AUSTRALIA: Billabong posts 9.2% FY profit slump
- 23.9% FY sales growth
- 9.2% fall in net profit
- Profit margins down
Surfwear brand Billabong International has reported a 9.2% fall in net profit for the 2009 fiscal year, hit by a "steep slowdown in consumer spending".
Full year net income slumped to AUD$160.2m (133.4m), with 23.9% sales growth to $1.67bn amplified by acquisitions and currency effects.
Profit margins were down slightly, from 54.9% to 53.2% during the year.
Billabong chief executive Derek O'Neill said: "Given the lack of retailer confidence, the steep slowdown in consumer spending in various global economies and the extreme volatility in exchange rates, the company has emerged in remarkably good shape."
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