Last week, all eyes were on embattled department store Myer as the brand fell from the ASX200 benchmark, however, there was further bad news for other Australian retailers.

Both Billabong and Gazal Corporation also fell victim to an ASX ousting, as each company found itself removed from the ASX300.

Each brand has revealed profit and sales issues over the past month, with Billabong's first-half loss shotting up by more than 40% to $18.4 million.

Billabong CEO Neil Fiske said this was an expected result.

“The result is reflective of the ongoing difficult trading conditions in retail and much of the action sports sector.

"While our Americas region has again produced another good result, with EBITDA up 34.1% constant currency year-on-year, it is the smaller half year for that region.

"In contrast, trading proved challenging in Asia Pacific, where H1 is the larger half.

"Our global change initiatives are delivering benefits through higher gross margins across all regions, up year-on-year from 51% to 52%.

Gazal also hinted at financial hiccups despite the recent success of its joint venture between PVH Brands Australia.

In a statement to investors, the company revealed details of its pre-tax profit but excluded the impairment of its $3.1 million investment into Oroton, a decision that is currently being reviewed.

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