Billabong has seen an explosive blowout in its full-year financial results. Here are the three most dramatic moments from its announcement to shareholders.
1. Losses triple
Billabong has posted a net loss of $77.1 million for the year to June. The figure is three times the $23.7 million loss it posted last year. The loss was partially blamed on assortment ranging, with existing styles repeated and key trends missed.
2. Brands fall
Billabong wrote down the value of a string of its brands, including Von Zipper, Kustom, Xcel and RVCA. The write downs totalled $104 million, partially offset by the $60 million sale of Tigerlily.
3. Sales dip
Total global sales declined 4.7% to $974.7 million, with comparable store sales down 5% in Australia. In fact, earnings in Asia Pacific declined by a dramatic 57.4% to $8.5 million.
