Billabong, an Australian surf company which is predominantly a clothing retailer that also produces accessories, has announced the latest financial results for the first six months of its current fiscal year, ended December 31, 2017.
The company reported a 3.1 per cent decline in its revenue to US $ 476.5 million during the first half of the year. However, it recorded a 3.9 per cent increase in its revenue and a 0.7 per cent surge in its comparable store sales in the Americas region.
A drop in wholesale orders said to have adversely impacted the company’s performance in Europe where it noted a 6.1 per cent drop in revenue and a 2.3 per cent decline in comparable B&M store sales.
Billabong’s net loss stood at US $ 18.4 million for the six months to December 31, 2018. However, the company that owns brands like Kustom, Palmers Surf, Xcel, Tigerlily and Sector 9 is still hopeful to note a stable full-year revenue.
“The results we are reporting today are consistent with the updated guidance given in January – namely that we would be down in the first half, but expect to be up in the second to deliver full-year EBITDA (Earnings before interest, tax, depreciation and amortization) of US $ 51.1-54.0 million – at or just above last year,” Billabong CEO Neil Fiske said.
