US: Costs weigh on Billabong H1
- H1 net loss narrows to AUD126.3m
- Sales slide 4.6% to AUD667m
- Sales from continuing operations up 3% to AUD579.8m
Billabong has been mired in uncertainty and under-performance for over a year
Australian surfwear brand Billabong has booked its fourth consecutive half-yearly loss as reconstruction costs and weakness in its international operations weighed on earnings.
The company, which has been mired in uncertainty and under-performance for over a year, posted a net loss of AUD126.3m (US$113.6m) in the six months to the end of December. This, however, narrowed from a loss of AUD536.6m a year earlier.
The result included restructuring and refinancing costs, in addition to writedowns relating to the sale of its West 49 and DaKine businesses. Excluding these, Billabong made a profit of AUD6.3m, down from AUD19.2m a year ago.
Revenue slid 4.6% to AUD667m from AUD702.3m in the year ago period due to the disposals. Sales from continuing operations were up 3% to AUD579.8m.
In the group's international operations, sales in Australasia were down 12.3% to AUD272.5, while Europe sales fell 4.9% to AUD98.5m.
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