Billabong sales decline with fewer losses
The new management team of the Billabong surf and skatewear group presented its interim financial results February 21.
For the six-month period ended late December, the company reported revenues down by almost 5%, to 440 million euros (670 million Australian dollars) compared to the same period in 2012. But it was able improve profitability by paring its net loss by 76%, from 353 down to 83 million euros.
During the reporting period, Billabong shed the Dakine brand, a luggage and accessories line inspired by skiing and snowboarding, and the Canadian retail chain West 49. It also sold off its shares in Nixon.
All of the group's sales regions were down in revenues. Sales in its Autralia-Asia region dropped from 181 to 179 million euros. In the Americas, business shrunk from 210 to 194 million euros, and in Europe, from 68 million to 64 million euros. Licensing royalties rose from 0.94 to 1.02 million euros.
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