NATIONAL: Listed group Billabong International has announced its net profit after tax for the financial year to June 30, 2009 was $152.8 million, down from $176.4 million in the previous year.
The surf and boardsports apparel company said the result followed a year of swift economic downturn, lack of retailer confidence, slowdown in consumer spending and extreme volativity in exchange rates.
Billabong International chief executive officer Derek O'Neill said the group would approach the next financial year with conservative expectations, as it is difficult to build potential recovery of retailer demand and consumer spending into forecasts.
Group sales revenue was reported as $1.67 billion, up 23.9 per cent on the prior year, or 9.1 per cent in constant currency terms. The company said this growth was amplified by acquisitions and the translation benefit from the relative weakness in the Australian dollar against the USD and Euro.
Sales in the the Australasian market were $444.3 million, up 3.9 per cent in constant currency terms.
Billabong International labels include Billabong, Element, Von Zipper and Tigerlily. Its products are licensed and distributed in more than 100 countries and are available in approximately 10,000 outlets internationally.