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What: Shares skating-inspired apparel retailer Quiksilver (NYSE:ZQK) soared 32% today after its quarterly results blew out Wall Street expectations.

So what: The stock has plunged in recent months on concerns over widening losses, but today's wide second-quarter profit beat -- adjusted EPS of $0.10 versus the consensus of $0.06 -- suggests that the tide is turning. While revenue slipped 3%, better-than-expected demand in Europe and Asia, as well as stabilizing gross margins, is giving analysts plenty of good vibes over management's turnaround initiatives.

Now what: Don't expect the momentum to slow anytime soon. "We completed assembling our senior management team, refinanced debt to extend maturities and increase liquidity, reduced headcount, narrowed our athletes and events roster, began reengineering supply chain processes and continued to close underperforming retail stores," said CEO Andy Mooney. "Our plan is on track and we remain confident that our initiatives will lead to improved efficiency and profitability." Of course, when you couple Quiksilver's still-shaky competitive position with its big debt load, I'd continue to be cautious about betting on it.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.