Embattled surfwear chain Billabong has suffered another hit for the financial year - but reduced its losses by 73 per cent.
Billabong’s net loss shrank to $233.7 million in the year to June 30, from $863 million in 2012/13.
This represents a 73 per cent reduction on losses from the previous year.
Revenues also climbed 1.6 per cent to $1.2 billion.
Full year losses included significant items such as redundancy costs, non cash impairment charges and fair value adjustments.
Excluding businesses sold off during the year, Billabong’s gross earnings fell by more than a quarter to $52.5 million.
Revenue from the Americas fell to $538 million from $636.8 million.
The fall was attributed to a drop in wholesale orders in Canada and Brazil.
Comparative store sales in North America fell six per cent in the second half.
Earnings for the Americas dropped to $17.6 million from $38 million.
Revenue rose in the Asia Pacific to $480.5 million while earnings lifted to $34.6 million from $31.9 million.
Revenue in Europe dropped to $199 million from $232 million while losses rose to $8.1 million from $100,000.
Billabong said it has stabilised since announcing a turnaround strategy seven months ago.
It said the turnaround strategy was complex and still in its early stages.
“Trading to date in FY15 largely reflects the same themes as have been experienced throughout FY14,” the company advised shareholders.
“As we move through FY15 the company expects to see the impact of the turnaround strategy in the results but it is not possible at this time to quantify the extent of such impact.”