Quiksilver Inc. abandoned its hopes for a return to profitability and sales growth in the current year, and investors greeted the news with a full-fledged sell-off of the company’s stock.

Shares of the Huntington Beach, Calif.-based outdoor-related apparel, accessories and footwear brand shed 31.6 percent to close at 85 cents as the firm missed second-quarter estimates and rescinded the full-year guidance provided at the end of 2014. The company said it currently has no plans to reintroduce guidance.

At 16.1 million shares, volume on the New York Stock Exchange was more than nine times the 90-day average of 1.7 million and the 52-week low reached in midday trading of 75 cents represented a low point not approached since November 2008.

In the three months ended April 30, the firm saw its net loss contract to $37.6 million, or 22 cents a diluted share, from a year-ago loss of $53.1 million, also 22 cents.

Revenues were down 16.1 percent, to $333.1 million from $396.9 million, and dropped 2 percent excluding the impact of currency translation and the reclassification of previously licensed businesses.

These figures landed below the 14-cent loss and $341 million in revenues expected, on average, by analysts tracking the firm.

“The company had expected significant profit improvement in North America in the back half of the year when it provided guidance for fiscal 2015,” said Pierre Agnes, who succeeded Andy Mooney as chief executive officer in March following difficulties with revenue reporting that led to the delay of the first-quarter earnings report. “We are still confident this improvement can be achieved, but not in that time period.”

He didn’t stipulate what time frame might apply, although, during a morning conference call with analysts, he said he and his management team “strongly believe that we can turn the North American market around, into a profitable business in the next fiscal year.”

Its home market has been a particular challenge for the makers of Quiksilver, Roxy and DC Shoes. Thomas Chambolle, chief financial officer, cited continuing currency headwinds for Quiksilver’s ongoing problems, but he also noted “delivery issues that we have, especially in North America, also in Brazil,” as making the chances for a second-half profit unlikely. The delays have been among the factors contributing to sales erosion at the company, although Agnes said he was satisfied with the progress of the company’s new assortments.

The ceo expressed optimism that the new team, after less than three months on the job, is “already feeling confident that we know what the issues are and we are correcting them.”

He said Quiksilver’s management is “focused on delivering significant and sustainable EBITDA growth in 2016 and the following year.” It managed to trim selling, general and administrative expenses by 15.7 percent, to $175.2 million.

By product category, apparel and accessories sales fell 18 percent to $231.6 million, translating into a 2 percent decline excluding currency and licensing considerations, while footwear was down 11.3 percent, to $101.5 million, or flat excluding currency and licensing reclassification.

Year-to-date, the net loss expanded to $48.4 million, or 29 cents a diluted share, as revenues declined 14.9 percent to $673.9 million.