Nothing of too much substance admittedly: Online surfwear and...

Nothing of too much substance admittedly:

Online surfwear and action sports retailer SurfStitch will likely confirm its status as one of the worst performing sharemarket floats of the past few years as investors and fund managers brace for the company’s third profit downgrade this year and a wipeout of its already heavily weakened share price.

Shares in SurfStitch were placed in a trading halt yesterday pending an update from the company on its expected earnings for fiscal 2016.

Fund managers are punting on another downgrade to the retailer’s earnings, perhaps flowing from continued weakening of its US business and the costs of integrating an acquisition spree over the past 12 months.