Billabong weathers the storm
Billabong has posted sales of $1.67 billion for the year ended June 30, up 23.9% increase on the prior year (9.1% in constant currency terms).
Net profit was $160.2 million, down 9.2% compared with $176.4 million in the prior year. However, it fitted within the $160 million to $165 million range forecasted by the company in mid May.
Chief executive officer, Derek O’Neill, said: “Given the lack of retailer confidence, the steep slowdown in consumer spending in various global economies and the extreme volatility in exchange rates, the company has emerged in remarkably good shape.”
Mr O’Neill said the group was approaching the 2009-10 financial year with conservative expectations.
