HUNTINGTON BEACH, Calif. (AP) — Shares of Quiksilver fell by about 8 percent on Friday, after the surf-and-skate clothing retailer reported first-quarter results that missed expectations as it works on a turnaround plan.

Quiksilver's revenue has dropped during the recession and has yet to recover from its level prior to the downturn. The company has made several changes to revitalize its business, such as increasing marketing, while cutting jobs and expenses to save money. It named a new CEO, Andy Mooney, to replace Bob McKnight in January.

Late Thursday, Mooney said the company is making progress restructuring its organizational structure and streamlining its supply chain.

"We believe these actions will help lay the foundation for improved operational results."

But results fell far short of analyst expectations. Quiksilver, which owns Roxy, DC and its namesake brand said late Thursday that its loss for the three months ended Jan. 31 widened to $31.1 million, or 19 cents per share, from $22.6 million, or 14 cents per share, a year earlier. Excluding restructuring charges and asset impairments, net loss totaled 16 cents per share. Analysts expected a loss of 7 cents per share, according to FactSet.

Revenue fell 4 percent to $431 million from $449.6 million. Analysts expected $465 million.

Mooney said revenue was hurt by closing underperforming stores, weak wholesales sales and weakness in the Americas.

Janney analyst Eric Tracy said Quiksilver's actions should improve results in the long term, but kept his "Neutral" rating on the stock due to uncertain revenue trends and larger factors like the payroll tax weighing on Americans and the weak economy in Europe.

Shares fell 50 cents, or 8 percent, to $5.79 during morning trading. That's still closer to the high end of its 52-week trading range of $2.09 to $6.83.