Billabong rides the crest of the wave

Global surfwear giant Billabong International has reported a 44.1 per cent rise in net profits to $125.4 million for the year ended June 30, 2005.
Cheif executive officer Derek O'Neill said the result was buoyed by exceptional first half sales in Australia and the US.
"While retail conditions in Australia softened in the second half, Billabong's global reach and multi-brand strategy allows it to absorb region-specific economic fluctuations and retail cycles and still deliver solid growth," said O'Neill.
"Overall it was a year in which Billabong's established brands maintained strong growth and the company's emerging brands acheived further market penetration."
Australasian sales increased by 43.1 per cent to $275.7 million, while sales in the Amercias lifted 21.9 per cent.
O'Neill added that all of the group's brands had made a positive contribution to the result.
"The skateboard influenced Element apparel and hardgoods brand again showed outstanding growth globally and the Von Zipper eyewear and apparel brand grew strongly particularly in the US and Australia," he said.
"Of our newer brands, the Honolua Surf Company wholesale range and the Kustom footwear brand are now being rolled out globally, while Palmers Surf continues to hold a leading position in the surf wax market."