Cash and cash equivalents, end of period	48,078	67,134
Quiksilver, Inc.
Cash flows from operating activities:
Net (loss)/income	(48,364)	(36,933)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	0	0
Depreciation and amortization	1,453	1,157
Stock based compensation	2,252	11,588
Provision for doubtful accounts	0	0
Asset impairments	0	0
Equity in earnings	18,459	(1,809)
Non-cash interest expense	1,030	942
Deferred income taxes	0	0
Other adjustments to reconcile net (loss)/income	(1,185)	157
Changes in operating assets and liabilities:
Trade accounts receivable	0	0
Inventories	0	0
Intercompany	67,233	26,610
Other operating assets and liabilities	1,176	(1,824)
Cash used in operating activities of continuing operations	42,054	(112)
Cash provided by/(used in) operating activities of discontinued operations	0	0
Net cash used in operating activities	42,054	(112)
Cash flows from investing activities
Proceeds from sale of property	0	0
Capital expenditures	(3,194)	(4,139)
Changes in restricted cash	0	0
Cash used in investing activities of continuing operations	(3,194)	(4,139)
Cash provided by investing activities of discontinued operations	0	0
Net cash provided by/(used in) investing activities	(3,194)	(4,139)
Cash flows from financing activities:
Borrowings on lines of credit	0	0
Payments on lines of credit	0	0
Borrowings on long-term debt	0	0
Payments on long-term debt	0	0
Payments on short-term debt		0
Payments of debt issuance costs		(809)
Stock option exercises and employee stock purchases	372	5,150
Intercompany	(39,087)
Cash provided by financing activities of continuing operations	(38,715)	4,341
Net cash provided by financing activities	(38,715)	4,341
Effect of exchange rate changes on cash	(146)	0
Net increase in cash and cash equivalents	(1)	90
Cash and cash equivalents, beginning of period	158	35
Cash and cash equivalents, end of period	157
QS Wholesale, Inc.
Cash flows from operating activities:
Net (loss)/income	(18,106)	(16,732)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	0	(19,757)
Depreciation and amortization	4,717	5,298
Stock based compensation	0	0
Provision for doubtful accounts	647	12,458
Asset impairments	0	765
Equity in earnings	95	(618)
Non-cash interest expense	632	491
Deferred income taxes	0	0
Other adjustments to reconcile net (loss)/income	(281)	(13)
Changes in operating assets and liabilities:
Trade accounts receivable	(977)	(7,671)
Inventories	(7,185)	9,210
Intercompany	1,020	(3,121)
Other operating assets and liabilities	(4,251)	(29,289)
Cash used in operating activities of continuing operations	(23,689)	(48,979)
Cash provided by/(used in) operating activities of discontinued operations	0	0
Net cash used in operating activities	(23,689)	(48,979)
Cash flows from investing activities
Proceeds from sale of property	0	11
Capital expenditures	(1,674)	(5,159)
Changes in restricted cash	16,514	(50,214)
Cash used in investing activities of continuing operations	14,840	(55,362)
Cash provided by investing activities of discontinued operations	0	58,060
Net cash provided by/(used in) investing activities	14,840	2,698
Cash flows from financing activities:
Borrowings on lines of credit	0	0
Payments on lines of credit	0	0
Borrowings on long-term debt	43,038	69,000
Payments on long-term debt	(19,600)	(26,500)
Payments on short-term debt		0
Payments of debt issuance costs		38
Stock option exercises and employee stock purchases	0	0
Intercompany	(5,901)
Cash provided by financing activities of continuing operations	17,537	42,538
Net cash provided by financing activities	17,537	42,538
Effect of exchange rate changes on cash	0	0
Net increase in cash and cash equivalents	8,688	(3,743)
Cash and cash equivalents, beginning of period	2,867	3,733
Cash and cash equivalents, end of period	11,555
Guarantor Subsidiaries
Cash flows from operating activities:
Net (loss)/income	(8,484)	17,757
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	2	(10,583)
Depreciation and amortization	2,808	4,355
Stock based compensation	0	0
Provision for doubtful accounts	314	158
Asset impairments	466	3,477
Equity in earnings	0	0
Non-cash interest expense	0	0
Deferred income taxes	0	0
Other adjustments to reconcile net (loss)/income	47	(288)
Changes in operating assets and liabilities:
Trade accounts receivable	14,886	17,124
Inventories	(2,083)	10,607
Intercompany	(50,764)	(35,129)
Other operating assets and liabilities	6,772	(22,034)
Cash used in operating activities of continuing operations	(36,036)	(14,556)
Cash provided by/(used in) operating activities of discontinued operations	(2)	(1,861)
Net cash used in operating activities	(36,038)	(16,417)
Cash flows from investing activities
Proceeds from sale of property	0	505
Capital expenditures	(6,249)	(3,262)
Changes in restricted cash	0	0
Cash used in investing activities of continuing operations	(6,249)	(2,757)
Cash provided by investing activities of discontinued operations	0	18,991
Net cash provided by/(used in) investing activities	(6,249)	16,234
Cash flows from financing activities:
Borrowings on lines of credit	0	0
Payments on lines of credit	0	0
Borrowings on long-term debt	0	0
Payments on long-term debt	0	0
Payments on short-term debt		0
Payments of debt issuance costs		0
Stock option exercises and employee stock purchases	0	0
Intercompany	44,988
Cash provided by financing activities of continuing operations	44,988	0
Net cash provided by financing activities	44,988	0
Effect of exchange rate changes on cash	0	0
Net increase in cash and cash equivalents	2,701	(183)
Cash and cash equivalents, beginning of period	(2,701)	296
Cash and cash equivalents, end of period	0
Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net (loss)/income	6,761	(5,873)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	(6,734)	15,704
Depreciation and amortization	11,487	14,008
Stock based compensation	0	0
Provision for doubtful accounts	2,409	2,624
Asset impairments	492	1,224
Equity in earnings	596	1,144
Non-cash interest expense	98	269
Deferred income taxes	(4,091)	529
Other adjustments to reconcile net (loss)/income	(5,944)	3,857
Changes in operating assets and liabilities:
Trade accounts receivable	24,891	28,460
Inventories	(10,403)	8,474
Intercompany	(17,489)	11,640
Other operating assets and liabilities	(9,424)	(41,661)
Cash used in operating activities of continuing operations	(7,351)	40,399
Cash provided by/(used in) operating activities of discontinued operations	4,670	(15,117)
Net cash used in operating activities	(2,681)	25,282
Cash flows from investing activities
Proceeds from sale of property	460	149
Capital expenditures	(11,857)	(11,127)
Changes in restricted cash	(2,630)	(5,833)
Cash used in investing activities of continuing operations	(14,027)	(16,811)
Cash provided by investing activities of discontinued operations	10,713	0
Net cash provided by/(used in) investing activities	(3,314)	(16,811)
Cash flows from financing activities:
Borrowings on lines of credit	40,739	91,625
Payments on lines of credit	(34,516)	(67,258)
Borrowings on long-term debt	14,663	6,574
Payments on long-term debt	(15,316)	(11,929)
Payments on short-term debt		(15,223)
Payments of debt issuance costs		0
Stock option exercises and employee stock purchases	0	0
Intercompany	0
Cash provided by financing activities of continuing operations	5,570	3,789
Net cash provided by financing activities	5,570	3,789
Effect of exchange rate changes on cash	(6,157)	1,430
Net increase in cash and cash equivalents	(6,582)	13,690
Cash and cash equivalents, beginning of period	46,340	53,216
Cash and cash equivalents, end of period	39,758
Eliminations
Cash flows from operating activities:
Net (loss)/income	19,041	(3,353)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	0	0
Depreciation and amortization	0	0
Stock based compensation	0	0
Provision for doubtful accounts	0	0
Asset impairments	0	0
Equity in earnings	(18,554)	2,427
Non-cash interest expense	0	0
Deferred income taxes	0	0
Other adjustments to reconcile net (loss)/income	0	0
Changes in operating assets and liabilities:
Trade accounts receivable	0	0
Inventories	(487)	926
Intercompany	0	0
Other operating assets and liabilities	(3,392)	0
Cash used in operating activities of continuing operations	(3,392)	0
Cash provided by/(used in) operating activities of discontinued operations	0	0
Net cash used in operating activities	(3,392)	0
Cash flows from investing activities
Proceeds from sale of property	0	0
Capital expenditures	0	0
Changes in restricted cash	0	0
Cash used in investing activities of continuing operations	0	0
Cash provided by investing activities of discontinued operations	0	0
Net cash provided by/(used in) investing activities	0	0
Cash flows from financing activities:
Borrowings on lines of credit	0	0
Payments on lines of credit	0	0
Borrowings on long-term debt	0	0
Payments on long-term debt	0	0
Payments on short-term debt		0
Payments of debt issuance costs		0
Stock option exercises and employee stock purchases	0	0
Intercompany	0
Cash provided by financing activities of continuing operations	0	0
Net cash provided by financing activities	0	0
Effect of exchange rate changes on cash	0	0
Net increase in cash and cash equivalents	(3,392)	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ (3,392)

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Restructuring Charges - Additional Information (Detail) (Selling, General and Administrative Expenses, USD $) In Millions, unless otherwise specified	6 Months Ended
	Apr. 30, 2014
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Additional reserves and expenses	$ 2

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Earnings per Share and Stock-based Compensation - Schedule of Changes in Non-Vested Shares under Option, Excluding Performance Based Options (Detail) (Non-Performance Based Options, USD $)	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Non-Performance Based Options
Shares
Non-vested, October 31, 2014 (shares)	1,121,336
Granted (shares)	275,000
Vested (shares)	(813,334)
Canceled (shares)	(183,334)
Non-vested, April 30, 2015 (shares)	399,668
Weighted Average Grant Date Fair Value
Non-vested, October 31, 2014 (usd per share)	$ 4.18
Granted (usd per share)	$ 1.27	$ 5.94
Vested (usd per share)	$ 2.89
Canceled (usd per share)	$ 5.20
Non-vested, April 30, 2015 (usd per share)	$ 4.32

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Derivative Financial Instruments (Tables)

6 Months Ended

Apr. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Derivative Contracts Entered into Hedge Forecasted Purchases

As of April 30, 2015, the Company had the following outstanding derivative contracts that were entered into to hedge forecasted purchases:

In thousands	Commodity	Notional Amount		Maturity	Fair Value
United States dollars	Inventory	$	238,686	May 2015 – October 2016	$	19,427

Fair Values of Assets and Liabilities Measured and Recognized at Fair Value

The following table reflects the fair values of derivative assets and liabilities measured and recognized at fair value on a recurring basis on the accompanying condensed consolidated balance sheets as of the dates indicated:

	Fair Value Measurements Using							Derivative Assets/(Liabilities)
In thousands	Level 1		Level 2			Level 3		At Fair Value
Other receivables	$	—	$	20,871		$	—	$	20,871
Derivative liabilities:
Accrued liabilities	—		(749		)	—		(749		)
Other long-term liabilities	—		(695		)	—		(695		)
Total fair value at April 30, 2015	$	—	$	19,427		$	—	$	19,427
Other receivables	$	—	$	16,683		$	—	$	16,683
Accrued liabilities	—		(2		)	—		(2		)
Total fair value at October 31, 2014	$	—	$	16,681		$	—	$	16,681

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Debt - Additional Information (Detail) (USD $)	6 Months Ended
	Apr. 30, 2015	Oct. 31, 2014
Debt Instrument [Line Items]
Maximum cash borrowings and letters of credit	$ 184,000,000
Direct borrowings	94,000,000
Letters of credit outstanding	28,000,000
Long-term Debt and Capital Lease Obligations, Including Current Maturities	820,767,000	828,590,000
Fair Value
Debt Instrument [Line Items]
Lines of credit and long-term debt fair value	710,000,000
ABL Credit Facility
Debt Instrument [Line Items]
Threshold to be subject to financial covenant restrictions, remaining borrowing capacity	15,000,000
Threshold to be subject to financial covenant restrictions, percent of total borrowing base availability	10.00%
Line of Credit
Debt Instrument [Line Items]
Amount of availability of remaining borrowings	45,000,000
Line or Letter of Credit | U.S. and APAC
Debt Instrument [Line Items]
Amount of availability of remaining borrowings	20,000,000
Letter of Credit | EMEA
Debt Instrument [Line Items]
Amount of availability of remaining borrowings	$ 18,000,000

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Restatement of Prior Period Financial Statements - Balance Sheet (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014	Oct. 31, 2014	Jan. 31, 2014	Oct. 31, 2013
Trade accounts receivable, net	$ 251,947		$ 251,947		$ 311,014
Inventories	291,248		291,248		284,517
Assets, Current	674,279		674,279		741,000
Assets held for sale, net of current portion	0		0		5,394
Total assets	1,138,592		1,138,592		1,255,982
Income taxes payable	0		0		1,124
Current portion of assets held for sale	0		0		13,266
Liabilities, Current	309,866		309,866		350,387
Liabilities	1,153,225		1,153,225		1,199,748
Accumulated deficit	(635,771)		(635,771)		(587,407)
Accumulated other comprehensive income	34,517		34,517		57,288	65,177	73,918
Stockholders’/invested equity	(14,633)		(14,633)		53,876
Non-controlling interest	0		0		2,358
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(14,633)	330,518	(14,633)	330,518	56,234		384,199
Revenues, net	333,052	396,941	673,906	791,851
Gross Margin	156,798	194,290	326,242	394,930
Operating Income (Loss)	(19,084)	(18,214)	(20,399)	(22,241)
Loss from continuing operations	(37,594)	(37,880)	(55,884)	(59,770)
Net loss	(37,594)	(53,124)	(48,364)	(36,933)
Net loss per share attributable to Quiksilver, Inc. (usd per share)	$ (0.22)	$ (0.31)	$ (0.28)	$ (0.22)
As Previously Reported
Trade accounts receivable, net					319,840
Inventories					278,780
Assets, Current					744,089
Assets held for sale, net of current portion					2,987
Total assets					1,256,664
Income taxes payable					1,156
Current portion of assets held for sale					12,640
Liabilities, Current					349,793
Liabilities					1,199,154
Accumulated deficit					(585,263)
Accumulated other comprehensive income					57,298
Stockholders’/invested equity					56,030
Non-controlling interest					1,480
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest					57,510
Revenues, net		397,121		789,733
Gross Margin		194,354		394,189
Operating Income (Loss)		(18,152)		(22,982)
Loss from continuing operations		(37,817)		(60,511)
Net loss		(53,061)		(37,674)
Americas
Identifiable assets					464,831
Americas | As Previously Reported
Revenues, net		186,427		359,592
Gross Margin		78,972		154,082
Operating Income (Loss)		(21,920)		(36,593)
Identifiable assets					467,920
EMEA
Identifiable assets					513,303
EMEA | As Previously Reported
Identifiable assets					$ 510,896

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Restatement of Prior Period Financial Statements

6 Months Ended

Apr. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Restatement of Prior Period Financial Statements

Restatement of Prior Period Financial Statements

Subsequent to the issuance of the Company's consolidated financial statements for the year ended October 31, 2014, the Company identified errors related to inappropriate revenue cut-off (revenues inappropriately recognized prior to meeting the GAAP revenue recognition criteria) that impacted prior periods, including each quarter of fiscal 2014 and earlier periods. The Company determined that certain shipments previously reported as revenue in its Americas wholesale channel did not meet the criteria for revenue recognition until the subsequent quarter when the shipments were delivered to, and accepted by, its wholesale customers. The impact of the inappropriate revenue cut-off was to overstate net revenue and gross margin for the three months ended April 30, 2014, and to understate net revenue and gross margin for the six months ended April 30, 2014. Accumulated deficit was understated for the three months ended April 30, 2014, and overstated for the six months ended April 30, 2014. For fiscal 2014 as a whole, the impact of this error was to overstate net revenue and gross margin and to understate accumulated deficit.

The Company assessed the materiality of these errors to each of the 2014, 2013 and 2012 fiscal years, as well as to each quarter of fiscal 2014, in accordance with the Securities and Exchange Commission's Staff Accounting Bulletin ("SAB") No. 99 and concluded that the errors were not material to any of these periods. However, the Company also concluded that recording an out of period correction would be material to the three months ended January 31, 2015, as it would materially understate first quarter results and key revenue trends within its Americas segment. Consequently, in accordance with SAB No. 108, the accompanying condensed consolidated statement of operations for the three and six months periods ended April 30, 2014 and condensed consolidated balance sheet as of October 31, 2014 have been revised to correct for these immaterial errors.

During the first quarter of fiscal 2015, the Company also identified an error in the recording of estimated non-cash impairment charges within discontinued operations related to Surfdome in the fourth quarter of fiscal 2014. The impact of this error was to understate assets held for sale, accumulated other comprehensive income, and non-controlling interest, and to overstate accumulated deficit as of October 31, 2014. The Company assessed the materiality of this error and concluded it was not material to previously reported annual and interim amounts. The Company corrected the error in the first quarter of fiscal 2015 in connection with the closing of the sale of Surfdome.

The table below is a summary of the impact of these corrections on selected balance sheet data:

	October 31, 2014
In thousands	As Previously Reported			As Restated
Trade accounts receivable	$	319,840		$	311,014
Inventories	278,780			284,517
Total current assets	744,089			741,000
Assets held for sale, net of current portion	2,987			5,394
Total assets	1,256,664			1,255,982
Income taxes payable	1,156			1,124
Current portion of assets held for sale	12,640			13,266
Total current liabilities	349,793			350,387
Total liabilities	1,199,154			1,199,748
Accumulated deficit	(585,263		)	(587,407		)
Accumulated other comprehensive income	57,298			57,288
Total Quiksilver, Inc. stockholders' equity	56,030			53,876
Non-controlling interest	1,480			2,358
Total equity	57,510			56,234
Selected Segment Data:
Americas identifiable assets	$	467,920		$	464,831
EMEA identifiable assets	510,896			513,303

The table below is a summary of the impact of these corrections on selected statements of operations data:

	Three Months Ended April 30, 2014						Six Months Ended April 30, 2014
In thousands	As Previously Reported			As Restated			As Previously Reported			As Restated
Revenues, net	$	397,121		$	396,941		$	789,733		$	791,851
Gross profit	194,354			194,290			394,189			394,930
Operating loss	(18,152		)	(18,214		)	(22,982		)	(22,241		)
Loss from continuing operations	(37,817		)	(37,880		)	(60,511		)	(59,770		)
Net loss attributable to Quiksilver, Inc.	(53,061		)	(53,124		)	(37,674		)	(36,933		)
Net loss per share attributable to Quiksilver, Inc.	$	(0.31	)	$	(0.31	)	$	(0.22	)	$	(0.22	)
Selected Americas Segment Data:
Revenues, net	$	186,427		$	186,247		$	359,592		$	361,710
Gross margin	78,972			78,909			154,082			154,823
Operating loss	(21,920		)	(21,983		)	(36,593		)	(35,852		)

The correction of these errors had no net impact on the Company's net cash used in operating activities for the six months ended April 30, 2014.

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Intangible Assets and Goodwill - Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Oct. 31, 2014
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	$ (29,837)	$ (30,692)
Intangible assets, gross (excluding goodwill)	167,875	166,202
Net Book Value, Total	138,038	135,510
Amortizable trademarks
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	24,550	21,858
Accumulated Amortization	(12,543)	(12,508)
Net Book Value	12,007	9,350
Amortizable licenses
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	10,766	11,817
Accumulated Amortization	(10,766)	(11,817)
Net Book Value	0	0
Other amortizable intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	8,416	8,406
Accumulated Amortization	(6,528)	(6,367)
Net Book Value	1,888	2,039
Non-amortizable trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite lived intangible assets	$ 124,143	$ 124,121

XML

Earnings per Share and Stock-based Compensation - Reconciliation of Denominator of Each Net Loss per Share-Additional Information (Detail)	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Dilutive Stock Options and Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded in computing diluted net loss per share	5,712,000	685,000	5,880,000	595,000
Additional shares excluded from calculation of diluted EPS	232,000	3,229,000	233,000	3,603,000
Dilutive Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional shares excluded from calculation of diluted EPS	1,279,000	19,113,000	1,633,000	19,542,000

XML

Condensed Consolidation Financial Information (Tables)

6 Months Ended

Apr. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

Three Months Ended April 30,2015

In thousands	Quiksilver, Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	118		$	83,703		$	63,086		$	209,322		$	(23,177	)	$	333,052
Cost of goods sold	—			51,307			42,793			104,876			(22,722		)	176,254
Gross profit	118			32,396			20,293			104,446			(455		)	156,798
Selling, general and administrative expense	4,662			47,400			21,083			103,446			(1,412		)	175,179
Asset impairments	—			—			466			237			—			703
Operating (loss)/income	(4,544		)	(15,004		)	(1,256		)	763			957			(19,084		)
Interest expense, net	11,660			962			(2		)	5,420			—			18,040
Foreign currency (gain)/loss	(205		)	330			28			(3,411		)	—			(3,258		)
Equity in earnings	21,565			419			—			—			(21,984		)	—
Loss before provision for income taxes	(37,564		)	(16,715		)	(1,282		)	(1,246		)	22,941			(33,866		)
Provision for income taxes	30			146			236			3,316			—			3,728
Net loss	(37,594		)	(16,861		)	(1,518		)	(4,562		)	22,941			(37,594		)
Other comprehensive loss	(4,152		)	—			—			(4,152		)	4,152			(4,152		)
Comprehensive loss	$	(41,746	)	$	(16,861	)	$	(1,518	)	$	(8,714	)	$	27,093		$	(41,746	)

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Three Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	116		$	90,937		$	79,964		$	257,018		$	(31,094	)	$	396,941
Cost of goods sold	193			55,274			62,839			122,224			(37,879		)	202,651
Gross profit	(77		)	35,663			17,125			134,794			6,785			194,290
Selling, general and administrative expense	6,378			59,138			21,227			122,808			(1,630		)	207,921
Asset impairments	—			765			3,255			563			—			4,583
Operating (loss)/income	(6,455		)	(24,240		)	(7,357		)	11,423			8,415			(18,214		)
Interest expense, net	11,618			455			—			7,149			—			19,222
Foreign currency loss	124			7			220			536			—			887
Equity in earnings	34,927			(692		)	—			—			(34,235		)	—
(Loss)/income before (benefit)/provision for income taxes	(53,124		)	(24,010		)	(7,577		)	3,738			42,650			(38,323		)
(Benefit)/provision for income taxes	—			(4,120		)	(2,933		)	6,610			—			(443		)
Loss from continuing operations	(53,124		)	(19,890		)	(4,644		)	(2,872		)	42,650			(37,880		)
Loss from discontinued operations	—			(4,165		)	(2,948		)	(15,868		)	—			(22,981		)
Net loss	(53,124		)	(24,055		)	(7,592		)	(18,740		)	42,650			(60,861		)
Net loss attributable to non-controlling interest	—			—			—			7,737			—			7,737
Net loss attributable to Quiksilver, Inc.	(53,124		)	(24,055		)	(7,592		)	(11,003		)	42,650			(53,124		)
Other comprehensive income	5,681			—			—			5,681			(5,681		)	5,681
Comprehensive loss attributable to Quiksilver, Inc.	$	(47,443	)	$	(24,055	)	$	(7,592	)	$	(5,322	)	$	36,969		$	(47,443	)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Six Months Ended April 30,2015

In thousands	Quiksilver, Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	234		$	155,239		$	131,621		$	439,219		$	(52,407	)	$	673,906
Cost of goods sold	—			95,359			87,884			213,953			(49,532		)	347,664
Gross profit	234			59,880			43,737			225,266			(2,875		)	326,242
Selling, general and administrative expense	7,137			76,178			50,788			214,942			(3,362		)	345,683
Asset impairments	—			—			466			492			—			958
Operating (loss)/income	(6,903		)	(16,298		)	(7,517		)	9,832			487			(20,399		)
Interest expense, net	23,305			1,709			(4		)	11,432			—			36,442
Foreign currency (gain)/loss	(363		)	(288		)	430			(2,380		)	—			(2,601		)
Equity in earnings	18,459			95			—			—			(18,554		)	—
(Loss)/income before provision for income taxes	(48,304		)	(17,814		)	(7,943		)	780			19,041			(54,240		)
Provision for income taxes	60			292			539			753			—			1,644
(Loss)/income from continuing operations	(48,364		)	(18,106		)	(8,482		)	27			19,041			(55,884		)
(Loss)/income from discontinued operations	—			—			(2		)	6,734			—			6,732
Net (loss)/income	(48,364		)	(18,106		)	(8,484		)	6,761			19,041			(49,152		)
Net loss attributable to non-controlling interest	—			—			—			788			—			788
Net (loss)/income attributable to Quiksilver, Inc.	(48,364		)	(18,106		)	(8,484		)	7,549			19,041			(48,364		)
Other comprehensive loss	(22,771		)	—			—			(22,771		)	22,771			(22,771		)
Comprehensive (loss) attributable to Quiksilver, Inc.	$	(71,135	)	$	(18,106	)	$	(8,484	)	$	(15,222	)	$	41,812		$	(71,135	)

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Six Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	232		$	176,473		$	178,705		$	526,788		$	(90,347	)	$	791,851
Cost of goods sold	193			106,538			131,041			242,008			(82,859		)	396,921
Gross profit	39			69,935			47,664			284,780			(7,488		)	394,930
Selling, general and administrative expense	15,403			115,104			43,895			243,865			(6,562		)	411,705
Asset impairments	—			765			3,477			1,224			—			5,466
Operating (loss)/income	(15,364		)	(45,934		)	292			39,691			(926		)	(22,241		)
Interest expense, net	23,218			1,465			—			13,959			—			38,642
Foreign currency loss/(gain)	160			(3		)	(4		)	3,562			—			3,715
Equity in earnings	(1,809		)	(618		)	—			—			2,427			—
(Loss)/income before (benefit)/provision for income taxes	(36,933		)	(46,778		)	296			22,170			(3,353		)	(64,598		)
(Benefit)/provision for income taxes	—			(10,289		)	(6,878		)	12,339			—			(4,828		)
(Loss)/income from continuing operations	(36,933		)	(36,489		)	7,174			9,831			(3,353		)	(59,770		)
Income/(loss) from discontinued operations	—			19,757			10,583			(15,704		)	—			14,636
Net (loss)/income	(36,933		)	(16,732		)	17,757			(5,873		)	(3,353		)	(45,134		)
Net loss attributable to non-controlling interest	—			—			—			8,201			—			8,201
Net (loss)/income attributable to Quiksilver, Inc.	(36,933		)	(16,732		)	17,757			2,328			(3,353		)	(36,933		)
Other comprehensive loss	(8,741		)	—			—			(8,741		)	8,741			(8,741		)
Comprehensive (loss)/income attributable to Quiksilver, Inc.	$	(45,674	)	$	(16,732	)	$	17,757		$	(6,413	)	$	5,388		$	(45,674	)

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

October 31, 2014

In thousands	Quiksilver, Inc.		QS Wholesale, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	158	$	2,867	$	(2,701	)	$	46,340	$	—		$	46,664
Restricted cash	—		—		—			4,687		—			4,687
Trade accounts receivable, net	—		51,663		34,779			224,572		—			311,014
Other receivables	10		3,402		1,071			36,644		(280		)	40,847
Inventories	—		25,681		72,761			203,529		(17,454		)	284,517
Deferred income taxes	—		21,554		—			4,926		(21,554		)	4,926
Prepaid expenses and other current assets	1,579		6,209		2,941			17,351		—			28,080
Intercompany balances	—		258,808		—			—		(258,808		)	—
Current portion of assets held for sale	—		—		28			20,237		—			20,265
Total current assets	1,747		370,184		108,879			558,286		(298,096		)	741,000
Restricted cash	—		16,514		—			—		—			16,514
Fixed assets, net	20,381		34,408		21,259			137,720		—			213,768
Intangible assets, net	6,674		43,815		1,150			83,871		—			135,510
Goodwill	—		61,982		11,089			7,551		—			80,622
Other assets	7,097		5,160		1,255			33,574		—			47,086
Deferred income taxes long-term	30,807		—		2,052			16,088		(32,859		)	16,088
Investment in subsidiaries	722,935		1,525		—			—		(724,460		)	—
Assets held for sale, net of current portion	—		—		—			5,394		—			5,394
Total assets	$	789,641	$	533,588	$	145,684		$	842,484	$	(1,055,415	)	$	1,255,982
LIABILITIES AND EQUITY
Current liabilities:
Lines of credit	$	—	$	—	$	—		$	32,929	$	—		$	32,929
Accounts payable	4,582		40,942		22,008			100,775		—			168,307
Accrued liabilities	17,887		15,092		7,230			72,492		—			112,701
Current portion of long-term debt	—		600		—			1,832		—			2,432
Income taxes payable	—		—		—			1,404		(280		)	1,124
Deferred income taxes	31,450		—		4,925			4,807		(21,554		)	19,628
Intercompany balances	179,251		—		39,265			40,292		(258,808		)	—
Current portion of assets held for sale	—		—		6			13,260		—			13,266
Total current liabilities	233,170		56,634		73,434			267,791		(280,642		)	350,387
Long-term debt	501,416		22,657		—			269,156		—			793,229
Other long-term liabilities	1,179		9,800		7,420			20,943		—			39,342
Deferred income taxes long-term	—		38,052		—			11,597		(32,859		)	16,790
Total liabilities	735,765		127,143		80,854			569,487		(313,501		)	1,199,748
Stockholders’/invested equity	53,876		406,445		64,830			270,639		(741,914		)	53,876
Non-controlling interest	—		—		—			2,358		—			2,358
Total liabilities and equity	$	789,641	$	533,588	$	145,684		$	842,484	$	(1,055,415	)	$	1,255,982

Condensed Consolidating Balance Sheet

April 30, 2015

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	157		$	11,555	$	—	$	39,758	$	(3,392	)	$	48,078
Restricted cash	—			—		—		4,449		—			4,449
Trade accounts receivable, net	—			51,993		19,581		180,373		—			251,947
Other receivables	10			1,989		1,084		39,717		—			42,800
Income taxes receivable	—			—		—		938		(444		)	494
Inventories	—			32,866		74,357		204,346		(20,321		)	291,248
Deferred income taxes	—			21,554		—		4,838		(21,554		)	4,838
Prepaid expenses and other current assets	1,639			8,340		3,402		17,044		—			30,425
Intercompany balances	—			264,452		—		132		(264,584		)	—
Total current assets	1,806			392,749		98,424		491,595		(310,295		)	674,279
Restricted cash	—			—		—		2,868		—			2,868
Fixed assets, net	19,192			31,249		21,277		117,955		—			189,673
Intangible assets, net	9,636			43,495		1,071		83,836		—			138,038
Goodwill	—			61,983		11,089		7,030		—			80,102
Other assets	6,253			4,531		662		28,004		—			39,450
Deferred income taxes long-term	30,807			—		2,052		14,182		(32,859		)	14,182
Investment in subsidiaries	706,629			1,430		—		—		(708,059		)	—
Total assets	$	774,323		$	535,437	$	134,575	$	745,470	$	(1,051,213	)	$	1,138,592
LIABILITIES AND EQUITY/(DEFICIT)
Current liabilities:
Lines of credit	$	—		$	—	$	—	$	33,037	$	—		$	33,037
Accounts payable	3,092			42,219		22,149		82,508		—			149,968
Accrued liabilities	19,014			13,637		9,387		66,800		(3,392		)	105,446
Current portion of long-term debt	—			600		—		1,648		—			2,248
Income taxes payable	—			443		1		—		(444		)	—
Deferred income taxes	31,450			—		4,925		4,346		(21,554		)	19,167
Intercompany balances	231,536			—		33,048		—		(264,584		)	—
Total current liabilities	285,092			56,899		69,510		188,339		(289,974		)	309,866
Long-term debt	501,699			46,103		—		237,680		—			785,482
Other long-term liabilities	2,165			6,044		8,719		18,819		—			35,747
Deferred income taxes long-term	—			38,052		—		16,937		(32,859		)	22,130
Total liabilities	788,956			147,098		78,229		461,775		(322,833		)	1,153,225
Stockholders’/invested equity/(deficit)	(14,633		)	388,339		56,346		283,695		(728,380		)	(14,633		)
Total liabilities and equity/(deficit)	$	774,323		$	535,437	$	134,575	$	745,470	$	(1,051,213	)	$	1,138,592

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Six Months Ended April 30,2015

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net (loss)/income	$	(48,364	)	$	(18,106	)	$	(8,484	)	$	6,761		$	19,041		$	(49,152	)
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Income from discontinued operations	—			—			2			(6,734		)	—			(6,732		)
Depreciation and amortization	1,453			4,717			2,808			11,487			—			20,465
Stock-based compensation	2,252			—			—			—			—			2,252
Provision for doubtful accounts	—			647			314			2,409			—			3,370
Asset impairments	—			—			466			492			—			958
Equity in earnings	18,459			95			—			596			(18,554		)	596
Non-cash interest expense	1,030			632			—			98			—			1,760
Deferred income taxes	—			—			—			(4,091		)	—			(4,091		)
Other adjustments to reconcile net (loss)/income	(1,185		)	(281		)	47			(5,944		)	—			(7,363		)
Changes in operating assets and liabilities:
Trade accounts receivable	—			(977		)	14,886			24,891			—			38,800
Inventories	—			(7,185		)	(2,083		)	(10,403		)	(487		)	(20,158		)
Intercompany	67,233			1,020			(50,764		)	(17,489		)	—			—
Other operating assets and liabilities	1,176			(4,251		)	6,772			(9,424		)	(3,392		)	(9,119		)
Cash provided by/(used in) operating activities of continuing operations	42,054			(23,689		)	(36,036		)	(7,351		)	(3,392		)	(28,414		)
Cash (used in)/provided by operating activities of discontinued operations	—			—			(2		)	4,670			—			4,668
Net cash provided by/(used in) operating activities	42,054			(23,689		)	(36,038		)	(2,681		)	(3,392		)	(23,746		)
Cash flows from investing activities:
Proceeds from sale of property	—			—			—			460			—			460
Capital expenditures	(3,194		)	(1,674		)	(6,249		)	(11,857		)	—			(22,974		)
Changes in restricted cash	—			16,514			—			(2,630		)	—			13,884
Cash (used in)/provided by investing activities of continuing operations	(3,194		)	14,840			(6,249		)	(14,027		)	—			(8,630		)
Cash provided by investing activities of discontinued operations	—			—			—			10,713			—			10,713
Net cash (used in)/provided by investing activities	(3,194		)	14,840			(6,249		)	(3,314		)	—			2,083
Cash flows from financing activities:
Borrowings on lines of credit	—			—			—			40,739			—			40,739
Payments on lines of credit	—			—			—			(34,516		)	—			(34,516		)
Borrowings on long-term debt	—			43,038			—			14,663			—			57,701
Payments on long-term debt	—			(19,600		)	—			(15,316		)	—			(34,916		)
Stock option exercises and employee stock purchases	372			—			—			—			—			372
Intercompany	(39,087		)	(5,901		)	44,988			—			—			—
Cash (used in )/provided by financing activities of continuing operations	(38,715		)	17,537			44,988			5,570			—			29,380
Net cash (used in)/provided by financing activities	(38,715		)	17,537			44,988			5,570			—			29,380
Effect of exchange rate changes on cash	(146		)	—			—			(6,157		)	—			(6,303		)
Net (decrease)/increase in cash and cash equivalents	(1		)	8,688			2,701			(6,582		)	(3,392		)	1,414
Cash and cash equivalents, beginning of period	158			2,867			(2,701		)	46,340			—			46,664
Cash and cash equivalents, end of period	$	157		$	11,555		$	—		$	39,758		$	(3,392	)	$	48,078

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Cash Flows

Six Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net (loss)/income	$	(36,933	)	$	(16,732	)	$	17,757		$	(5,873	)	$	(3,353	)	$	(45,134	)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	—			(19,757		)	(10,583		)	15,704			—			(14,636		)
Depreciation and amortization	1,157			5,298			4,355			14,008			—			24,818
Stock-based compensation	11,588			—			—			—			—			11,588
Provision for doubtful accounts	—			12,458			158			2,624			—			15,240
Asset impairments	—			765			3,477			1,224			—			5,466
Equity in earnings	(1,809		)	(618		)	—			1,144			2,427			1,144
Non-cash interest expense	942			491			—			269			—			1,702
Deferred income taxes	—			—			—			529			—			529
Other adjustments to reconcile net income	157			(13		)	(288		)	3,857			—			3,713
Changes in operating assets and liabilities:
Trade accounts receivable	—			(7,671		)	17,124			28,460			—			37,913
Inventories	—			9,210			10,607			8,474			926			29,217
Intercompany	26,610			(3,121		)	(35,129		)	11,640			—			—
Other operating assets and liabilities	(1,824		)	(29,289		)	(22,034		)	(41,661		)	—			(94,808		)
Cash (used in)/provided by operating activities of continuing operations	(112		)	(48,979		)	(14,556		)	40,399			—			(23,248		)
Cash used in operating activities of discontinued operations	—			—			(1,861		)	(15,117		)	—			(16,978		)
Net cash (used in)/provided by operating activities	(112		)	(48,979		)	(16,417		)	25,282			—			(40,226		)
Cash flows from investing activities:
Proceeds from sale of property	—			11			505			149			—			665
Capital expenditures	(4,139		)	(5,159		)	(3,262		)	(11,127		)	—			(23,687		)
Changes in restricted cash	—			(50,214		)	—			(5,833		)	—			(56,047		)
Cash used in investing activities of continuing operations	(4,139		)	(55,362		)	(2,757		)	(16,811		)	—			(79,069		)
Cash provided by investing activities of discontinued operations	—			58,060			18,991			—			—			77,051
Net cash (used in)/provided by investing activities	(4,139		)	2,698			16,234			(16,811		)	—			(2,018		)
Cash flows from financing activities:
Borrowings on lines of credit	—			—			—			91,625			—			91,625
Payments on lines of credit	—			—			—			(67,258		)	—			(67,258		)
Borrowings on long-term debt	—			69,000			—			6,574			—			75,574
Payments on long-term debt	—			(26,500		)	—			(11,929		)	—			(38,429		)
Payments on short-term debt	—			—			—			(15,223		)	—			(15,223		)
Stock option exercises and employee stock purchases	5,150			—			—			—			—			5,150
Payments of debt issuance costs	(809		)	38			—			—			—			(771		)
Cash provided by financing activities of continuing operations	4,341			42,538			—			3,789			—			50,668
Net cash provided by financing activities	4,341			42,538			—			3,789			—			50,668
Effect of exchange rate changes on cash	—			—			—			1,430			—			1,430
Net increase/(decrease) in cash and cash equivalents	90			(3,743		)	(183		)	13,690			—			9,854
Cash and cash equivalents, beginning of period	35			3,733			296			53,216			—			57,280
Cash and cash equivalents, end of period	$	125		$	(10	)	$	113		$	66,906		$	—		$	67,134

Condensed Consolidating Statement of Cash Flows

Six Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net (loss)/income	$	(36,933	)	$	(16,732	)	$	17,757		$	(5,873	)	$	(3,353	)	$	(45,134	)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	—			(19,757		)	(10,583		)	15,704			—			(14,636		)
Depreciation and amortization	1,157			5,298			4,355			14,008			—			24,818
Stock-based compensation	11,588			—			—			—			—			11,588
Provision for doubtful accounts	—			12,458			158			2,624			—			15,240
Asset impairments	—			765			3,477			1,224			—			5,466
Equity in earnings	(1,809		)	(618		)	—			1,144			2,427			1,144
Non-cash interest expense	942			491			—			269			—			1,702
Deferred income taxes	—			—			—			529			—			529
Other adjustments to reconcile net income	157			(13		)	(288		)	3,857			—			3,713
Changes in operating assets and liabilities:
Trade accounts receivable	—			(7,671		)	17,124			28,460			—			37,913
Inventories	—			9,210			10,607			8,474			926			29,217
Intercompany	26,610			(3,121		)	(35,129		)	11,640			—			—
Other operating assets and liabilities	(1,824		)	(29,289		)	(22,034		)	(41,661		)	—			(94,808		)
Cash (used in)/provided by operating activities of continuing operations	(112		)	(48,979		)	(14,556		)	40,399			—			(23,248		)
Cash used in operating activities of discontinued operations	—			—			(1,861		)	(15,117		)	—			(16,978		)
Net cash (used in)/provided by operating activities	(112		)	(48,979		)	(16,417		)	25,282			—			(40,226		)
Cash flows from investing activities:
Proceeds from sale of property	—			11			505			149			—			665
Capital expenditures	(4,139		)	(5,159		)	(3,262		)	(11,127		)	—			(23,687		)
Changes in restricted cash	—			(50,214		)	—			(5,833		)	—			(56,047		)
Cash used in investing activities of continuing operations	(4,139		)	(55,362		)	(2,757		)	(16,811		)	—			(79,069		)
Cash provided by investing activities of discontinued operations	—			58,060			18,991			—			—			77,051
Net cash (used in)/provided by investing activities	(4,139		)	2,698			16,234			(16,811		)	—			(2,018		)
Cash flows from financing activities:
Borrowings on lines of credit	—			—			—			91,625			—			91,625
Payments on lines of credit	—			—			—			(67,258		)	—			(67,258		)
Borrowings on long-term debt	—			69,000			—			6,574			—			75,574
Payments on long-term debt	—			(26,500		)	—			(11,929		)	—			(38,429		)
Payments on short-term debt	—			—			—			(15,223		)	—			(15,223		)
Stock option exercises and employee stock purchases	5,150			—			—			—			—			5,150
Payments of debt issuance costs	(809		)	38			—			—			—			(771		)
Cash provided by financing activities of continuing operations	4,341			42,538			—			3,789			—			50,668
Net cash provided by financing activities	4,341			42,538			—			3,789			—			50,668
Effect of exchange rate changes on cash	—			—			—			1,430			—			1,430
Net increase/(decrease) in cash and cash equivalents	90			(3,743		)	(183		)	13,690			—			9,854
Cash and cash equivalents, beginning of period	35			3,733			296			53,216			—			57,280
Cash and cash equivalents, end of period	$	125		$	(10	)	$	113		$	66,906		$	—		$	67,134

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Intangible Assets and Goodwill - Summary of Goodwill by Segment (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Apr. 30, 2015	Oct. 31, 2014
Goodwill [Roll Forward]
Net goodwill	$ 80,622	$ 261,625
Impairments		(178,197)
Foreign currency translation and other	(520)	(2,806)
Gross goodwill	387,844	388,364
Accumulated impairment losses	(307,742)	(307,742)
Net goodwill	80,102	80,622
Americas
Goodwill [Roll Forward]
Net goodwill	74,415	74,943
Impairments		0
Foreign currency translation and other	(520)	(528)
Gross goodwill	73,895	74,415
Accumulated impairment losses	0	0
Net goodwill	73,895	74,415
EMEA
Goodwill [Roll Forward]
Net goodwill	0	180,475
Impairments		(178,197)
Foreign currency translation and other	0	(2,278)
Gross goodwill	178,197	178,197
Accumulated impairment losses	(178,197)	(178,197)
Net goodwill	0	0
APAC
Goodwill [Roll Forward]
Net goodwill	6,207	6,207
Impairments		0
Foreign currency translation and other	0	0
Gross goodwill	135,752	135,752
Accumulated impairment losses	(129,545)	(129,545)
Net goodwill	$ 6,207	$ 6,207

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Condensed Consolidation Financial Information - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Jul. 31, 2013	Nov. 30, 2013
Guarantor Subsidiaries
Debt Instrument [Line Items]
Percentage of ownership owned by parent in subsidiaries	100.00%
2020 Notes
Debt Instrument [Line Items]
Notes issued, aggregate principal amount		$ 225,000
2020 Notes | Domestic Subsidiaries
Debt Instrument [Line Items]
Percentage of ownership owned by parent in subsidiaries			100.00%

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Stockholders' Equity/(Deficit) and Non-controlling Interest - Summary of Changes in Equity (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 56,234	$ 384,199
Stock-based compensation expense			2,252	11,588
Exercise of stock options				4,476
Employee stock purchase plan			374	673
Business disposition			(1,570)
Transactions with non-controlling interest holders				(16,543)
Net loss and other comprehensive income/(loss)	(41,746)	(55,180)	(71,923)	(53,875)
Ending Balance	(14,633)	330,518	(14,633)	330,518
Attributable to Quiksilver, Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			53,876	366,247
Stock-based compensation expense			2,252	11,588
Exercise of stock options				4,476
Employee stock purchase plan			374	673
Business disposition			0
Transactions with non-controlling interest holders				(10,839)
Net loss and other comprehensive income/(loss)			(71,135)	(45,674)
Ending Balance	(14,633)	326,471	(14,633)	326,471
Non- controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			2,358	17,952
Stock-based compensation expense			0	0
Exercise of stock options				0
Employee stock purchase plan			0	0
Business disposition			(1,570)
Transactions with non-controlling interest holders				(5,704)
Net loss and other comprehensive income/(loss)			(788)	(8,201)
Ending Balance	$ 0	$ 4,047	$ 0	$ 4,047

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Earnings per Share and Stock-based Compensation - Schedule of Restricted Stock Activity (Detail)	6 Months Ended
	Apr. 30, 2015
Restricted Stock
Shares
Non-vested, October 31, 2014 (shares)	175,000
Granted (shares)	105,000
Vested (shares)	(70,000)
Forfeited (shares)	0
Non-vested, April 30, 2015 (shares)	210,000
Restricted Stock Units (RSUs)
Shares
Non-vested, October 31, 2014 (shares)	0
Granted (shares)	675,676
Vested (shares)	(281,532)
Forfeited (shares)	(394,144)
Non-vested, April 30, 2015 (shares)	0

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Basis of Presentation

6 Months Ended

Apr. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statement presentation.

Quiksilver, Inc. and its subsidiaries (the “Company”) has included all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the results of operations for all periods presented. The Company's fiscal year ends on October 31 (for example, “fiscal 2015” refers to the year ending October 31, 2015). The condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended October 31, 2014 included in the Company’s most recent Annual Report on Form 10-K. Interim results are not necessarily indicative of results for the full year.

Principles of Consolidation

The consolidated financial statements include the accounts of Quiksilver, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

The Company completed the sale of Mervin Manufacturing, Inc. ("Mervin") and substantially all of the assets of Hawk Designs, Inc. ("Hawk") during the first quarter of fiscal 2014. In December 2014, the Company sold its majority stake in Surfdome Shop, Ltd. ("Surfdome"). As a result, the Company reported the operating results of Mervin, Hawk and Surfdome in "Income from discontinued operations, net of tax" in the condensed consolidated statements of operations for all periods presented. In addition, the assets and liabilities associated with these businesses are reported as discontinued operations in the condensed consolidated balance sheets (see Note 15 — Discontinued Operations). Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash Equivalents

Cash equivalents represent cash and short-term, highly liquid investments, including commercial paper, U.S. Treasury, U.S. Agency, and corporate debt securities with original maturities of three months or less at the date of purchase. Cash equivalents represent Level 1 fair value investments. See the Fair Value Measurements section below for further details.

Fair Value Measurements

Accounting Standards Codification 820, Fair Value Measurements and Disclosures, ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels.

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy established in ASC 820 that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach).

The levels of hierarchy are described below:

• Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities.

• Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 – Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option-pricing models, discounted cash flow models and similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.

Pricing vendors are utilized for certain Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The Company’s fair value processes include controls that are designed to ensure appropriate fair values are recorded. These controls include an analysis of period-over-period fluctuations and comparison to another independent pricing vendor.

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Accumulated Other Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended		3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014	Jan. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 57,288	$ 73,918			$ 65,177
Changes in fair value, net of tax, total	(12,205)	(7,684)
Ending balance	34,517		34,517		65,177
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Net gains reclassified to COGS	(10,566)	(1,057)
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	4,093	(4,591)		(2,759)
Changes in fair value, derivative instruments, net of tax	20,703	2,889	2,261	(3,218)
Ending balance	14,230		14,230
Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Net gains reclassified to COGS	(10,566)	(1,057)	(7,648)	(1,243)
Foreign Currency Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	53,195	78,509		67,936
Changes in fair value, foreign currency adjustments, net of tax	(32,908)	(10,573)	1,235	10,142
Ending balance	20,287		20,287
Foreign Currency Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Net gains reclassified to COGS	$ 0	$ 0

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Earnings per Share and Stock-based Compensation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Oct. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options exercisable (shares)	5,927,274
Outstanding options (shares)	6,326,942		6,817,609
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options granted (shares)	105,000
Unrecognized compensation expense	$ 0.4
Unrecognized compensation expense, weighted average period	1 year 5 months 21 days
Vesting period	3 years
Performance Based Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options granted (shares)	0	0
Performance Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding options exercisable (shares)	204,000
Outstanding options (shares)	640,000		640,000
Unrecognized compensation expense	0.2
Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average fair value of the restricted stock units (usd per share)	$ 1.85	$ 5.16
Outstanding options exercisable (shares)	0
Outstanding options (shares)	9,779,006		10,218,508
Unrecognized compensation expense	2.7
Unrecognized compensation expense, weighted average period	1 year
Non-Performance Based Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average fair value of the restricted stock units (usd per share)	$ 4.32		$ 4.18
Options granted (shares)	275,000
Unrecognized compensation expense	$ 0.9
Unrecognized compensation expense, weighted average period	1 year 8 months 21 days
Fair value assumptions, risk free interest rate	1.81%	2.20%
Fair value assumptions, expected volatility rate	86.00%	81.00%
Fair value assumptions, expected life	6 years 7 months 1 day	6 years 8 months
Weighted average fair value of grants (usd per share)	$ 1.27	$ 5.94
Vesting period	3 years

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Inventories (Tables)

6 Months Ended

Apr. 30, 2015

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following as of the dates indicated:

In thousands	April 30, 2015		October 31, 2014
Raw materials	$	2,666	$	3,524
Work in-process	422		467
Finished goods	288,160		280,526
Total	$	291,248	$	284,517

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Earnings per Share and Stock-based Compensation (Tables)

6 Months Ended

Apr. 30, 2015

Earnings per Share and Stock Based Compensation [Abstract]

Reconciliation of Denominator of Each Net Loss per Share

The table below sets forth the reconciliation of the denominator of each net loss/income per share calculation for the three and six months endedApril 30, 2015 and 2014:

	Three Months Ended April 30,		Six Months Ended April 30,
In thousands	2015	2014	2015	2014
Shares used in computing basic net loss/income per share	171,343	170,475	171,188	170,105
Dilutive effect of stock options and restricted stock(1)	—	—	—	—
Dilutive effect of stock warrants(1)	—	—	—	—
Shares used in computing diluted net loss/income per share	171,343	170,475	171,188	170,105

(1) For the second quarter of fiscal 2015 and 2014, the shares used in computing diluted net loss per share do not include 232,000 and 3,229,000, respectively, of stock options and shares of restricted stock, nor 1,279,000 and 19,113,000, respectively, of warrant shares that would have normally been dilutive if the Company had net income for the periods, as the effect is anti-dilutive given the Company’s net loss from continuing operations. In addition, for the second quarter of fiscal 2015 and 2014, additional stock options outstanding of 5,712,000 and 685,000, respectively, are excluded from the calculation of diluted weighted-average shares outstanding as the exercise prices were greater than the average market price of the Company's common stock for those periods. These securities could potentially dilute earnings per share in the future.

For the first six months of fiscal 2015 and 2014, the shares used in computing diluted net loss per share do not include 233,000 and 3,603,000, respectively, of stock options and shares of restricted stock, nor 1,633,000 and 19,542,000, respectively, of warrant shares that would have been dilutive if the Company had net income for the periods, as the effect is anti-dilutive given the Company’s net loss from continuing operations. In addition, for the first six months of fiscal 2015 and 2014, additional stock options outstanding of 5,880,000 and 595,000, respectively, are excluded from the calculation of diluted weighted-average shares outstanding as the exercise prices were greater than the average market price of the Company's common stock for those periods. These securities could potentially dilute earnings per share in the future.

Schedule of Activity Related to Performance Based Equity Instruments

Activity related to these performance-based options and performance-based restricted stock units for the six months endedApril 30, 2015 was as follows:

	Performance Options	Performance Restricted Stock Units
Outstanding, October 31, 2014	640,000	10,218,508
Granted	—	1,824,000
Exercised	—	—
Canceled	—	(2,263,502	)
Outstanding, April 30, 2015	640,000	9,779,006

Schedule of Changes in Shares under Option, Excluding Performance Based Options

Changes in shares underlying stock options, excluding performance-based stock options, for the six months endedApril 30, 2015 were as follows:

Dollar amounts in thousands, except per share amounts	Shares		Weighted Average Price		Weighted Average Life	Aggregate Intrinsic Value
Outstanding, October 31, 2014	6,817,609		$	4.52
Granted	275,000		1.70
Exercised	—		—
Canceled	(765,667	)	5.87
Outstanding, April 30, 2015	6,326,942		$	4.24	4.6	$	14
Options exercisable, April 30, 2015	5,927,274		$	4.12	4.4	$	14

Schedule of Changes in Non-Vested Shares under Option, Excluding Performance Based Options

Changes in non-vested shares underlying stock options, excluding performance-based stock options, for the six months endedApril 30, 2015 were as follows:

	Shares		Weighted Average Grant Date Fair Value
Non-vested, October 31, 2014	1,121,336		$	4.18
Granted	275,000		1.27
Vested	(813,334	)	2.89
Canceled	(183,334	)	5.20
Non-vested, April 30, 2015	399,668		$	4.32

Schedule of Restricted Stock Activity

Changes in restricted stock and restricted stock units for the six months endedApril 30, 2015 were as follows:

	Restricted Stock		Restricted Stock Units
Outstanding, October 31, 2014	175,000		—
Granted	105,000		675,676
Vested	(70,000	)	(281,532	)
Forfeited	—		(394,144	)
Outstanding, April 30, 2015	210,000		—

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Debt - Summary of Lines of Credit and Long-term Debt (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Apr. 30, 2015	Oct. 31, 2014
Debt Instrument [Line Items]
Credit facility	$ 94,000
Capital lease obligations and other borrowings	4,661	6,124
Total debt	820,767	828,590
Less current portion	(35,285)	(35,361)
Long-term debt, net of current portion	785,482	793,229
2017 Notes
Debt Instrument [Line Items]
Stated interest rate	8.875%
Lines of credit and long-term debt	220,590	252,188
2018 Notes
Debt Instrument [Line Items]
Stated interest rate	7.875%
Lines of credit and long-term debt	278,957	278,834
2020 Notes
Debt Instrument [Line Items]
Stated interest rate	10.00%
Lines of credit and long-term debt	222,743	222,582
ABL Credit Facility
Debt Instrument [Line Items]
Effective interest rate, minimum	2.10%
Effective interest rate, maximum	4.60%
Credit facility	60,779	35,933
Line of Credit, 0.7% Floating Interest
Debt Instrument [Line Items]
Effective interest rate	0.70%
Credit facility	$ 33,037	$ 32,929

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Earnings per Share and Stock-based Compensation - Schedule of Activity Related to Performance Based Equity Instruments (Detail)	6 Months Ended
	Apr. 30, 2015
Activity related to these performance-based equity instruments
Outstanding, October 31, 2014 (shares)	6,817,609
Granted (shares)	275,000
Exercised (shares)	0
Canceled (shares)	(765,667)
Outstanding, April 30, 2015 (shares)	6,326,942
Performance Options
Activity related to these performance-based equity instruments
Outstanding, October 31, 2014 (shares)	640,000
Granted (shares)	0
Exercised (shares)	0
Canceled (shares)	0
Outstanding, April 30, 2015 (shares)	640,000
Performance Restricted Stock Units
Activity related to these performance-based equity instruments
Outstanding, October 31, 2014 (shares)	10,218,508
Granted (shares)	1,824,000
Exercised (shares)	0
Canceled (shares)	(2,263,502)
Outstanding, April 30, 2015 (shares)	9,779,006

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Intangible Assets and Goodwill (Tables)

6 Months Ended

Apr. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following as of the dates indicated:

	April 30, 2015							October 31, 2014
In thousands	Gross Amount		Accumulated Amortization			Net Book Value		Gross Amount		Accumulated Amortization			Net Book Value
Non-amortizable trademarks	$	124,143	$	—		$	124,143	$	124,121	$	—		$	124,121
Amortizable trademarks	24,550		(12,543		)	12,007		21,858		(12,508		)	9,350
Amortizable licenses	10,766		(10,766		)	—		11,817		(11,817		)	—
Other amortizable intangibles	8,416		(6,528		)	1,888		8,406		(6,367		)	2,039
Total	$	167,875	$	(29,837	)	$	138,038	$	166,202	$	(30,692	)	$	135,510

Summary of Goodwill by Segment

A summary of goodwill by reporting unit, and in total, and changes in the carrying amounts, as of the dates indicated is as follows:

In thousands	Americas			EMEA			APAC			Consolidated
Net goodwill at October 31, 2013	$	74,943		$	180,475		$	6,207		$	261,625
Impairments	—			(178,197		)	—			(178,197		)
Foreign currency translation and other	(528		)	(2,278		)	—			(2,806		)
Gross goodwill	74,415			178,197			135,752			388,364
Accumulated impairment losses	—			(178,197		)	(129,545		)	(307,742		)
Net goodwill at October 31, 2014	$	74,415		$	—		$	6,207		$	80,622
Foreign currency translation and other	(520		)	—			—			(520		)
Gross goodwill	73,895			178,197			135,752			387,844
Accumulated impairment losses	—			(178,197		)	(129,545		)	(307,742		)
Net goodwill at April 30, 2015	$	73,895		$	—		$	6,207		$	80,102

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Restructuring Charges (Tables)

6 Months Ended

Apr. 30, 2015

Restructuring and Related Activities [Abstract]

Activity and Liability Balances

Activity and liability balances recorded as part of the 2013 Plan and 2011 Plan were as follows:

In thousands	Workforce			Facility & Other			Total
Balance, October 31, 2013	$	12,159		$	6,939		$	19,098
Charged to expense	19,350			15,295			34,645
Cash payments	(19,999		)	(9,943		)	(29,942		)
Balance, October 31, 2014	$	11,510		$	12,291		$	23,801
Charged to expense	6,435			5,057			11,492
Cash payments	(7,507		)	(4,076		)	(11,583		)
Adjustments	—			(1,986		)	(1,986		)
Balance, April 30, 2015	$	10,438		$	11,286		$	21,724

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Cash flows from operating activities:
Net loss	$ (49,152)	$ (45,134)
Adjustments to reconcile net loss to net cash used in operating activities:
Income from discontinued operations	(6,732)	(14,636)
Depreciation and amortization	20,465	24,818
Stock-based compensation	2,252	11,588
Provision for doubtful accounts	3,370	15,240
Loss/(gain) on disposal of fixed assets	345	(493)
Unrealized foreign currency (gain)/loss	(7,708)	4,206
Asset impairments	958	5,466
Non-cash interest expense	1,760	1,702
Equity in earnings	596	1,144
Deferred income taxes	(4,091)	529
Subtotal of non-cash reconciling adjustments	11,215	49,564
Changes in operating assets and liabilities:
Trade accounts receivable	38,800	37,913
Other receivables	(3,505)	(6,146)
Inventories	(20,158)	29,217
Prepaid expenses and other current assets	(4,738)	(7,744)
Other assets	807	1,608
Accounts payable	3,832	(66,232)
Accrued liabilities and other long-term liabilities	(3,927)	(15,287)
Income taxes payable	(1,588)	(1,007)
Subtotal of changes in operating assets and liabilities	9,523	(27,678)
Cash used in operating activities of continuing operations	(28,414)	(23,248)
Cash provided by/(used in) operating activities of discontinued operations	4,668	(16,978)
Net cash used in operating activities	(23,746)	(40,226)
Cash flows from investing activities:
Capital expenditures	(22,974)	(23,687)
Proceeds from sale of property	460	665
Changes in restricted cash	13,884	(56,047)
Cash used in investing activities of continuing operations	(8,630)	(79,069)
Cash provided by investing activities of discontinued operations	10,713	77,051
Net cash provided by/(used in) investing activities	2,083	(2,018)
Cash flows from financing activities:
Borrowings on lines of credit	40,739	91,625
Payments on lines of credit	(34,516)	(67,258)
Borrowings on long-term debt	57,701	75,574
Payments on long-term debt	(34,916)	(38,429)
Payments on short-term debt	0	(15,223)
Stock option exercises and employee stock purchases	372	5,150
Payments of debt issuance costs	0	(771)
Cash provided by financing activities of continuing operations	29,380	50,668
Net cash provided by financing activities	29,380	50,668
Effect of exchange rate changes on cash	(6,303)	1,430
Net increase in cash and cash equivalents	1,414	9,854
Cash and cash equivalents, beginning of period	46,664	57,280
Cash and cash equivalents, end of period	48,078	67,134
Cash paid during the period for:
Interest	34,821	38,530
Income taxes paid	5,034	9,599
Summary of significant non-cash transactions:
Capital expenditures accrued at period end (investing activities)	2,224	5,211
Debt issued for purchase of non-controlling interest (financing activities)	$ 0	$ 17,388

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Debt (Tables)

6 Months Ended

Apr. 30, 2015

Debt Disclosure [Abstract]

Summary of Lines of Credit and Long-term Debt

A summary of borrowings under lines of credit and long-term debt as of the dates indicated is as follows:

In thousands	Maturity	April 30, 2015			October 31, 2014
Lines of credit - 0.7% Floating	October 31, 2016	$	33,037		$	32,929
2017 Notes - 8.875% Fixed	December 15, 2017	220,590			252,188
ABL Credit Facility - 2.1% to 4.6% Floating	May 24, 2018	60,779			35,933
2018 Notes - 7.875% Fixed	August 1, 2018	278,957			278,834
2020 Notes - 10.000% Fixed	August 1, 2020	222,743			222,582
Capital lease obligations and other borrowings - Various %	Various	4,661			6,124
Total debt		820,767			828,590
Less current portion		(35,285		)	(35,361		)
Long-term debt, net of current portion		$	785,482		$	793,229

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Segment Information - Information Related to Company's Operating Segments (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014	Oct. 31, 2014
Segment Reporting Information [Line Items]
Revenues, net	$ 333,052	$ 396,941	$ 673,906	$ 791,851
Gross profit/(loss)	156,798	194,290	326,242	394,930
SG&A expense	175,179	207,921	345,683	411,705
Asset impairments	703	4,583	958	5,466
Operating income/ (loss)	(19,084)	(18,214)	(20,399)	(22,241)
Depreciation and amortization expense	9,430	14,021	19,857	24,366
Interest expense	18,040	19,222	36,442	38,642
Identifiable assets	1,138,592		1,138,592		1,255,982
Operating Segments | Americas
Segment Reporting Information [Line Items]
Revenues, net	159,987	186,247	307,754	361,710
Gross profit/(loss)	67,196	78,909	131,505	154,823
SG&A expense	78,509	96,701	148,533	186,262
Asset impairments	466	4,191	542	4,413
Operating income/ (loss)	(11,779)	(21,983)	(17,570)	(35,852)
Depreciation and amortization expense	3,827	6,017	7,935	10,533
Interest expense	943	327	1,673	1,229
Identifiable assets	438,138		438,138		464,831
Operating Segments | EMEA
Segment Reporting Information [Line Items]
Revenues, net	115,792	150,883	241,605	300,280
Gross profit/(loss)	59,904	81,724	130,404	169,573
SG&A expense	61,426	75,715	127,555	153,923
Asset impairments	237	392	416	1,053
Operating income/ (loss)	(1,759)	5,617	2,433	14,597
Depreciation and amortization expense	3,116	5,474	6,932	8,761
Interest expense	3,827	4,708	8,055	9,519
Identifiable assets	438,696		438,696		513,303
Operating Segments | APAC
Segment Reporting Information [Line Items]
Revenues, net	56,276	59,721	122,874	129,596
Gross profit/(loss)	29,894	33,413	66,744	70,221
SG&A expense	32,299	34,089	67,104	67,452
Asset impairments	0	0	0	0
Operating income/ (loss)	(2,405)	(676)	(360)	2,769
Depreciation and amortization expense	1,748	1,925	3,489	3,813
Interest expense	458	541	984	1,128
Identifiable assets	197,437		197,437		202,225
Operating Segments | Corporate Operations
Segment Reporting Information [Line Items]
Revenues, net	997	90	1,673	265
Gross profit/(loss)	(196)	244	(2,411)	313
SG&A expense	2,945	1,416	2,491	4,068
Asset impairments	0	0	0	0
Operating income/ (loss)	(3,141)	(1,172)	(4,902)	(3,755)
Depreciation and amortization expense	739	605	1,501	1,259
Interest expense	12,812	13,646	25,730	26,766
Identifiable assets	$ 64,321		$ 64,321		$ 75,623

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Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015 Segment	Apr. 30, 2014
Income Tax Contingency [Line Items]
Number of segments			4
Income tax expense	$ 3,728,000	$ (443,000)	$ 1,644,000	$ (4,828,000)
Liability for uncertain tax positions			12,000,000
Uncertain tax position liabilities excluding interest and penalties	11,000,000		11,000,000
Reasonably possible outcome within the next 12 months range, reduction of liability for unrecognized tax benefits excluding penalties and interest	10,000,000		10,000,000
Reasonably possible outcome within the next 12 months range, increase of liability for unrecognized tax benefits excluding penalties and interest	4,000,000		4,000,000
Foreign Tax Authority
Income Tax Contingency [Line Items]
Tax expense, other comprehensive income			4,000,000
Income tax expense			$ 6,000,000

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Restatement of Prior Period Financial Statements - Statement of Operations (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Revenues, net	$ 333,052	$ 396,941	$ 673,906	$ 791,851
Gross profit/(loss)	156,798	194,290	326,242	394,930
Operating Income (Loss)	(19,084)	(18,214)	(20,399)	(22,241)
Loss from continuing operations	(37,594)	(37,880)	(55,884)	(59,770)
Net loss attributable to Quiksilver, Inc.	(37,594)	(53,124)	(48,364)	(36,933)
Net loss per share attributable to Quiksilver, Inc. (usd per share)	$ (0.22)	$ (0.31)	$ (0.28)	$ (0.22)
As Previously Reported
Revenues, net		397,121		789,733
Gross profit/(loss)		194,354		394,189
Operating Income (Loss)		(18,152)		(22,982)
Loss from continuing operations		(37,817)		(60,511)
Net loss attributable to Quiksilver, Inc.		(53,061)		(37,674)
Net loss per share attributable to Quiksilver, Inc. (usd per share)		$ (0.31)		$ (0.22)
Americas | As Previously Reported
Revenues, net		186,427		359,592
Gross profit/(loss)		78,972		154,082
Operating Income (Loss)		(21,920)		(36,593)
Operating Segments | Americas
Revenues, net	159,987	186,247	307,754	361,710
Gross profit/(loss)	67,196	78,909	131,505	154,823
Operating Income (Loss)	$ (11,779)	$ (21,983)	$ (17,570)	$ (35,852)

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Income Statement [Abstract]
Revenues, net	$ 333,052	$ 396,941	$ 673,906	$ 791,851
Cost of goods sold	176,254	202,651	347,664	396,921
Gross profit	156,798	194,290	326,242	394,930
Selling, general and administrative expense	175,179	207,921	345,683	411,705
Asset impairments	703	4,583	958	5,466
Operating loss	(19,084)	(18,214)	(20,399)	(22,241)
Interest expense, net	18,040	19,222	36,442	38,642
Foreign currency (gain)/loss	(3,258)	887	(2,601)	3,715
Loss before provision/(benefit) for income taxes	(33,866)	(38,323)	(54,240)	(64,598)
Provision/(benefit) for income taxes	3,728	(443)	1,644	(4,828)
Loss from continuing operations	(37,594)	(37,880)	(55,884)	(59,770)
(Loss)/income from discontinued operations, net of tax (includes net gain on sale of businesses of $6,580 (for the six months ended 2015) and $30,833 (for the six months ended 2014)	0	(22,981)	6,732	14,636
Net loss	(37,594)	(60,861)	(49,152)	(45,134)
Less: net loss attributable to non-controlling interest	0	7,737	788	8,201
Net loss	(37,594)	(53,124)	(48,364)	(36,933)
Loss per share from continuing operations attributable to Quiksilver, Inc. (usd per share)	$ (0.22)	$ (0.22)	$ (0.33)	$ (0.35)
(Loss)/income per share from discontinued operations attributable to Quiksilver, Inc. (usd per share)	$ 0.00	$ (0.09)	$ 0.04	$ 0.13
Net loss per share attributable to Quiksilver, Inc. (usd per share)	$ (0.22)	$ (0.31)	$ (0.28)	$ (0.22)
Loss per share from continuing operations attributable to Quiksilver, Inc., assuming dilution (usd per share)	$ (0.22)	$ (0.22)	$ (0.33)	$ (0.35)
(Loss)/income per share from discontinued operations attributable to Quiksilver, Inc., assuming dilution (usd per share)	$ 0.00	$ (0.09)	$ 0.04	$ 0.13
Net loss per share attributable to Quiksilver, Inc., assuming dilution (usd per share)	$ (0.22)	$ (0.31)	$ (0.28)	$ (0.22)
Weighted average common shares outstanding, basic (shares)	171,343	170,475	171,188	170,105
Weighted average common shares outstanding, diluted (shares)	171,343	170,475	171,188	170,105
Amounts attributable to Quiksilver, Inc.:
Loss from continuing operations	(37,594)	(37,880)	(55,884)	(59,409)
(Loss)/income from discontinued operations, net of tax	0	(15,244)	7,520	22,476
Net loss	$ (37,594)	$ (53,124)	$ (48,364)	$ (36,933)

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Earnings per Share and Stock-based Compensation - Schedule of Changes in Shares under Option, Excluding Performance Based Options (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended
	Apr. 30, 2015
Shares
Outstanding, October 31, 2014 (shares)	6,817,609
Granted (shares)	275,000
Exercised (shares)	0
Canceled (shares)	(765,667)
Outstanding, April 30, 2015 (shares)	6,326,942
Options exercisable, April 30, 2015 (shares)	5,927,274
Weighted Average Price
Outstanding, October 31, 2014 (usd per share)	$ 4.52
Granted (usd per share)	$ 1.70
Exercised (usd per share)	$ 0.00
Canceled (usd per share)	$ 5.87
Outstanding, April 30, 2015 (usd per share)	$ 4.24
Options exercisable, April 30, 2015 (usd per share)	$ 4.12
Outstanding, Weighted Average Life, ending balance	4 years 7 months 14 days
Options exercisable, Weighted Average Life, April 30, 2015	4 years 4 months 30 days
Outstanding, Aggregate Intrinsic Value, ending balance	$ 14
Options exercisable, April 30, 2015, Aggregate Intrinsic Value	$ 14

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Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Oct. 31, 2014
Current assets:
Cash and cash equivalents	$ 48,078	$ 46,664
Restricted cash	4,449	4,687
Trade accounts receivable, less allowances of $52,940 (2015) and $63,991 (2014)	251,947	311,014
Other receivables	42,800	40,847
Income taxes receivable	494	0
Inventories	291,248	284,517
Deferred income taxes - current	4,838	4,926
Prepaid expenses and other current assets	30,425	28,080
Current portion of assets held for sale	0	20,265
Total current assets	674,279	741,000
Restricted cash	2,868	16,514
Fixed assets, less accumulated depreciation and amortization of $215,094 (2015) and $220,888 (2014)	189,673	213,768
Intangible assets, net	138,038	135,510
Goodwill	80,102	80,622
Other assets	39,450	47,086
Deferred income taxes long-term	14,182	16,088
Assets held for sale, net of current portion	0	5,394
Total assets	1,138,592	1,255,982
Current liabilities:
Lines of credit	33,037	32,929
Accounts payable	149,968	168,307
Accrued liabilities	105,446	112,701
Current portion of long-term debt	2,248	2,432
Income taxes payable	0	1,124
Deferred income taxes - current	19,167	19,628
Current portion of assets held for sale	0	13,266
Total current liabilities	309,866	350,387
Long-term debt, net of current portion	785,482	793,229
Other long-term liabilities	35,747	39,342
Deferred income taxes long-term	22,130	16,790
Total liabilities	1,153,225	1,199,748
Equity/(Deficit):
Preferred stock, $0.01 par value, authorized shares - 5,000,000; issued and outstanding shares - none	0	0
Common stock, $0.01 par value, authorized shares - 285,000,000; issued shares - 174,642,124 (2015) and 174,057,410 (2014)	1,743	1,741
Additional paid-in capital	591,656	589,032
Treasury stock, 2,885,200 shares	(6,778)	(6,778)
Accumulated deficit	(635,771)	(587,407)
Accumulated other comprehensive income	34,517	57,288
Total Quiksilver, Inc. stockholders’ equity/(deficit)	(14,633)	53,876
Non-controlling interest	0	2,358
Total equity/(deficit)	(14,633)	56,234
Total liabilities and equity/(deficit)	$ 1,138,592	$ 1,255,982

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Derivative Financial Instruments - Outstanding Derivative Contracts Entered into Hedge Forecasted Purchases (Detail) (Inventory Commodity, United States Dollars, USD $) In Thousands, unless otherwise specified	Apr. 30, 2015
Inventory Commodity | United States Dollars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount	$ 238,686
Fair Value	$ 19,427

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Accumulated Other Comprehensive Income/(Loss) (Tables)

6 Months Ended

Apr. 30, 2015

Equity [Abstract]

Components of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income/(loss), net of tax, are as follows:

	Derivative Instruments			Foreign Currency Adjustments			Total
In thousands
Balance, October 31, 2014	$	4,093		$	53,195		$	57,288
Net gains reclassified to COGS	(10,566		)	—			(10,566		)
Changes in fair value, net of tax	20,703			(32,908		)	(12,205		)
Balance, April 30, 2015	$	14,230		$	20,287		$	34,517
Balance, October 31, 2013	$	(4,591	)	$	78,509		$	73,918
Net gains reclassified to COGS	(1,057		)	—			(1,057		)
Changes in fair value, net of tax	2,889			(10,573		)	(7,684		)
Balance, April 30, 2014	$	(2,759	)	$	67,936		$	65,177

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Discontinued Operations - Components of Major Assets and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2014
Assets:
Inventories	$ 19,659
Other	6,000
Total assets	25,659
Liabilities:
Accounts payable	12,520
Accrued liabilities	120
Deferred tax liabilities	626
Total liabilities	$ 13,266

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Accumulated Other Comprehensive Income/(Loss)

6 Months Ended

Apr. 30, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income/(Loss)

Accumulated Other Comprehensive Income/(Loss)

The components of accumulated other comprehensive income/(loss) include changes in fair value of derivative instruments qualifying as cash flow hedges and foreign currency translation adjustments. The components of accumulated other comprehensive income/(loss), net of tax, are as follows:

	Derivative Instruments			Foreign Currency Adjustments			Total
In thousands
Balance, October 31, 2014	$	4,093		$	53,195		$	57,288
Net gains reclassified to COGS	(10,566		)	—			(10,566		)
Changes in fair value, net of tax	20,703			(32,908		)	(12,205		)
Balance, April 30, 2015	$	14,230		$	20,287		$	34,517
Balance, October 31, 2013	$	(4,591	)	$	78,509		$	73,918
Net gains reclassified to COGS	(1,057		)	—			(1,057		)
Changes in fair value, net of tax	2,889			(10,573		)	(7,684		)
Balance, April 30, 2014	$	(2,759	)	$	67,936		$	65,177

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Discontinued Operations (Tables)

6 Months Ended

Apr. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Summarized Results from Discontinued Operations

The operating results of discontinued operations for the three and six months endedApril 30,2015 and 2014 are as follows:

	Three Months Ended April 30,					Six Months Ended April 30,
In thousands	2015		2014			2015		2014
Revenues, net	$	—	$	11,114		$	13,239	$	31,276
(Loss)/income before income taxes	—		(16,625		)	6,785		31,469
Provision for income taxes	—		6,356			53		16,833
(Loss)/income from discontinued operations	—		(22,981		)	6,732		14,636
Less: net loss attributable to non-controlling interest	—		7,737			788		7,840
(Loss)/income from discontinued operations attributable to Quiksilver, Inc.	$	—	$	(15,244	)	$	7,520	$	22,476

Components of Major Assets and Liabilities

The components of major assets and liabilities held for sale at October 31, 2014 were as follows:

In thousands	October 31, 2014
Assets:
Inventories	$	19,659
Other	6,000
Total	$	25,659
Liabilities:
Accounts payable	$	12,520
Accrued liabilities	120
Deferred tax liabilities	626
Total	$	13,266

Total Assets Held for Sale

Total assets held for sale as of October 31, 2014 by segment were as follows:

In thousands	October 31, 2014
Americas	$	28
EMEA	25,631
APAC	—
Total	$	25,659

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Condensed Consolidation Financial Information

6 Months Ended

Apr. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidation Financial Information

In July 2013, the Company issued $225 million aggregate principal amount of its 2020 Notes. These notes were issued in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). They were offered within the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside of the United States only to non-U.S. investors in accordance with Regulation S under the Securities Act. In November 2013, these notes were exchanged for publicly registered notes with identical terms. Obligations under the Company’s 2020 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of its existing 100% owned domestic subsidiaries.

The Company presents condensed consolidating financial information for Quiksilver, Inc. and its domestic subsidiaries within the notes to the condensed consolidated financial statements in accordance with the criteria established for parent companies in the SEC’s Regulation S-X, Rule 3-10(f). The following condensed consolidating financial information presents the results of operations for the three and six months endedApril 30, 2015 and 2014, the financial position as of April 30, 2015 and October 31, 2014, and cash flows for the six months endedApril 30, 2015 and 2014, of Quiksilver, Inc., QS Wholesale, Inc., the 100% owned guarantor subsidiaries, the non-guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Three Months Ended April 30,2015

In thousands	Quiksilver, Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	118		$	83,703		$	63,086		$	209,322		$	(23,177	)	$	333,052
Cost of goods sold	—			51,307			42,793			104,876			(22,722		)	176,254
Gross profit	118			32,396			20,293			104,446			(455		)	156,798
Selling, general and administrative expense	4,662			47,400			21,083			103,446			(1,412		)	175,179
Asset impairments	—			—			466			237			—			703
Operating (loss)/income	(4,544		)	(15,004		)	(1,256		)	763			957			(19,084		)
Interest expense, net	11,660			962			(2		)	5,420			—			18,040
Foreign currency (gain)/loss	(205		)	330			28			(3,411		)	—			(3,258		)
Equity in earnings	21,565			419			—			—			(21,984		)	—
Loss before provision for income taxes	(37,564		)	(16,715		)	(1,282		)	(1,246		)	22,941			(33,866		)
Provision for income taxes	30			146			236			3,316			—			3,728
Net loss	(37,594		)	(16,861		)	(1,518		)	(4,562		)	22,941			(37,594		)
Other comprehensive loss	(4,152		)	—			—			(4,152		)	4,152			(4,152		)
Comprehensive loss	$	(41,746	)	$	(16,861	)	$	(1,518	)	$	(8,714	)	$	27,093		$	(41,746	)

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Three Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	116		$	90,937		$	79,964		$	257,018		$	(31,094	)	$	396,941
Cost of goods sold	193			55,274			62,839			122,224			(37,879		)	202,651
Gross profit	(77		)	35,663			17,125			134,794			6,785			194,290
Selling, general and administrative expense	6,378			59,138			21,227			122,808			(1,630		)	207,921
Asset impairments	—			765			3,255			563			—			4,583
Operating (loss)/income	(6,455		)	(24,240		)	(7,357		)	11,423			8,415			(18,214		)
Interest expense, net	11,618			455			—			7,149			—			19,222
Foreign currency loss	124			7			220			536			—			887
Equity in earnings	34,927			(692		)	—			—			(34,235		)	—
(Loss)/income before (benefit)/provision for income taxes	(53,124		)	(24,010		)	(7,577		)	3,738			42,650			(38,323		)
(Benefit)/provision for income taxes	—			(4,120		)	(2,933		)	6,610			—			(443		)
Loss from continuing operations	(53,124		)	(19,890		)	(4,644		)	(2,872		)	42,650			(37,880		)
Loss from discontinued operations	—			(4,165		)	(2,948		)	(15,868		)	—			(22,981		)
Net loss	(53,124		)	(24,055		)	(7,592		)	(18,740		)	42,650			(60,861		)
Net loss attributable to non-controlling interest	—			—			—			7,737			—			7,737
Net loss attributable to Quiksilver, Inc.	(53,124		)	(24,055		)	(7,592		)	(11,003		)	42,650			(53,124		)
Other comprehensive income	5,681			—			—			5,681			(5,681		)	5,681
Comprehensive loss attributable to Quiksilver, Inc.	$	(47,443	)	$	(24,055	)	$	(7,592	)	$	(5,322	)	$	36,969		$	(47,443	)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Six Months Ended April 30,2015

In thousands	Quiksilver, Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	234		$	155,239		$	131,621		$	439,219		$	(52,407	)	$	673,906
Cost of goods sold	—			95,359			87,884			213,953			(49,532		)	347,664
Gross profit	234			59,880			43,737			225,266			(2,875		)	326,242
Selling, general and administrative expense	7,137			76,178			50,788			214,942			(3,362		)	345,683
Asset impairments	—			—			466			492			—			958
Operating (loss)/income	(6,903		)	(16,298		)	(7,517		)	9,832			487			(20,399		)
Interest expense, net	23,305			1,709			(4		)	11,432			—			36,442
Foreign currency (gain)/loss	(363		)	(288		)	430			(2,380		)	—			(2,601		)
Equity in earnings	18,459			95			—			—			(18,554		)	—
(Loss)/income before provision for income taxes	(48,304		)	(17,814		)	(7,943		)	780			19,041			(54,240		)
Provision for income taxes	60			292			539			753			—			1,644
(Loss)/income from continuing operations	(48,364		)	(18,106		)	(8,482		)	27			19,041			(55,884		)
(Loss)/income from discontinued operations	—			—			(2		)	6,734			—			6,732
Net (loss)/income	(48,364		)	(18,106		)	(8,484		)	6,761			19,041			(49,152		)
Net loss attributable to non-controlling interest	—			—			—			788			—			788
Net (loss)/income attributable to Quiksilver, Inc.	(48,364		)	(18,106		)	(8,484		)	7,549			19,041			(48,364		)
Other comprehensive loss	(22,771		)	—			—			(22,771		)	22,771			(22,771		)
Comprehensive (loss) attributable to Quiksilver, Inc.	$	(71,135	)	$	(18,106	)	$	(8,484	)	$	(15,222	)	$	41,812		$	(71,135	)

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Operations

Six Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues, net	$	232		$	176,473		$	178,705		$	526,788		$	(90,347	)	$	791,851
Cost of goods sold	193			106,538			131,041			242,008			(82,859		)	396,921
Gross profit	39			69,935			47,664			284,780			(7,488		)	394,930
Selling, general and administrative expense	15,403			115,104			43,895			243,865			(6,562		)	411,705
Asset impairments	—			765			3,477			1,224			—			5,466
Operating (loss)/income	(15,364		)	(45,934		)	292			39,691			(926		)	(22,241		)
Interest expense, net	23,218			1,465			—			13,959			—			38,642
Foreign currency loss/(gain)	160			(3		)	(4		)	3,562			—			3,715
Equity in earnings	(1,809		)	(618		)	—			—			2,427			—
(Loss)/income before (benefit)/provision for income taxes	(36,933		)	(46,778		)	296			22,170			(3,353		)	(64,598		)
(Benefit)/provision for income taxes	—			(10,289		)	(6,878		)	12,339			—			(4,828		)
(Loss)/income from continuing operations	(36,933		)	(36,489		)	7,174			9,831			(3,353		)	(59,770		)
Income/(loss) from discontinued operations	—			19,757			10,583			(15,704		)	—			14,636
Net (loss)/income	(36,933		)	(16,732		)	17,757			(5,873		)	(3,353		)	(45,134		)
Net loss attributable to non-controlling interest	—			—			—			8,201			—			8,201
Net (loss)/income attributable to Quiksilver, Inc.	(36,933		)	(16,732		)	17,757			2,328			(3,353		)	(36,933		)
Other comprehensive loss	(8,741		)	—			—			(8,741		)	8,741			(8,741		)
Comprehensive (loss)/income attributable to Quiksilver, Inc.	$	(45,674	)	$	(16,732	)	$	17,757		$	(6,413	)	$	5,388		$	(45,674	)

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Balance Sheet

April 30, 2015

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	157		$	11,555	$	—	$	39,758	$	(3,392	)	$	48,078
Restricted cash	—			—		—		4,449		—			4,449
Trade accounts receivable, net	—			51,993		19,581		180,373		—			251,947
Other receivables	10			1,989		1,084		39,717		—			42,800
Income taxes receivable	—			—		—		938		(444		)	494
Inventories	—			32,866		74,357		204,346		(20,321		)	291,248
Deferred income taxes	—			21,554		—		4,838		(21,554		)	4,838
Prepaid expenses and other current assets	1,639			8,340		3,402		17,044		—			30,425
Intercompany balances	—			264,452		—		132		(264,584		)	—
Total current assets	1,806			392,749		98,424		491,595		(310,295		)	674,279
Restricted cash	—			—		—		2,868		—			2,868
Fixed assets, net	19,192			31,249		21,277		117,955		—			189,673
Intangible assets, net	9,636			43,495		1,071		83,836		—			138,038
Goodwill	—			61,983		11,089		7,030		—			80,102
Other assets	6,253			4,531		662		28,004		—			39,450
Deferred income taxes long-term	30,807			—		2,052		14,182		(32,859		)	14,182
Investment in subsidiaries	706,629			1,430		—		—		(708,059		)	—
Total assets	$	774,323		$	535,437	$	134,575	$	745,470	$	(1,051,213	)	$	1,138,592
LIABILITIES AND EQUITY/(DEFICIT)
Current liabilities:
Lines of credit	$	—		$	—	$	—	$	33,037	$	—		$	33,037
Accounts payable	3,092			42,219		22,149		82,508		—			149,968
Accrued liabilities	19,014			13,637		9,387		66,800		(3,392		)	105,446
Current portion of long-term debt	—			600		—		1,648		—			2,248
Income taxes payable	—			443		1		—		(444		)	—
Deferred income taxes	31,450			—		4,925		4,346		(21,554		)	19,167
Intercompany balances	231,536			—		33,048		—		(264,584		)	—
Total current liabilities	285,092			56,899		69,510		188,339		(289,974		)	309,866
Long-term debt	501,699			46,103		—		237,680		—			785,482
Other long-term liabilities	2,165			6,044		8,719		18,819		—			35,747
Deferred income taxes long-term	—			38,052		—		16,937		(32,859		)	22,130
Total liabilities	788,956			147,098		78,229		461,775		(322,833		)	1,153,225
Stockholders’/invested equity/(deficit)	(14,633		)	388,339		56,346		283,695		(728,380		)	(14,633		)
Total liabilities and equity/(deficit)	$	774,323		$	535,437	$	134,575	$	745,470	$	(1,051,213	)	$	1,138,592

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Balance Sheet

October 31, 2014

In thousands	Quiksilver, Inc.		QS Wholesale, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	158	$	2,867	$	(2,701	)	$	46,340	$	—		$	46,664
Restricted cash	—		—		—			4,687		—			4,687
Trade accounts receivable, net	—		51,663		34,779			224,572		—			311,014
Other receivables	10		3,402		1,071			36,644		(280		)	40,847
Inventories	—		25,681		72,761			203,529		(17,454		)	284,517
Deferred income taxes	—		21,554		—			4,926		(21,554		)	4,926
Prepaid expenses and other current assets	1,579		6,209		2,941			17,351		—			28,080
Intercompany balances	—		258,808		—			—		(258,808		)	—
Current portion of assets held for sale	—		—		28			20,237		—			20,265
Total current assets	1,747		370,184		108,879			558,286		(298,096		)	741,000
Restricted cash	—		16,514		—			—		—			16,514
Fixed assets, net	20,381		34,408		21,259			137,720		—			213,768
Intangible assets, net	6,674		43,815		1,150			83,871		—			135,510
Goodwill	—		61,982		11,089			7,551		—			80,622
Other assets	7,097		5,160		1,255			33,574		—			47,086
Deferred income taxes long-term	30,807		—		2,052			16,088		(32,859		)	16,088
Investment in subsidiaries	722,935		1,525		—			—		(724,460		)	—
Assets held for sale, net of current portion	—		—		—			5,394		—			5,394
Total assets	$	789,641	$	533,588	$	145,684		$	842,484	$	(1,055,415	)	$	1,255,982
LIABILITIES AND EQUITY
Current liabilities:
Lines of credit	$	—	$	—	$	—		$	32,929	$	—		$	32,929
Accounts payable	4,582		40,942		22,008			100,775		—			168,307
Accrued liabilities	17,887		15,092		7,230			72,492		—			112,701
Current portion of long-term debt	—		600		—			1,832		—			2,432
Income taxes payable	—		—		—			1,404		(280		)	1,124
Deferred income taxes	31,450		—		4,925			4,807		(21,554		)	19,628
Intercompany balances	179,251		—		39,265			40,292		(258,808		)	—
Current portion of assets held for sale	—		—		6			13,260		—			13,266
Total current liabilities	233,170		56,634		73,434			267,791		(280,642		)	350,387
Long-term debt	501,416		22,657		—			269,156		—			793,229
Other long-term liabilities	1,179		9,800		7,420			20,943		—			39,342
Deferred income taxes long-term	—		38,052		—			11,597		(32,859		)	16,790
Total liabilities	735,765		127,143		80,854			569,487		(313,501		)	1,199,748
Stockholders’/invested equity	53,876		406,445		64,830			270,639		(741,914		)	53,876
Non-controlling interest	—		—		—			2,358		—			2,358
Total liabilities and equity	$	789,641	$	533,588	$	145,684		$	842,484	$	(1,055,415	)	$	1,255,982

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Cash Flows

Six Months Ended April 30,2015

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net (loss)/income	$	(48,364	)	$	(18,106	)	$	(8,484	)	$	6,761		$	19,041		$	(49,152	)
Adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
Income from discontinued operations	—			—			2			(6,734		)	—			(6,732		)
Depreciation and amortization	1,453			4,717			2,808			11,487			—			20,465
Stock-based compensation	2,252			—			—			—			—			2,252
Provision for doubtful accounts	—			647			314			2,409			—			3,370
Asset impairments	—			—			466			492			—			958
Equity in earnings	18,459			95			—			596			(18,554		)	596
Non-cash interest expense	1,030			632			—			98			—			1,760
Deferred income taxes	—			—			—			(4,091		)	—			(4,091		)
Other adjustments to reconcile net (loss)/income	(1,185		)	(281		)	47			(5,944		)	—			(7,363		)
Changes in operating assets and liabilities:
Trade accounts receivable	—			(977		)	14,886			24,891			—			38,800
Inventories	—			(7,185		)	(2,083		)	(10,403		)	(487		)	(20,158		)
Intercompany	67,233			1,020			(50,764		)	(17,489		)	—			—
Other operating assets and liabilities	1,176			(4,251		)	6,772			(9,424		)	(3,392		)	(9,119		)
Cash provided by/(used in) operating activities of continuing operations	42,054			(23,689		)	(36,036		)	(7,351		)	(3,392		)	(28,414		)
Cash (used in)/provided by operating activities of discontinued operations	—			—			(2		)	4,670			—			4,668
Net cash provided by/(used in) operating activities	42,054			(23,689		)	(36,038		)	(2,681		)	(3,392		)	(23,746		)
Cash flows from investing activities:
Proceeds from sale of property	—			—			—			460			—			460
Capital expenditures	(3,194		)	(1,674		)	(6,249		)	(11,857		)	—			(22,974		)
Changes in restricted cash	—			16,514			—			(2,630		)	—			13,884
Cash (used in)/provided by investing activities of continuing operations	(3,194		)	14,840			(6,249		)	(14,027		)	—			(8,630		)
Cash provided by investing activities of discontinued operations	—			—			—			10,713			—			10,713
Net cash (used in)/provided by investing activities	(3,194		)	14,840			(6,249		)	(3,314		)	—			2,083
Cash flows from financing activities:
Borrowings on lines of credit	—			—			—			40,739			—			40,739
Payments on lines of credit	—			—			—			(34,516		)	—			(34,516		)
Borrowings on long-term debt	—			43,038			—			14,663			—			57,701
Payments on long-term debt	—			(19,600		)	—			(15,316		)	—			(34,916		)
Stock option exercises and employee stock purchases	372			—			—			—			—			372
Intercompany	(39,087		)	(5,901		)	44,988			—			—			—
Cash (used in )/provided by financing activities of continuing operations	(38,715		)	17,537			44,988			5,570			—			29,380
Net cash (used in)/provided by financing activities	(38,715		)	17,537			44,988			5,570			—			29,380
Effect of exchange rate changes on cash	(146		)	—			—			(6,157		)	—			(6,303		)
Net (decrease)/increase in cash and cash equivalents	(1		)	8,688			2,701			(6,582		)	(3,392		)	1,414
Cash and cash equivalents, beginning of period	158			2,867			(2,701		)	46,340			—			46,664
Cash and cash equivalents, end of period	$	157		$	11,555		$	—		$	39,758		$	(3,392	)	$	48,078

QUIKSILVER, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidating Statement of Cash Flows

Six Months Ended April 30,2014

In thousands	Quiksilver,  Inc.			QS Wholesale, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net (loss)/income	$	(36,933	)	$	(16,732	)	$	17,757		$	(5,873	)	$	(3,353	)	$	(45,134	)
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
Income from discontinued operations	—			(19,757		)	(10,583		)	15,704			—			(14,636		)
Depreciation and amortization	1,157			5,298			4,355			14,008			—			24,818
Stock-based compensation	11,588			—			—			—			—			11,588
Provision for doubtful accounts	—			12,458			158			2,624			—			15,240
Asset impairments	—			765			3,477			1,224			—			5,466
Equity in earnings	(1,809		)	(618		)	—			1,144			2,427			1,144
Non-cash interest expense	942			491			—			269			—			1,702
Deferred income taxes	—			—			—			529			—			529
Other adjustments to reconcile net income	157			(13		)	(288		)	3,857			—			3,713
Changes in operating assets and liabilities:
Trade accounts receivable	—			(7,671		)	17,124			28,460			—			37,913
Inventories	—			9,210			10,607			8,474			926			29,217
Intercompany	26,610			(3,121		)	(35,129		)	11,640			—			—
Other operating assets and liabilities	(1,824		)	(29,289		)	(22,034		)	(41,661		)	—			(94,808		)
Cash (used in)/provided by operating activities of continuing operations	(112		)	(48,979		)	(14,556		)	40,399			—			(23,248		)
Cash used in operating activities of discontinued operations	—			—			(1,861		)	(15,117		)	—			(16,978		)
Net cash (used in)/provided by operating activities	(112		)	(48,979		)	(16,417		)	25,282			—			(40,226		)
Cash flows from investing activities:
Proceeds from sale of property	—			11			505			149			—			665
Capital expenditures	(4,139		)	(5,159		)	(3,262		)	(11,127		)	—			(23,687		)
Changes in restricted cash	—			(50,214		)	—			(5,833		)	—			(56,047		)
Cash used in investing activities of continuing operations	(4,139		)	(55,362		)	(2,757		)	(16,811		)	—			(79,069		)
Cash provided by investing activities of discontinued operations	—			58,060			18,991			—			—			77,051
Net cash (used in)/provided by investing activities	(4,139		)	2,698			16,234			(16,811		)	—			(2,018		)
Cash flows from financing activities:
Borrowings on lines of credit	—			—			—			91,625			—			91,625
Payments on lines of credit	—			—			—			(67,258		)	—			(67,258		)
Borrowings on long-term debt	—			69,000			—			6,574			—			75,574
Payments on long-term debt	—			(26,500		)	—			(11,929		)	—			(38,429		)
Payments on short-term debt	—			—			—			(15,223		)	—			(15,223		)
Stock option exercises and employee stock purchases	5,150			—			—			—			—			5,150
Payments of debt issuance costs	(809		)	38			—			—			—			(771		)
Cash provided by financing activities of continuing operations	4,341			42,538			—			3,789			—			50,668
Net cash provided by financing activities	4,341			42,538			—			3,789			—			50,668
Effect of exchange rate changes on cash	—			—			—			1,430			—			1,430
Net increase/(decrease) in cash and cash equivalents	90			(3,743		)	(183		)	13,690			—			9,854
Cash and cash equivalents, beginning of period	35			3,733			296			53,216			—			57,280
Cash and cash equivalents, end of period	$	125		$	(10	)	$	113		$	66,906		$	—		$	67,134

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Condensed Consolidation Financial Information - Condensed Consolidating Statement of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Revenues, net	$ 333,052	$ 396,941	$ 673,906	$ 791,851
Cost of goods sold	176,254	202,651	347,664	396,921
Gross profit	156,798	194,290	326,242	394,930
Selling, general and administrative expense	175,179	207,921	345,683	411,705
Asset impairments	703	4,583	958	5,466
Operating loss	(19,084)	(18,214)	(20,399)	(22,241)
Interest expense, net	18,040	19,222	36,442	38,642
Foreign currency (gain)/loss	(3,258)	887	(2,601)	3,715
Equity in earnings	0	0	0	0
(Loss)/income before (benefit)/provision for income taxes	(33,866)	(38,323)	(54,240)	(64,598)
Provision/(benefit) for income taxes	3,728	(443)	1,644	(4,828)
(Loss)/income from continuing operations	(37,594)	(37,880)	(55,884)	(59,770)
Loss from discontinued operations	0	(22,981)	6,732	14,636
Net loss	(37,594)	(60,861)	(49,152)	(45,134)
Net loss attributable to non-controlling interest	0	7,737	788	8,201
Net loss	(37,594)	(53,124)	(48,364)	(36,933)
Other comprehensive (loss)/income	(4,152)	5,681	(22,771)	(8,741)
Comprehensive loss attributable to Quiksilver, Inc.	(41,746)	(47,443)	(71,135)	(45,674)
Quiksilver, Inc.
Condensed Financial Statements, Captions [Line Items]
Revenues, net	118	116	234	232
Cost of goods sold	0	193	0	193
Gross profit	118	(77)	234	39
Selling, general and administrative expense	4,662	6,378	7,137	15,403
Asset impairments	0	0	0	0
Operating loss	(4,544)	(6,455)	(6,903)	(15,364)
Interest expense, net	11,660	11,618	23,305	23,218
Foreign currency (gain)/loss	(205)	124	(363)	160
Equity in earnings	21,565	34,927	18,459	(1,809)
(Loss)/income before (benefit)/provision for income taxes	(37,564)	(53,124)	(48,304)	(36,933)
Provision/(benefit) for income taxes	30	0	60	0
(Loss)/income from continuing operations		(53,124)	(48,364)	(36,933)
Loss from discontinued operations		0	0	0
Net loss		(53,124)	(48,364)	(36,933)
Net loss attributable to non-controlling interest		0	0	0
Net loss	(37,594)	(53,124)	(48,364)	(36,933)
Other comprehensive (loss)/income	(4,152)	5,681	(22,771)	(8,741)
Comprehensive loss attributable to Quiksilver, Inc.	(41,746)	(47,443)	(71,135)	(45,674)
QS Wholesale, Inc.
Condensed Financial Statements, Captions [Line Items]
Revenues, net	83,703	90,937	155,239	176,473
Cost of goods sold	51,307	55,274	95,359	106,538
Gross profit	32,396	35,663	59,880	69,935
Selling, general and administrative expense	47,400	59,138	76,178	115,104
Asset impairments	0	765	0	765
Operating loss	(15,004)	(24,240)	(16,298)	(45,934)
Interest expense, net	962	455	1,709	1,465
Foreign currency (gain)/loss	330	7	(288)	(3)
Equity in earnings	419	(692)	95	(618)
(Loss)/income before (benefit)/provision for income taxes	(16,715)	(24,010)	(17,814)	(46,778)
Provision/(benefit) for income taxes	146	(4,120)	292	(10,289)
(Loss)/income from continuing operations		(19,890)	(18,106)	(36,489)
Loss from discontinued operations		(4,165)	0	19,757
Net loss		(24,055)	(18,106)	(16,732)
Net loss attributable to non-controlling interest		0	0	0
Net loss	(16,861)	(24,055)	(18,106)	(16,732)
Other comprehensive (loss)/income	0	0	0	0
Comprehensive loss attributable to Quiksilver, Inc.	(16,861)	(24,055)	(18,106)	(16,732)
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues, net	63,086	79,964	131,621	178,705
Cost of goods sold	42,793	62,839	87,884	131,041
Gross profit	20,293	17,125	43,737	47,664
Selling, general and administrative expense	21,083	21,227	50,788	43,895
Asset impairments	466	3,255	466	3,477
Operating loss	(1,256)	(7,357)	(7,517)	292
Interest expense, net	(2)	0	(4)	0
Foreign currency (gain)/loss	28	220	430	(4)
Equity in earnings	0	0	0	0
(Loss)/income before (benefit)/provision for income taxes	(1,282)	(7,577)	(7,943)	296
Provision/(benefit) for income taxes	236	(2,933)	539	(6,878)
(Loss)/income from continuing operations		(4,644)	(8,482)	7,174
Loss from discontinued operations		(2,948)	(2)	10,583
Net loss		(7,592)	(8,484)	17,757
Net loss attributable to non-controlling interest		0	0	0
Net loss	(1,518)	(7,592)	(8,484)	17,757
Other comprehensive (loss)/income	0	0	0	0
Comprehensive loss attributable to Quiksilver, Inc.	(1,518)	(7,592)	(8,484)	17,757
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues, net	209,322	257,018	439,219	526,788
Cost of goods sold	104,876	122,224	213,953	242,008
Gross profit	104,446	134,794	225,266	284,780
Selling, general and administrative expense	103,446	122,808	214,942	243,865
Asset impairments	237	563	492	1,224
Operating loss	763	11,423	9,832	39,691
Interest expense, net	5,420	7,149	11,432	13,959
Foreign currency (gain)/loss	(3,411)	536	(2,380)	3,562
Equity in earnings	0	0	0	0
(Loss)/income before (benefit)/provision for income taxes	(1,246)	3,738	780	22,170
Provision/(benefit) for income taxes	3,316	6,610	753	12,339
(Loss)/income from continuing operations		(2,872)	27	9,831
Loss from discontinued operations		(15,868)	6,734	(15,704)
Net loss		(18,740)	6,761	(5,873)
Net loss attributable to non-controlling interest		7,737	788	8,201
Net loss	(4,562)	(11,003)	7,549	2,328
Other comprehensive (loss)/income	(4,152)	5,681	(22,771)	(8,741)
Comprehensive loss attributable to Quiksilver, Inc.	(8,714)	(5,322)	(15,222)	(6,413)
Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues, net	(23,177)	(31,094)	(52,407)	(90,347)
Cost of goods sold	(22,722)	(37,879)	(49,532)	(82,859)
Gross profit	(455)	6,785	(2,875)	(7,488)
Selling, general and administrative expense	(1,412)	(1,630)	(3,362)	(6,562)
Asset impairments	0	0	0	0
Operating loss	957	8,415	487	(926)
Interest expense, net	0	0	0	0
Foreign currency (gain)/loss	0	0	0	0
Equity in earnings	(21,984)	(34,235)	(18,554)	2,427
(Loss)/income before (benefit)/provision for income taxes	22,941	42,650	19,041	(3,353)
Provision/(benefit) for income taxes	0	0	0	0
(Loss)/income from continuing operations		42,650	19,041	(3,353)
Loss from discontinued operations		0	0	0
Net loss		42,650	19,041	(3,353)
Net loss attributable to non-controlling interest		0	0	0
Net loss	22,941	42,650	19,041	(3,353)
Other comprehensive (loss)/income	4,152	(5,681)	22,771	8,741
Comprehensive loss attributable to Quiksilver, Inc.	$ 27,093	$ 36,969	$ 41,812	$ 5,388

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Apr. 30, 2015	Oct. 31, 2014
Statement of Financial Position [Abstract]
Allowances for trade accounts receivable	$ 52,940	$ 63,991
Fixed assets, accumulated depreciation and amortization	$ 215,094	$ 220,888
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	285,000,000	285,000,000
Common stock, shares issued (shares)	174,642,124	174,057,410
Treasury stock (shares)	2,885,200	2,885,200

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Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Income Statement [Abstract]
Net gain on sales of businesses	$ 6,580	$ 30,833

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Restructuring Charges

6 Months Ended

Apr. 30, 2015

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

In connection with the globalization of its organizational structure and core processes, as well as its cost reduction efforts, the Company developed and approved a multi-year profit improvement plan in 2013 ("the 2013 Plan"). The 2013 Plan covers the global operations of the Company, and as the Company continues to evaluate its structure, processes and costs, additional charges may be incurred in the future under the 2013 Plan that are not yet determined. The 2013 Plan is, in many respects, a continuation and acceleration of the Company’s Fiscal 2011 Cost Reduction Plan (the “2011 Plan”). The Company will no longer incur any new charges under the 2011 Plan, but will continue to make cash payments on amounts previously accrued under the 2011 Plan. Amounts charged to expense under the 2013 Plan and 2011 Plan were primarily recorded in SG&A with a small portion recorded in cost of goods sold ("COGS") in the Company’s condensed consolidated statements of operations.

Activity and liability balances recorded as part of the 2013 Plan and 2011 Plan were as follows:

In thousands	Workforce			Facility & Other			Total
Balance, October 31, 2013	$	12,159		$	6,939		$	19,098
Charged to expense	19,350			15,295			34,645
Cash payments	(19,999		)	(9,943		)	(29,942		)
Balance, October 31, 2014	$	11,510		$	12,291		$	23,801
Charged to expense	6,435			5,057			11,492
Cash payments	(7,507		)	(4,076		)	(11,583		)
Adjustments	—			(1,986		)	(1,986		)
Balance, April 30, 2015	$	10,438		$	11,286		$	21,724

Amounts charged to expense during the six months endedApril 30, 2015 were primarily composed of severance charges for employees, as well as early lease exit costs. The majority of these charges were within the Americas, EMEA and Corporate Operations segments. In the first quarter of fiscal 2015, the Company recorded an adjustment to its facility and other restructuring liabilities upon completion of a sub-lease agreement within the Americas segment at more favorable terms than originally expected.

In addition to the restructuring charges noted above, the Company also recorded $2 million of additional expenses within SG&A during the first six months of fiscal 2014, related to certain non-core brands and peripheral product categories that have been discontinued, which are not reflected in the table above.

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Document and Entity Information	6 Months Ended
	Apr. 30, 2015	May 29, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	ZQK
Entity Registrant Name	QUIKSILVER INC
Entity Central Index Key	0000805305
Current Fiscal Year End Date	--10-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		171,731,924

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Debt

6 Months Ended

Apr. 30, 2015

Debt Disclosure [Abstract]

Debt

Debt

A summary of borrowings under lines of credit and long-term debt as of the dates indicated is as follows:

In thousands	Maturity	April 30, 2015			October 31, 2014
Lines of credit - 0.7% Floating	October 31, 2016	$	33,037		$	32,929
2017 Notes - 8.875% Fixed	December 15, 2017	220,590			252,188
ABL Credit Facility - 2.1% to 4.6% Floating	May 24, 2018	60,779			35,933
2018 Notes - 7.875% Fixed	August 1, 2018	278,957			278,834
2020 Notes - 10.000% Fixed	August 1, 2020	222,743			222,582
Capital lease obligations and other borrowings - Various %	Various	4,661			6,124
Total debt		820,767			828,590
Less current portion		(35,285		)	(35,361		)
Long-term debt, net of current portion		$	785,482		$	793,229

As of April 30, 2015, the Company’s credit facilities allowed for total cash borrowings and letters of credit of $184 million. The total maximum borrowings and actual availability fluctuate with the amount of assets comprising the borrowing base under certain of the credit facilities. At April 30, 2015, the Company had a total of $94 million of direct borrowings and $28 million in letters of credit outstanding. As of April 30, 2015, the remaining availability for borrowings under the Company’s credit facilities was $45 million, $20 million of which could also be used for letters of credit in the United States and APAC. In addition to the $45 million of availability for borrowings, the Company also had $18 million in additional capacity for letters of credit in EMEA as of April 30, 2015. Many of the Company’s debt agreements contain customary default provisions and restrictive covenants. The Company is not subject to financial covenant restrictions unless remaining borrowing availability under the ABL Credit Facility was to fall below the greater of $15 million or 10.0% of total borrowing base availability.

The estimated fair value of the Company’s borrowings under lines of credit and long-term debt as of April 30, 2015 was $710 million, compared to a carrying value of $821 million. The fair value of the Company’s debt is calculated based on the market price of the Company’s publicly traded 2020 Notes, the trading prices of the Company’s 2018 Notes and 2017 Notes (all Level 1 inputs) and the carrying values of the Company’s other debt obligations due to the variable rate nature of those debt obligations.

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Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Net loss	$ (37,594)	$ (60,861)	$ (49,152)	$ (45,134)
Other comprehensive (loss)/income:
Comprehensive loss	(41,746)	(55,180)	(71,923)	(53,875)
Comprehensive loss attributable to non-controlling interest	0	7,737	788	8,201
Comprehensive loss attributable to Quiksilver, Inc.	(41,746)	(47,443)	(71,135)	(45,674)
Foreign Currency Adjustments
Other comprehensive (loss)/income:
Foreign currency translation adjustment	1,235	10,142	(32,908)	(10,573)
Derivative Instruments
Other comprehensive (loss)/income:
Net unrealized gain/(loss) on derivative instruments, net of tax (benefit)/provision of $(148) and $(1,167) for the three months of 2015 and 2014, respectively, and $1,147 and $248 for the six months of 2015 and 2014, respectively	2,261	(3,218)	20,703	2,889
Reclassification out of Accumulated Other Comprehensive Income
Other comprehensive (loss)/income:
Reclassification adjustment for realized loss on derivative instruments transferred to earnings, net of tax benefit for the three months of 2015 and 2014, of $424 and $278, respectively, and $637 and $371 for the six months of 2015 and 2014, respectively			(10,566)	(1,057)
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Adjustments
Other comprehensive (loss)/income:
Reclassification adjustment for realized loss on derivative instruments transferred to earnings, net of tax benefit for the three months of 2015 and 2014, of $424 and $278, respectively, and $637 and $371 for the six months of 2015 and 2014, respectively			0	0
Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments
Other comprehensive (loss)/income:
Reclassification adjustment for realized loss on derivative instruments transferred to earnings, net of tax benefit for the three months of 2015 and 2014, of $424 and $278, respectively, and $637 and $371 for the six months of 2015 and 2014, respectively	$ (7,648)	$ (1,243)	$ (10,566)	$ (1,057)

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Earnings per Share and Stock-based Compensation

6 Months Ended

Apr. 30, 2015

Earnings per Share and Stock Based Compensation [Abstract]

Earnings per Share and Stock-based Compensation

Earnings per Share and Stock-based Compensation

The Company reports basic and diluted earnings per share (“EPS”). Basic EPS is based on the weighted average number of shares outstanding during the period, while diluted EPS additionally includes the dilutive effect of the Company’s outstanding stock options, warrants and shares of restricted stock computed using the treasury stock method.

The table below sets forth the reconciliation of the denominator of each net loss/income per share calculation for the three and six months endedApril 30, 2015 and 2014:

	Three Months Ended April 30,		Six Months Ended April 30,
In thousands	2015	2014	2015	2014
Shares used in computing basic net loss/income per share	171,343	170,475	171,188	170,105
Dilutive effect of stock options and restricted stock(1)	—	—	—	—
Dilutive effect of stock warrants(1)	—	—	—	—
Shares used in computing diluted net loss/income per share	171,343	170,475	171,188	170,105

(1) For the second quarter of fiscal 2015 and 2014, the shares used in computing diluted net loss per share do not include 232,000 and 3,229,000, respectively, of stock options and shares of restricted stock, nor 1,279,000 and 19,113,000, respectively, of warrant shares that would have normally been dilutive if the Company had net income for the periods, as the effect is anti-dilutive given the Company’s net loss from continuing operations. In addition, for the second quarter of fiscal 2015 and 2014, additional stock options outstanding of 5,712,000 and 685,000, respectively, are excluded from the calculation of diluted weighted-average shares outstanding as the exercise prices were greater than the average market price of the Company's common stock for those periods. These securities could potentially dilute earnings per share in the future.

For the first six months of fiscal 2015 and 2014, the shares used in computing diluted net loss per share do not include 233,000 and 3,603,000, respectively, of stock options and shares of restricted stock, nor 1,633,000 and 19,542,000, respectively, of warrant shares that would have been dilutive if the Company had net income for the periods, as the effect is anti-dilutive given the Company’s net loss from continuing operations. In addition, for the first six months of fiscal 2015 and 2014, additional stock options outstanding of 5,880,000 and 595,000, respectively, are excluded from the calculation of diluted weighted-average shares outstanding as the exercise prices were greater than the average market price of the Company's common stock for those periods. These securities could potentially dilute earnings per share in the future.

The Company accounts for stock-based compensation under the fair value recognition provisions of ASC 718, Compensation – Stock Compensation. Stock-based compensation expense is included in selling, general and administrative expense ("SG&A").

The Company grants performance-based options and performance-based restricted stock units to certain key employees and executives. Vesting of these awards is contingent upon a required service period and the Company’s achievement of specified common stock price thresholds or performance goals. In addition, the vesting of a portion of the performance-based stock options can be accelerated based upon the Company’s achievement of specified annual performance targets. The Company believes that the granting of these awards serves to further align the interests of its employees and executives with those of its stockholders. The weighted average fair value of the performance-based restricted stock units granted in the six months ended April 30, 2015 and 2014 was $1.85 and $5.16. There were no performance-based options granted in the six months of fiscal 2015 or 2014.

Activity related to these performance-based options and performance-based restricted stock units for the six months endedApril 30, 2015 was as follows:

	Performance Options	Performance Restricted Stock Units
Outstanding, October 31, 2014	640,000	10,218,508
Granted	—	1,824,000
Exercised	—	—
Canceled	—	(2,263,502	)
Outstanding, April 30, 2015	640,000	9,779,006

As of April 30, 2015, 204,000 of the 640,000 outstanding performance-based stock options were exercisable and none of the performance-based restricted stock units were vested. As of April 30, 2015, the Company had unrecognized compensation expense, net of estimated forfeitures, of approximately $0.2 million related to the performance-based stock options and approximately $2.7 million related to the performance-based restricted stock units, which are not expected to vest. The unrecognized compensation expense related to the performance-based stock options is expected to be recognized over a weighted average period of approximately 1 year.

For non-performance-based stock options, the Company uses the Black-Scholes option-pricing model to value compensation expense. Forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The expected term of stock options granted is derived from historical data on employee exercises. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. Expected volatility is based on the historical volatility of the Company’s stock. For the first six months of fiscal 2015 and 2014, non-performance based options granted were valued assuming a risk free interest rate of 1.81% and 2.2%, respectively, volatility of 86% and 81%, respectively, zero dividend yields and an expected life of 6.6 years and 6.7 years, respectively. The weighted average fair value of the grants was $1.27 and $5.94 for the first six months of fiscal 2015 and 2014, respectively. The Company records stock-based compensation expense using the graded vested method over the vesting period, which is generally three years. As of April 30, 2015, the Company had approximately $0.9 million of unrecognized compensation expense for non-performance-based stock options expected to be recognized over a weighted average period of approximately 1.7 years.

Changes in shares underlying stock options, excluding performance-based stock options, for the six months endedApril 30, 2015 were as follows:

Dollar amounts in thousands, except per share amounts	Shares		Weighted Average Price		Weighted Average Life	Aggregate Intrinsic Value
Outstanding, October 31, 2014	6,817,609		$	4.52
Granted	275,000		1.70
Exercised	—		—
Canceled	(765,667	)	5.87
Outstanding, April 30, 2015	6,326,942		$	4.24	4.6	$	14
Options exercisable, April 30, 2015	5,927,274		$	4.12	4.4	$	14

Changes in non-vested shares underlying stock options, excluding performance-based stock options, for the six months endedApril 30, 2015 were as follows:

	Shares		Weighted Average Grant Date Fair Value
Non-vested, October 31, 2014	1,121,336		$	4.18
Granted	275,000		1.27
Vested	(813,334	)	2.89
Canceled	(183,334	)	5.20
Non-vested, April 30, 2015	399,668		$	4.32

The Company may also grant restricted stock and restricted stock units under its 2013 Performance Incentive Plan. Restricted stock issued under this plan generally vests in three years while restricted stock units issued under this plan generally vest upon the completion of a requisite service period. Vesting of a prorated portion of restricted stock unit awards granted to our former chief executive officer in lieu of a cash annual salary was accelerated in the second quarter of fiscal 2015 upon his departure. Changes in restricted stock and restricted stock units for the six months endedApril 30, 2015 were as follows:

	Restricted Stock		Restricted Stock Units
Outstanding, October 31, 2014	175,000		—
Granted	105,000		675,676
Vested	(70,000	)	(281,532	)
Forfeited	—		(394,144	)
Outstanding, April 30, 2015	210,000		—

The fair value of restricted stock is determined using the intrinsic value method on the grant date. Forfeitures are estimated at the date of grant based on historical rates and reduce the compensation expense recognized. The Company monitors the probability of meeting the restricted stock performance criteria, if any, and adjusts the amortization period as appropriate. As of April 30, 2015, there had been no acceleration of amortization periods and the Company had approximately $0.4 million of unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.5 years.

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Segment Information

6 Months Ended

Apr. 30, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company currently operates in four segments: the Americas, EMEA, and APAC, each of which sells a full range of the Company’s products, as well as Corporate Operations. The Americas segment, consisting of North, South and Central America, includes revenues primarily from the United States, Canada, Brazil and Mexico. The EMEA segment, consisting of Europe, the Middle East and Africa, includes revenues primarily from continental Europe, the United Kingdom, Russia and South Africa. The APAC segment, consisting of Asia and the Pacific Rim, includes revenues primarily from Australia, Japan, New Zealand, South Korea, Taiwan and Indonesia. Costs that support all segments, including trademark protection, trademark maintenance and licensing functions, are part of Corporate Operations. Corporate Operations also includes sourcing income and certain gross profits earned from the Company’s licensees.

Information related to the Company's operating segments, all from continuing operations, is as follows:

	Three Months Ended April 30,						Six Months Ended April 30,
In thousands	2015			2014			2015			2014
Revenues, net:
Americas	$	159,987		$	186,247		$	307,754		$	361,710
EMEA	115,792			150,883			241,605			300,280
APAC	56,276			59,721			122,874			129,596
Corporate Operations	997			90			1,673			265
Total	$	333,052		$	396,941		$	673,906		$	791,851
Gross profit/(loss):
Americas	$	67,196		$	78,909		$	131,505		$	154,823
EMEA	59,904			81,724			130,404			169,573
APAC	29,894			33,413			66,744			70,221
Corporate Operations	(196		)	244			(2,411		)	313
Total	$	156,798		$	194,290		$	326,242		$	394,930
SG&A expense:
Americas	$	78,509		$	96,701		$	148,533		$	186,262
EMEA	61,426			75,715			127,555			153,923
APAC	32,299			34,089			67,104			67,452
Corporate Operations	2,945			1,416			2,491			4,068
Total	$	175,179		$	207,921		$	345,683		$	411,705
Asset impairments:
Americas	$	466		$	4,191		$	542		$	4,413
EMEA	237			392			416			1,053
APAC	—			—			—			—
Corporate Operations	—			—			—			—
Total	$	703		$	4,583		$	958		$	5,466
Operating (loss)/income:
Americas	$	(11,779	)	$	(21,983	)	$	(17,570	)	$	(35,852	)
EMEA	(1,759		)	5,617			2,433			14,597
APAC	(2,405		)	(676		)	(360		)	2,769
Corporate Operations	(3,141		)	(1,172		)	(4,902		)	(3,755		)
Total	$	(19,084	)	$	(18,214	)	$	(20,399	)	$	(22,241	)
Depreciation and amortization expense:
Americas	$	3,827		$	6,017		$	7,935		$	10,533
EMEA	3,116			5,474			6,932			8,761
APAC	1,748			1,925			3,489			3,813
Corporate Operations	739			605			1,501			1,259
Total	$	9,430		$	14,021		$	19,857		$	24,366
Interest expense:
Americas	$	943		$	327		$	1,673		$	1,229
EMEA	3,827			4,708			8,055			9,519
APAC	458			541			984			1,128
Corporate Operations	12,812			13,646			25,730			26,766
Total	$	18,040		$	19,222		$	36,442		$	38,642

SG&A expense by segment for the three and six months ended 2014 has been reclassified to conform to the current year presentation which reflects the Company's centralization of certain global business functions and related transfer pricing allocations.

In thousands	April 30, 2015		October 31, 2014
Identifiable assets:
Americas	$	438,138	$	464,831
EMEA	438,696		513,303
APAC	197,437		202,225
Corporate Operations	64,321		75,623
Total	$	1,138,592	$	1,255,982

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Discontinued Operations

6 Months Ended

Apr. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In November 2013, the Company completed the sale of Mervin Manufacturing, Inc., a manufacturer of snowboards and related products under the "Lib-Technologies" and "GNU" brands, ("Mervin") for $58 million. In January 2014, the Company completed the sale of substantially all of the assets of Hawk Designs, Inc. ("Hawk"), its subsidiary that owned and operated the "Hawk" brand, for $19 million. These transactions resulted in an after-tax gain of approximately $31 million during the first six months of fiscal 2014, which is included in income from discontinued operations in the table below. In December 2014, the Company sold its majority stake in U.K.-based Surfdome Shop, Ltd., a multi-brand e-commerce retailer, ("Surfdome") for net proceeds of approximately $16 million, which included payments from Surfdome for all outstanding loans and trade receivables. The sale resulted in an after-tax gain of $7 million in the first quarter of fiscal 2015, which is included in income from discontinued operations in the table below. Accordingly, each of the Company's Mervin, Hawk and Surfdome businesses were classified as "held for sale" as of October 31, 2014 and are presented as discontinued operations in the accompanying condensed consolidated financial statements for all periods presented. The Company’s sale of the Mervin and Hawk businesses generated income tax expense of approximately $18 million within discontinued operations during the first six months of fiscal 2014. However, as the Company did not expect to pay income tax after application of available loss carry-forwards, an offsetting income tax benefit was recognized within continuing operations.

The operating results of discontinued operations for the three and six months endedApril 30,2015 and 2014 are as follows:

	Three Months Ended April 30,					Six Months Ended April 30,
In thousands	2015		2014			2015		2014
Revenues, net	$	—	$	11,114		$	13,239	$	31,276
(Loss)/income before income taxes	—		(16,625		)	6,785		31,469
Provision for income taxes	—		6,356			53		16,833
(Loss)/income from discontinued operations	—		(22,981		)	6,732		14,636
Less: net loss attributable to non-controlling interest	—		7,737			788		7,840
(Loss)/income from discontinued operations attributable to Quiksilver, Inc.	$	—	$	(15,244	)	$	7,520	$	22,476

There were no assets classified as held for sale at April 30, 2015. The components of major assets and liabilities held for sale at October 31, 2014 were as follows:

In thousands	October 31, 2014
Assets:
Inventories	$	19,659
Other	6,000
Total	$	25,659
Liabilities:
Accounts payable	$	12,520
Accrued liabilities	120
Deferred tax liabilities	626
Total	$	13,266

Total assets held for sale as of October 31, 2014 by segment were as follows:

In thousands	October 31, 2014
Americas	$	28
EMEA	25,631
APAC	—
Total	$	25,659

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Derivative Financial Instruments

6 Months Ended

Apr. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to certain sales, royalty income and product purchases of its international subsidiaries that are denominated in currencies other than their functional currencies. The Company is also exposed to foreign currency gains and losses resulting from domestic transactions that are not denominated in U.S. dollars. Furthermore, the Company is exposed to gains and losses resulting from the effect that fluctuations in foreign currency exchange rates have on the reported results in the Company’s condensed consolidated financial statements due to the translation of the operating results and financial position of the Company’s international subsidiaries. As part of its overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, the Company uses various foreign currency exchange contracts and intercompany loans.

The Company accounts for all of its cash flow hedges under ASC 815, Derivatives and Hedging, which requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. In accordance with ASC 815, the Company designates forward contracts as cash flow hedges of forecasted purchases of commodities. The results of derivative financial instruments are recorded in cash flows from operating activities on the condensed consolidated statements of cash flows.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. As of April 30, 2015, the Company was hedging a portion of forecasted transactions expected to occur through October 2016. Assuming April 30, 2015 exchange rates remain constant, $14 million of gains, net of tax, related to hedges of these transactions are expected to be reclassified into earnings over the next 18 months. For additional information of the gains/losses related to hedging, see Note 14 — Accumulated Other Comprehensive Income/(Loss).

On the date the Company enters into a derivative contract, management designates the derivative as a hedge of the identified exposure. Before entering into various hedge transactions, the Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy. In this documentation, the Company identifies the asset, liability, firm commitment, or forecasted transaction that has been designated as a hedged item and indicates how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally measures effectiveness of its hedging relationships both at the hedge inception and on an ongoing basis in accordance with its risk management policy. The Company would discontinue hedge accounting prospectively (i) if management determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. As a result of the expiration, sale, termination, or exercise of derivative contracts, the Company reclassified into earnings net gains of $8 million and $1 million for the three months endedApril 30,2015 and 2014, respectively, and $11 million and $1 million for the six months endedApril 30,2015 and 2014, respectively.

The Company enters into forward exchange and other derivative contracts with major banks and is exposed to exchange rate losses in the event of nonperformance by these banks. The Company anticipates, however, that these banks will be able to fully satisfy their obligations under the contracts. Accordingly, the Company does not require collateral or other security to support the contracts.

As of April 30, 2015, the Company had the following outstanding derivative contracts that were entered into to hedge forecasted purchases:

In thousands	Commodity	Notional Amount		Maturity	Fair Value
United States dollars	Inventory	$	238,686	May 2015 – October 2016	$	19,427

The Company’s derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, the Company’s credit risk and the Company’s counterparties’ credit risks. Based on these inputs, the Company’s derivative assets and liabilities are classified within Level 2 of the valuation hierarchy.

The following table reflects the fair values of derivative assets and liabilities measured and recognized at fair value on a recurring basis on the accompanying condensed consolidated balance sheets as of the dates indicated:

	Fair Value Measurements Using							Derivative Assets/(Liabilities)
In thousands	Level 1		Level 2			Level 3		At Fair Value
Other receivables	$	—	$	20,871		$	—	$	20,871
Derivative liabilities:
Accrued liabilities	—		(749		)	—		(749		)
Other long-term liabilities	—		(695		)	—		(695		)
Total fair value at April 30, 2015	$	—	$	19,427		$	—	$	19,427
Other receivables	$	—	$	16,683		$	—	$	16,683
Accrued liabilities	—		(2		)	—		(2		)
Total fair value at October 31, 2014	$	—	$	16,681		$	—	$	16,681

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Intangible Assets and Goodwill

6 Months Ended

Apr. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Intangible Assets

Intangible assets consisted of the following as of the dates indicated:

	April 30, 2015							October 31, 2014
In thousands	Gross Amount		Accumulated Amortization			Net Book Value		Gross Amount		Accumulated Amortization			Net Book Value
Non-amortizable trademarks	$	124,143	$	—		$	124,143	$	124,121	$	—		$	124,121
Amortizable trademarks	24,550		(12,543		)	12,007		21,858		(12,508		)	9,350
Amortizable licenses	10,766		(10,766		)	—		11,817		(11,817		)	—
Other amortizable intangibles	8,416		(6,528		)	1,888		8,406		(6,367		)	2,039
Total	$	167,875	$	(29,837	)	$	138,038	$	166,202	$	(30,692	)	$	135,510

The change in non-amortizable trademarks is due primarily to foreign currency exchange fluctuations. Other amortizable intangibles primarily include non-compete agreements, patents and customer relationships, and are amortized on a straight-line basis over their estimated useful lives of 5 to 18 years. Certain trademarks and licenses will continue to be amortized using estimated useful lives of 10 to 25 years with no residual values. Intangible amortization expense for each of the six-month periods ended April 30, 2015 and 2014 was approximately $1 million. Annual amortization expense is estimated to be approximately $2 million in fiscal 2016 through fiscal 2018 and $1 million in fiscal 2019 through fiscal 2020.

Goodwill

A summary of goodwill by reporting unit, and in total, and changes in the carrying amounts, as of the dates indicated is as follows:

In thousands	Americas			EMEA			APAC			Consolidated
Net goodwill at October 31, 2013	$	74,943		$	180,475		$	6,207		$	261,625
Impairments	—			(178,197		)	—			(178,197		)
Foreign currency translation and other	(528		)	(2,278		)	—			(2,806		)
Gross goodwill	74,415			178,197			135,752			388,364
Accumulated impairment losses	—			(178,197		)	(129,545		)	(307,742		)
Net goodwill at October 31, 2014	$	74,415		$	—		$	6,207		$	80,622
Foreign currency translation and other	(520		)	—			—			(520		)
Gross goodwill	73,895			178,197			135,752			387,844
Accumulated impairment losses	—			(178,197		)	(129,545		)	(307,742		)
Net goodwill at April 30, 2015	$	73,895		$	—		$	6,207		$	80,102

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Derivative Financial Instruments - Fair Values of Assets and Liabilities Measured and Recognized at Fair Value (Detail) (Fair Value, Measurements, Recurring, USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Oct. 31, 2014
Derivative liabilities:
Total fair value	$ 19,427	$ 16,681
Other Receivables
Derivative assets:
Derivative assets	20,871	16,683
Accrued Liabilities
Derivative liabilities:
Derivative liabilities	(749)	(2)
Other Long-term Liabilities
Derivative liabilities:
Derivative liabilities	(695)
Level 1
Derivative liabilities:
Total fair value	0	0
Level 1 | Other Receivables
Derivative assets:
Derivative assets	0	0
Level 1 | Accrued Liabilities
Derivative liabilities:
Derivative liabilities	0	0
Level 1 | Other Long-term Liabilities
Derivative liabilities:
Derivative liabilities	0
Level 2
Derivative liabilities:
Total fair value	19,427	16,681
Level 2 | Other Receivables
Derivative assets:
Derivative assets	20,871	16,683
Level 2 | Accrued Liabilities
Derivative liabilities:
Derivative liabilities	(749)	(2)
Level 2 | Other Long-term Liabilities
Derivative liabilities:
Derivative liabilities	(695)
Level 3
Derivative liabilities:
Total fair value	0	0
Level 3 | Other Receivables
Derivative assets:
Derivative assets	0	0
Level 3 | Accrued Liabilities
Derivative liabilities:
Derivative liabilities	0	0
Level 3 | Other Long-term Liabilities
Derivative liabilities:
Derivative liabilities	$ 0

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Restricted Cash

6 Months Ended

Apr. 30, 2015

Restricted Cash and Investments [Abstract]

Restricted Cash

Restricted Cash

The Company’s restricted cash balance, including both current and non-current portions, was $7 million at April 30, 2015 and $21 million at October 31, 2014. Certain of the Company’s debt agreements contain restrictions on the usage of funds received from the sale of assets. These restrictions generally require such cash to be used for either repayment of indebtedness, capital expenditures, or acquisitions of assets. Restricted cash at April 30, 2015 included $3 million of the remaining proceeds from the sale of the Surfdome business in the first quarter of fiscal 2015, which is subject to these restrictions. Consequently, since the restricted cash is required to be invested in long-term assets or to repay long-term debt, it is reflected as a long-term asset. The Company expects to utilize these remaining proceeds during fiscal 2015.

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Inventories

6 Months Ended

Apr. 30, 2015

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following as of the dates indicated:

In thousands	April 30, 2015		October 31, 2014
Raw materials	$	2,666	$	3,524
Work in-process	422		467
Finished goods	288,160		280,526
Total	$	291,248	$	284,517

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Income Taxes

6 Months Ended

Apr. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. As of April 30, 2015, the Company continued to maintain a full valuation allowance against its net deferred tax assets in certain jurisdictions in each of its four operating segments due to sustained pre-tax losses. As a result of the valuation allowances recorded, no tax benefits have been recognized for losses incurred in those tax jurisdictions for the first six months of fiscal 2015 and 2014.

The Company's hedging instruments in Europe generated tax expense of approximately $4 million within other comprehensive income in the first six months of fiscal 2015. However, as the Company does not expect to pay income tax after application of available loss carryforwards, an offsetting income tax benefit was recognized within continuing operations. Before this tax benefit, the Company generated income tax expense of approximately $6 million in the six months ended April 30, 2015 due to being unable to record tax benefits against the losses in certain jurisdictions where the Company has previously recorded valuation allowances.

As of April 30, 2015, the Company’s liability for uncertain tax positions was approximately $12 million resulting from unrecognized tax benefits, excluding interest and penalties. If the Company’s positions are favorably sustained by the relevant taxing authority, approximately $11 million (excluding interest and penalties) of uncertain tax position liabilities would favorably impact the Company’s effective tax rate in future periods.

During the next 12 months, it is reasonably possible that the Company’s liability for uncertain tax positions may change by a significant amount as a result of the resolution or payment of uncertain tax positions. The Company believes the outcomes which are reasonably possible within the next 12 months range from a reduction of the liability for unrecognized tax benefits of $10 million to an increase of the liability of $4 million, excluding penalties and interest, for its existing tax positions.

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Discontinued Operations - Summarized Results from Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Revenues, net	$ 0	$ 11,114	$ 13,239	$ 31,276
(Loss)/income before income taxes	0	(16,625)	6,785	31,469
Provision for income taxes	0	6,356	53	16,833
(Loss)/income from discontinued operations	0	(22,981)	6,732	14,636
Less: net loss attributable to non-controlling interest	0	7,737	788	7,840
(Loss)/income from discontinued operations attributable to Quiksilver, Inc.	$ 0	$ (15,244)	$ 7,520	$ 22,476

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Discontinued Operations - Total Assets Held for Sale (Detail) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current portion of assets held for sale	$ 25,659
Americas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current portion of assets held for sale	28
EMEA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current portion of assets held for sale	25,631
APAC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current portion of assets held for sale	$ 0

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Discontinued Operations - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended			3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014	Nov. 30, 2013	Jan. 31, 2014	Dec. 31, 2014	Jan. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain (loss) on sale			$ 6,580,000	$ 30,833,000
Income tax expense	0	6,356,000	53,000	16,833,000
Mervin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business					58,000,000
Hawk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business						19,000,000
Net gain (loss) on sale		31,000,000
Surfdome
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business							16,000,000
Net gain (loss) on sale								7,000,000
Mervin And Hawk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense				$ 18,000,000

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Stockholders' Equity/(Deficit) and Non-controlling Interest (Tables)

6 Months Ended

Apr. 30, 2015

Equity [Abstract]

Summary of Changes in Equity

The following tables summarize the changes in equity/(deficit) attributable to Quiksilver, Inc. and the non-controlling interests of its consolidated subsidiaries:

	Attributable to Quiksilver, Inc.			Non- controlling Interest			Total Stockholders’ Equity/(Deficit)
In thousands
Balance, October 31, 2014	$	53,876		$	2,358		$	56,234
Stock-based compensation expense	2,252			—			2,252
Employee stock purchase plan	374			—			374
Business disposition	—			(1,570		)	(1,570		)
Net loss and other comprehensive loss	(71,135		)	(788		)	(71,923		)
Balance, April 30, 2015	$	(14,633	)	$	—		$	(14,633	)
Balance, October 31, 2013	$	366,247		$	17,952		$	384,199
Stock-based compensation expense	11,588			—			11,588
Exercise of stock options	4,476			—			4,476
Employee stock purchase plan	673			—			673
Transactions with non-controlling interest holders	(10,839		)	(5,704		)	(16,543		)
Net loss and other comprehensive income	(45,674		)	(8,201		)	(53,875		)
Balance, April 30, 2014	$	326,471		$	4,047		$	330,518

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Intangible Assets and Goodwill - Additional Information (Detail) (USD $)	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Indefinite-lived Intangible Assets [Line Items]
Intangible amortization expense	$ 1,000,000	$ 1,000,000
Estimated annual amortization expense fiscal 2016	2,000,000
Estimated annual amortization expense fiscal 2017	2,000,000
Estimated annual amortization expense fiscal 2018	2,000,000
Estimated annual amortization expense fiscal 2019	1,000,000
Estimated annual amortization expense fiscal 2020	1,000,000
Non-Compete Agreements, Patents and Customer Relationships | Minimum
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life of trademarks and licenses	5 years
Non-Compete Agreements, Patents and Customer Relationships | Maximum
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life of trademarks and licenses	18 years
Trademarks and Licenses
Indefinite-lived Intangible Assets [Line Items]
Finite lived intangible asset residual value	$ 0
Trademarks and Licenses | Minimum
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life of trademarks and licenses	10 years
Trademarks and Licenses | Maximum
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life of trademarks and licenses	25 years

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Litigation, Indemnities and Guarantees

6 Months Ended

Apr. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Litigation, Indemnities and Guarantees

Litigation, Indemnities and Guarantees

As part of its global operations, the Company may be involved in legal claims involving trademarks, intellectual property, licensing, employment matters, compliance, contracts and other matters incidental to its business. The Company believes the resolution of any such matter, individually and in aggregate, currently threatened or pending will not have a material adverse effect on its financial condition, results of operations or liquidity.

During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These include (i) intellectual property indemnities to the Company’s customers and licensees in connection with the use, sale and/or license of the Company’s products, (ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facilities or leases, (iii) indemnities to vendors and service providers pertaining to claims based on the negligence or willful misconduct of the Company, and (iv) indemnities involving the accuracy of representations and warranties in certain contracts. The duration of these indemnities, commitments and guarantees varies and, in certain cases, may be indefinite. The majority of these indemnities, commitments and guarantees do not provide for any limitation of the maximum potential for future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities, commitments and guarantees in the accompanying condensed consolidated balance sheets.

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Basis of Presentation (Policies)

6 Months Ended

Apr. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statement presentation.

Quiksilver, Inc. and its subsidiaries (the “Company”) has included all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the results of operations for all periods presented. The Company's fiscal year ends on October 31 (for example, “fiscal 2015” refers to the year ending October 31, 2015). The condensed consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended October 31, 2014 included in the Company’s most recent Annual Report on Form 10-K. Interim results are not necessarily indicative of results for the full year.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Quiksilver, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

The Company completed the sale of Mervin Manufacturing, Inc. ("Mervin") and substantially all of the assets of Hawk Designs, Inc. ("Hawk") during the first quarter of fiscal 2014. In December 2014, the Company sold its majority stake in Surfdome Shop, Ltd. ("Surfdome"). As a result, the Company reported the operating results of Mervin, Hawk and Surfdome in "Income from discontinued operations, net of tax" in the condensed consolidated statements of operations for all periods presented. In addition, the assets and liabilities associated with these businesses are reported as discontinued operations in the condensed consolidated balance sheets (see Note 15 — Discontinued Operations). Unless otherwise indicated, the disclosures accompanying the condensed consolidated financial statements reflect the Company's continuing operations.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash Equivalents

Cash Equivalents

Cash equivalents represent cash and short-term, highly liquid investments, including commercial paper, U.S. Treasury, U.S. Agency, and corporate debt securities with original maturities of three months or less at the date of purchase. Cash equivalents represent Level 1 fair value investments. See the Fair Value Measurements section below for further details.

Fair Value Measurements

Fair Value Measurements

Accounting Standards Codification 820, Fair Value Measurements and Disclosures, ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of the three levels.

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy established in ASC 820 that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach).

The levels of hierarchy are described below:

• Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 assets and liabilities include debt and equity securities traded in an active exchange market, as well as U.S. Treasury securities.

• Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 – Valuation is determined using model-based techniques with significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of third party pricing services, option-pricing models, discounted cash flow models and similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.

Pricing vendors are utilized for certain Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The Company’s fair value processes include controls that are designed to ensure appropriate fair values are recorded. These controls include an analysis of period-over-period fluctuations and comparison to another independent pricing vendor.

The Company’s derivative assets and liabilities include foreign exchange derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, the Company’s credit risk and the Company’s counterparties’ credit risks. Based on these inputs, the Company’s derivative assets and liabilities are classified within Level 2 of the valuation hierarchy.

New Accounting Pronouncements

New Accounting Pronouncements

Accounting Standards Adopted

In November 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2014-17, Pushdown Accounting, which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The Company adopted this guidance on November 18, 2014, the effective date of ASU 2014-17. The adoption of this guidance did not impact the Company's condensed consolidated financial statements and disclosures.

In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items, which eliminates the concept of extraordinary items from GAAP, which required certain classification and presentation of extraordinary items in the income statement and disclosures. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company adopted this guidance on November 1, 2014. The adoption of this guidance did not impact the Company's condensed consolidated financial statements and disclosures.

Accounting Standards Not Yet Adopted

In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property Plant and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which provides amended guidance on the presentation of financial statements and reporting discontinued operations and disclosures of disposals of components of an entity within property, plant and equipment. ASU 2014-08 amends the definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. The effective date of ASU 2014-08 is for disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. The Company is currently evaluating the impact, if any, that this amended guidance may have on its consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a single, comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersedes virtually all existing revenue recognition requirements and guidance. This framework is expected to result in less complex guidance in application while providing a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should apply the following steps: (i) identify the

contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 is effective for annual periods (and interim periods therein) beginning on or after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation, which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its consolidated financial statements and related disclosures.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, which will require an entity’s management to assess, for each annual and interim period, whether there is substantial doubt about the entity’s ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of “probable” similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which will require an entity’s management to assess whether they should consolidate certain legal entities. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs, which will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The guidance impacts disclosures only. The Company does not expect the impact of this amended guidance to have a material effect on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which will require an entity’s management to assess, for each annual and interim period, whether a cloud computing arrangement includes a software license. All software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

Segment Information

Segment Information

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company currently operates in four segments: the Americas, EMEA, and APAC, each of which sells a full range of the Company’s products, as well as Corporate Operations. The Americas segment, consisting of North, South and Central America, includes revenues primarily from the United States, Canada, Brazil and Mexico. The EMEA segment, consisting of Europe, the Middle East and Africa, includes revenues primarily from continental Europe, the United Kingdom, Russia and South Africa. The APAC segment, consisting of Asia and the Pacific Rim, includes revenues primarily from Australia, Japan, New Zealand, South Korea, Taiwan and Indonesia. Costs that support all segments, including trademark protection, trademark maintenance and licensing functions, are part of Corporate Operations. Corporate Operations also includes sourcing income and certain gross profits earned from the Company’s licensees.

Earnings Per Share

The Company reports basic and diluted earnings per share (“EPS”). Basic EPS is based on the weighted average number of shares outstanding during the period, while diluted EPS additionally includes the dilutive effect of the Company’s outstanding stock options, warrants and shares of restricted stock computed using the treasury stock method.

Income Taxes

Income Taxes

Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction.

Derivative Financial Instruments

Derivative Financial Instruments

The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to certain sales, royalty income and product purchases of its international subsidiaries that are denominated in currencies other than their functional currencies. The Company is also exposed to foreign currency gains and losses resulting from domestic transactions that are not denominated in U.S. dollars. Furthermore, the Company is exposed to gains and losses resulting from the effect that fluctuations in foreign currency exchange rates have on the reported results in the Company’s condensed consolidated financial statements due to the translation of the operating results and financial position of the Company’s international subsidiaries. As part of its overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, the Company uses various foreign currency exchange contracts and intercompany loans.

The Company accounts for all of its cash flow hedges under ASC 815, Derivatives and Hedging, which requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the consolidated balance sheet. In accordance with ASC 815, the Company designates forward contracts as cash flow hedges of forecasted purchases of commodities. The results of derivative financial instruments are recorded in cash flows from operating activities on the condensed consolidated statements of cash flows.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. As of April 30, 2015, the Company was hedging a portion of forecasted transactions expected to occur through October 2016. Assuming April 30, 2015 exchange rates remain constant, $14 million of gains, net of tax, related to hedges of these transactions are expected to be reclassified into earnings over the next 18 months. For additional information of the gains/losses related to hedging, see Note 14 — Accumulated Other Comprehensive Income/(Loss).

On the date the Company enters into a derivative contract, management designates the derivative as a hedge of the identified exposure. Before entering into various hedge transactions, the Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy. In this documentation, the Company identifies the asset, liability, firm commitment, or forecasted transaction that has been designated as a hedged item and indicates how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally measures effectiveness of its hedging relationships both at the hedge inception and on an ongoing basis in accordance with its risk management policy. The Company would discontinue hedge accounting prospectively (i) if management determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. As a result of the expiration, sale, termination, or exercise of derivative contracts, the Company reclassified into earnings net gains of $8 million and $1 million for the three months endedApril 30,2015 and 2014, respectively, and $11 million and $1 million for the six months endedApril 30,2015 and 2014, respectively.

The Company enters into forward exchange and other derivative contracts with major banks and is exposed to exchange rate losses in the event of nonperformance by these banks. The Company anticipates, however, that these banks will be able to fully satisfy their obligations under the contracts. Accordingly, the Company does not require collateral or other security to support the contracts.

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Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Oct. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 2,666	$ 3,524
Work in-process	422	467
Finished goods	288,160	280,526
Total	$ 291,248	$ 284,517

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Earnings per Share and Stock-based Compensation - Reconciliation of Denominator of Each Net Loss per Share (Detail) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Earnings per Share and Stock Based Compensation [Abstract]
Shares used in computing basic net loss/income per share (shares)	171,343	170,475	171,188	170,105
Dilutive effect of stock options and restricted stock (shares)	0	0	0	0
Dilutive effect of stock warrants (shares)	0	0	0	0
Shares used in computing diluted net loss/income per share (shares)	171,343	170,475	171,188	170,105

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Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Statement of Comprehensive Income [Abstract]
Reclassification adjustment from AOCI on derivatives, tax	$ 424	$ 278	$ 637	$ 371
Unrealized gain/(loss) on derivative instruments, tax	$ (148)	$ (1,167)	$ 1,147	$ 248

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New Accounting Pronouncements

6 Months Ended

Apr. 30, 2015

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

Accounting Standards Adopted

In November 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2014-17, Pushdown Accounting, which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The Company adopted this guidance on November 18, 2014, the effective date of ASU 2014-17. The adoption of this guidance did not impact the Company's condensed consolidated financial statements and disclosures.

In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items, which eliminates the concept of extraordinary items from GAAP, which required certain classification and presentation of extraordinary items in the income statement and disclosures. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company adopted this guidance on November 1, 2014. The adoption of this guidance did not impact the Company's condensed consolidated financial statements and disclosures.

Accounting Standards Not Yet Adopted

In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property Plant and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which provides amended guidance on the presentation of financial statements and reporting discontinued operations and disclosures of disposals of components of an entity within property, plant and equipment. ASU 2014-08 amends the definition of a discontinued operation and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. The effective date of ASU 2014-08 is for disposals that occur in annual periods (and interim periods therein) beginning on or after December 15, 2014, with early adoption permitted. The Company is currently evaluating the impact, if any, that this amended guidance may have on its consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a single, comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersedes virtually all existing revenue recognition requirements and guidance. This framework is expected to result in less complex guidance in application while providing a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should apply the following steps: (i) identify the

contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. ASU 2014-09 is effective for annual periods (and interim periods therein) beginning on or after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation, which clarifies accounting for share-based payments for which the terms of an award provide that a performance target could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The updated guidance clarifies that such a term should be treated as a performance condition that affects vesting. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The guidance will be effective for the Company beginning with fiscal year 2016, and may be applied either prospectively or retrospectively. The Company does not anticipate that this guidance will materially impact its consolidated financial statements and related disclosures.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, which will require an entity’s management to assess, for each annual and interim period, whether there is substantial doubt about the entity’s ability to continue as a going concern within one year of the financial statement issuance date. The definition of substantial doubt within the new standard incorporates a likelihood threshold of “probable” similar to the use of that term under current GAAP for loss contingencies. Certain disclosures will be required if conditions give rise to substantial doubt. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which will require an entity’s management to assess whether they should consolidate certain legal entities. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs, which will require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The guidance impacts disclosures only. The Company does not expect the impact of this amended guidance to have a material effect on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which will require an entity’s management to assess, for each annual and interim period, whether a cloud computing arrangement includes a software license. All software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The guidance will be effective for the Company beginning with fiscal year 2017. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on its consolidated financial statements and related disclosures.

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Derivative Financial Instruments - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gains relating to hedging transactions, net of tax			$ 14
Reclassification estimate of time to transfer			18 months
Reclassified into earnings net gain/(loss) relating to derivative contracts	$ 8	$ 1	$ 11	$ 1

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Condensed Consolidation Financial Information - Condensed Consolidating Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Oct. 31, 2014	Apr. 30, 2014	Jan. 31, 2014	Oct. 31, 2013
Current assets:
Cash and cash equivalents	$ 48,078	$ 46,664	$ 67,134	$ 67,134	$ 57,280
Restricted cash	4,449	4,687
Trade accounts receivable, net	251,947	311,014
Other receivables	42,800	40,847
Income taxes receivable	494	0
Inventories	291,248	284,517
Deferred income taxes - current	4,838	4,926
Prepaid expenses and other current assets	30,425	28,080
Intercompany balances	0	0
Current portion of assets held for sale	0	20,265
Total current assets	674,279	741,000
Restricted cash	2,868	16,514
Fixed assets, net	189,673	213,768
Intangible assets, net	138,038	135,510
Goodwill	80,102	80,622			261,625
Other assets	39,450	47,086
Deferred income taxes long-term	14,182	16,088
Investment in subsidiaries	0	0
Assets held for sale, net of current portion	0	5,394
Total assets	1,138,592	1,255,982
Current liabilities:
Lines of credit	33,037	32,929
Accounts payable	149,968	168,307
Accrued liabilities	105,446	112,701
Current portion of long-term debt	2,248	2,432
Income taxes payable	0	1,124
Deferred income taxes	19,167	19,628
Intercompany balances	0	0
Current portion of assets held for sale	0	13,266
Total current liabilities	309,866	350,387
Long-term debt, net of current portion	785,482	793,229
Other long-term liabilities	35,747	39,342
Deferred income taxes long-term	22,130	16,790
Total liabilities	1,153,225	1,199,748
Stockholders’/invested equity	(14,633)	53,876
Non-controlling interest	0	2,358
Total liabilities and equity/(deficit)	1,138,592	1,255,982
Quiksilver, Inc.
Current assets:
Cash and cash equivalents	157	158		125	35
Restricted cash	0	0
Trade accounts receivable, net	0	0
Other receivables	10	10
Income taxes receivable	0
Inventories	0	0
Deferred income taxes - current	0	0
Prepaid expenses and other current assets	1,639	1,579
Intercompany balances	0	0
Current portion of assets held for sale		0
Total current assets	1,806	1,747
Restricted cash	0	0
Fixed assets, net	19,192	20,381
Intangible assets, net	9,636	6,674
Goodwill	0	0
Other assets	6,253	7,097
Deferred income taxes long-term	30,807	30,807
Investment in subsidiaries	706,629	722,935
Assets held for sale, net of current portion		0
Total assets	774,323	789,641
Current liabilities:
Lines of credit	0	0
Accounts payable	3,092	4,582
Accrued liabilities	19,014	17,887
Current portion of long-term debt	0	0
Income taxes payable	0	0
Deferred income taxes	31,450	31,450
Intercompany balances	231,536	179,251
Current portion of assets held for sale		0
Total current liabilities	285,092	233,170
Long-term debt, net of current portion	501,699	501,416
Other long-term liabilities	2,165	1,179
Deferred income taxes long-term	0	0
Total liabilities	788,956	735,765
Stockholders’/invested equity	(14,633)	53,876
Non-controlling interest		0
Total liabilities and equity/(deficit)	774,323	789,641
QS Wholesale, Inc.
Current assets:
Cash and cash equivalents	11,555	2,867		(10)	3,733
Restricted cash	0	0
Trade accounts receivable, net	51,993	51,663
Other receivables	1,989	3,402
Income taxes receivable	0
Inventories	32,866	25,681
Deferred income taxes - current	21,554	21,554
Prepaid expenses and other current assets	8,340	6,209
Intercompany balances	264,452	258,808
Current portion of assets held for sale		0
Total current assets	392,749	370,184
Restricted cash	0	16,514
Fixed assets, net	31,249	34,408
Intangible assets, net	43,495	43,815
Goodwill	61,983	61,982
Other assets	4,531	5,160
Deferred income taxes long-term	0	0
Investment in subsidiaries	1,430	1,525
Assets held for sale, net of current portion		0
Total assets	535,437	533,588
Current liabilities:
Lines of credit	0	0
Accounts payable	42,219	40,942
Accrued liabilities	13,637	15,092
Current portion of long-term debt	600	600
Income taxes payable	443	0
Deferred income taxes	0	0
Intercompany balances	0	0
Current portion of assets held for sale		0
Total current liabilities	56,899	56,634
Long-term debt, net of current portion	46,103	22,657
Other long-term liabilities	6,044	9,800
Deferred income taxes long-term	38,052	38,052
Total liabilities	147,098	127,143
Stockholders’/invested equity	388,339	406,445
Non-controlling interest		0
Total liabilities and equity/(deficit)	535,437	533,588
Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	0	(2,701)		113	296
Restricted cash	0	0
Trade accounts receivable, net	19,581	34,779
Other receivables	1,084	1,071
Income taxes receivable	0
Inventories	74,357	72,761
Deferred income taxes - current	0	0
Prepaid expenses and other current assets	3,402	2,941
Intercompany balances	0	0
Current portion of assets held for sale		28
Total current assets	98,424	108,879
Restricted cash	0	0
Fixed assets, net	21,277	21,259
Intangible assets, net	1,071	1,150
Goodwill	11,089	11,089
Other assets	662	1,255
Deferred income taxes long-term	2,052	2,052
Investment in subsidiaries	0	0
Assets held for sale, net of current portion		0
Total assets	134,575	145,684
Current liabilities:
Lines of credit	0	0
Accounts payable	22,149	22,008
Accrued liabilities	9,387	7,230
Current portion of long-term debt	0	0
Income taxes payable	1	0
Deferred income taxes	4,925	4,925
Intercompany balances	33,048	39,265
Current portion of assets held for sale		6
Total current liabilities	69,510	73,434
Long-term debt, net of current portion	0	0
Other long-term liabilities	8,719	7,420
Deferred income taxes long-term	0	0
Total liabilities	78,229	80,854
Stockholders’/invested equity	56,346	64,830
Non-controlling interest		0
Total liabilities and equity/(deficit)	134,575	145,684
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	39,758	46,340		66,906	53,216
Restricted cash	4,449	4,687
Trade accounts receivable, net	180,373	224,572
Other receivables	39,717	36,644
Income taxes receivable	938
Inventories	204,346	203,529
Deferred income taxes - current	4,838	4,926
Prepaid expenses and other current assets	17,044	17,351
Intercompany balances	132	0
Current portion of assets held for sale		20,237
Total current assets	491,595	558,286
Restricted cash	2,868	0
Fixed assets, net	117,955	137,720
Intangible assets, net	83,836	83,871
Goodwill	7,030	7,551
Other assets	28,004	33,574
Deferred income taxes long-term	14,182	16,088
Investment in subsidiaries	0	0
Assets held for sale, net of current portion		5,394
Total assets	745,470	842,484
Current liabilities:
Lines of credit	33,037	32,929
Accounts payable	82,508	100,775
Accrued liabilities	66,800	72,492
Current portion of long-term debt	1,648	1,832
Income taxes payable	0	1,404
Deferred income taxes	4,346	4,807
Intercompany balances	0	40,292
Current portion of assets held for sale		13,260
Total current liabilities	188,339	267,791
Long-term debt, net of current portion	237,680	269,156
Other long-term liabilities	18,819	20,943
Deferred income taxes long-term	16,937	11,597
Total liabilities	461,775	569,487
Stockholders’/invested equity	283,695	270,639
Non-controlling interest		2,358
Total liabilities and equity/(deficit)	745,470	842,484
Eliminations
Current assets:
Cash and cash equivalents	(3,392)	0		0	0
Restricted cash	0	0
Trade accounts receivable, net	0	0
Other receivables	0	(280)
Income taxes receivable	(444)
Inventories	(20,321)	(17,454)
Deferred income taxes - current	(21,554)	(21,554)
Prepaid expenses and other current assets	0	0
Intercompany balances	(264,584)	(258,808)
Current portion of assets held for sale		0
Total current assets	(310,295)	(298,096)
Restricted cash	0	0
Fixed assets, net	0	0
Intangible assets, net	0	0
Goodwill	0	0
Other assets	0	0
Deferred income taxes long-term	(32,859)	(32,859)
Investment in subsidiaries	(708,059)	(724,460)
Assets held for sale, net of current portion		0
Total assets	(1,051,213)	(1,055,415)
Current liabilities:
Lines of credit	0	0
Accounts payable	0	0
Accrued liabilities	(3,392)	0
Current portion of long-term debt	0	0
Income taxes payable	(444)	(280)
Deferred income taxes	(21,554)	(21,554)
Intercompany balances	(264,584)	(258,808)
Current portion of assets held for sale		0
Total current liabilities	(289,974)	(280,642)
Long-term debt, net of current portion	0	0
Other long-term liabilities	0	0
Deferred income taxes long-term	(32,859)	(32,859)
Total liabilities	(322,833)	(313,501)
Stockholders’/invested equity	(728,380)	(741,914)
Non-controlling interest		0
Total liabilities and equity/(deficit)	$ (1,051,213)	$ (1,055,415)

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Segment Information (Tables)

6 Months Ended

Apr. 30, 2015

Segment Reporting [Abstract]

Information Related to Company's Operating Segments

Information related to the Company's operating segments, all from continuing operations, is as follows:

	Three Months Ended April 30,						Six Months Ended April 30,
In thousands	2015			2014			2015			2014
Revenues, net:
Americas	$	159,987		$	186,247		$	307,754		$	361,710
EMEA	115,792			150,883			241,605			300,280
APAC	56,276			59,721			122,874			129,596
Corporate Operations	997			90			1,673			265
Total	$	333,052		$	396,941		$	673,906		$	791,851
Gross profit/(loss):
Americas	$	67,196		$	78,909		$	131,505		$	154,823
EMEA	59,904			81,724			130,404			169,573
APAC	29,894			33,413			66,744			70,221
Corporate Operations	(196		)	244			(2,411		)	313
Total	$	156,798		$	194,290		$	326,242		$	394,930
SG&A expense:
Americas	$	78,509		$	96,701		$	148,533		$	186,262
EMEA	61,426			75,715			127,555			153,923
APAC	32,299			34,089			67,104			67,452
Corporate Operations	2,945			1,416			2,491			4,068
Total	$	175,179		$	207,921		$	345,683		$	411,705
Asset impairments:
Americas	$	466		$	4,191		$	542		$	4,413
EMEA	237			392			416			1,053
APAC	—			—			—			—
Corporate Operations	—			—			—			—
Total	$	703		$	4,583		$	958		$	5,466
Operating (loss)/income:
Americas	$	(11,779	)	$	(21,983	)	$	(17,570	)	$	(35,852	)
EMEA	(1,759		)	5,617			2,433			14,597
APAC	(2,405		)	(676		)	(360		)	2,769
Corporate Operations	(3,141		)	(1,172		)	(4,902		)	(3,755		)
Total	$	(19,084	)	$	(18,214	)	$	(20,399	)	$	(22,241	)
Depreciation and amortization expense:
Americas	$	3,827		$	6,017		$	7,935		$	10,533
EMEA	3,116			5,474			6,932			8,761
APAC	1,748			1,925			3,489			3,813
Corporate Operations	739			605			1,501			1,259
Total	$	9,430		$	14,021		$	19,857		$	24,366
Interest expense:
Americas	$	943		$	327		$	1,673		$	1,229
EMEA	3,827			4,708			8,055			9,519
APAC	458			541			984			1,128
Corporate Operations	12,812			13,646			25,730			26,766
Total	$	18,040		$	19,222		$	36,442		$	38,642

SG&A expense by segment for the three and six months ended 2014 has been reclassified to conform to the current year presentation which reflects the Company's centralization of certain global business functions and related transfer pricing allocations.

In thousands	April 30, 2015		October 31, 2014
Identifiable assets:
Americas	$	438,138	$	464,831
EMEA	438,696		513,303
APAC	197,437		202,225
Corporate Operations	64,321		75,623
Total	$	1,138,592	$	1,255,982

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Restatement of Prior Period Financial Statements (Tables)

6 Months Ended

Apr. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections

The table below is a summary of the impact of these corrections on selected balance sheet data:

	October 31, 2014
In thousands	As Previously Reported			As Restated
Trade accounts receivable	$	319,840		$	311,014
Inventories	278,780			284,517
Total current assets	744,089			741,000
Assets held for sale, net of current portion	2,987			5,394
Total assets	1,256,664			1,255,982
Income taxes payable	1,156			1,124
Current portion of assets held for sale	12,640			13,266
Total current liabilities	349,793			350,387
Total liabilities	1,199,154			1,199,748
Accumulated deficit	(585,263		)	(587,407		)
Accumulated other comprehensive income	57,298			57,288
Total Quiksilver, Inc. stockholders' equity	56,030			53,876
Non-controlling interest	1,480			2,358
Total equity	57,510			56,234
Selected Segment Data:
Americas identifiable assets	$	467,920		$	464,831
EMEA identifiable assets	510,896			513,303

The table below is a summary of the impact of these corrections on selected statements of operations data:

	Three Months Ended April 30, 2014						Six Months Ended April 30, 2014
In thousands	As Previously Reported			As Restated			As Previously Reported			As Restated
Revenues, net	$	397,121		$	396,941		$	789,733		$	791,851
Gross profit	194,354			194,290			394,189			394,930
Operating loss	(18,152		)	(18,214		)	(22,982		)	(22,241		)
Loss from continuing operations	(37,817		)	(37,880		)	(60,511		)	(59,770		)
Net loss attributable to Quiksilver, Inc.	(53,061		)	(53,124		)	(37,674		)	(36,933		)
Net loss per share attributable to Quiksilver, Inc.	$	(0.31	)	$	(0.31	)	$	(0.22	)	$	(0.22	)
Selected Americas Segment Data:
Revenues, net	$	186,427		$	186,247		$	359,592		$	361,710
Gross margin	78,972			78,909			154,082			154,823
Operating loss	(21,920		)	(21,983		)	(36,593		)	(35,852		)

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Stockholders' Equity/(Deficit) and Non-controlling Interest

6 Months Ended

Apr. 30, 2015

Equity [Abstract]

Stockholders' Equity/(Deficit) and Non-controlling Interest

Stockholders' Equity/(Deficit) and Non-controlling Interest

The following tables summarize the changes in equity/(deficit) attributable to Quiksilver, Inc. and the non-controlling interests of its consolidated subsidiaries:

	Attributable to Quiksilver, Inc.			Non- controlling Interest			Total Stockholders’ Equity/(Deficit)
In thousands
Balance, October 31, 2014	$	53,876		$	2,358		$	56,234
Stock-based compensation expense	2,252			—			2,252
Employee stock purchase plan	374			—			374
Business disposition	—			(1,570		)	(1,570		)
Net loss and other comprehensive loss	(71,135		)	(788		)	(71,923		)
Balance, April 30, 2015	$	(14,633	)	$	—		$	(14,633	)
Balance, October 31, 2013	$	366,247		$	17,952		$	384,199
Stock-based compensation expense	11,588			—			11,588
Exercise of stock options	4,476			—			4,476
Employee stock purchase plan	673			—			673
Transactions with non-controlling interest holders	(10,839		)	(5,704		)	(16,543		)
Net loss and other comprehensive income	(45,674		)	(8,201		)	(53,875		)
Balance, April 30, 2014	$	326,471		$	4,047		$	330,518

The business disposition reflects the Company's sale of its stake in Surfdome in the first quarter of fiscal 2015. See Note 15 — Discontinued Operations for further information. Transactions with non-controlling interest holders reflect the Company's acquisition of the remaining non-controlling interests of its Brazil and Mexico subsidiaries in the first quarter of fiscal 2014.