AUSTRALIA: Globe Apparel Skates Into 154 Per Cent Profit Leap
The company, whose brands include Mooks, Trans Element, Sista and M-One-11, said its revenue soared 43 per cent to US$121m from US$84.6m in 2001 and it plans to boost market share in Europe, Japan and parts of Asia.
The Melbourne-based firm, which was set up by three brothers in the early 1980s, said it was delighted with the better-than-expected results in what has been a generally flat global apparel market.
"The quality of Globe's people and its brands have produced a very good 2002 result," the group said in a statement.
"The outlook is for continued strong sales and earnings growth for the group in 2003 and beyond."
In June, Globe acquired Kubic Marketing, the largest skateboard group in the US. It is now looking at ways to further footwear, snow and apparel products using Kubic's icon brands of World Industries, Blind, Dakstar and Tensor.
"Globe and Kubic foresee significant opportunities in Europe, and expect strong growth across all brands in 2003 and beyond," it added.
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