Shares of Quiksilver fall as surf wear seller says it will delay earnings report

Quiksilver postponed its first-quarter earnings report due to a possible error, sending shares of the surfing retailer down 8 percent Wednesday.

The company's audit committee is investigating a "revenue cut-off issue" first noticed by management.

Quiksilver did not immediately respond to a request for comment.

The company was scheduled to post earnings Thursday. It expects to announce a new date for the release later this month. The audit committee will provide an update on the investigation at a March 16 board meeting.

Quiksilver does not anticipate any impact on previously released financial statements, its first-quarter results, or on its guidance.

Quiksilver Inc., based in Huntington Beach, California, also sells clothing and accessories under the Roxy, and DC brands. It has reported a drop in revenue every year since 2012, and revenue is expected to fall again this year, according to industry analysts surveyed by FactSet. In the last 12 months, Quiksilver shares have fallen nearly 80 percent.

Shares fell 16 cents to $1.83.