MELBOURNE: Globe International has announced a net sales decrease of three per cent for the financial year to June 30, 2009, compared to the previous year.
The boardsports apparel company achieved net sales of $116.9 million, down from $120.7 million last year. In constant currency terms, net sales were 14 per cent below the previous corresponding period.
It reported that Australasian sales decreased by 4.4 per cent after adjusting for retail store closures. In North America net sales dropped by 20 per cent in local currency and in Europe net sales were lower by seven per cent in local currency.
Net profit after tax was reported as a loss of $8.9 million.
Following a difficult start to the financial year, the company implemented a cost rationalisation and operational restructuring plan which it said helped improve second half results.
Chief Executive Officer Matt Hill said it was difficult to predict when the global financial climate would turn around, so would look forward with conservative expectations for 2010 financial year.
Globe International owns a number of boardsports apparel brands, including Globe, Almost, Speed Demons, Enjoi and Darkstar.