The decline started after the AGM address on the 24th November...

The decline started after the AGM address on the 24^th November 2015. The day before (23/11) the share price (sp) ended the day at 70 cents (or $3.50 pre-consolidation!).

After the address the sp ended the day at 54 cents (or $2.70 pre-consolidation).

It was at the AGM address where it was indicated that for the first 4 months of trading earnings were down $2.5m and there was some indications of FX and softer retail impacts.

From there it has been a slow decline that really picked up at the start of January with the Global market volatility. Possibly the resignation of Ed Leasure (US president) on the 7 January may have had some worries as the US is a core part of the business and the continuing saga of the Quiksilver bankruptcy in the US may be weighing on investors still.

Interestingly from mid-December to end December the sp was holding steady trading around the $2.30-$2.45 mark and it looked like that was the new base. But from the start of January with the market tanking it has dived.

My thoughts are that any company in the current environment that signals a drop in earnings is likely to have their share price hit (if not savaged). A holder or holders have wanted out and are selling down, but there is an absence of buyers. As the sp declines this draws in other sellers.
I saw Capitol Health rise from 17c to over $1 as a one-time market darling, but with the Government looking at the health rebates system and Capitol issuing a profit warning the sp declined back to 17c in less than half that time.