Earnings down for Billabong - sportstextiles: Lea SportsTextiles

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Earnings down for Billabong

17/02/2012
Australian surfwear and sports apparel brand Billabong has reported its figures for the first half of its current business year.

Sales over the six-month period, ending December 31, 2011, reached AUS $847.2 million, a rise of 1.5% compared to the same period the year before.

However, earnings fell by 21.7% to AUS $74.1 million. Chief executive, Derek O’Neill, said on presenting the results that sales in important trading periods in November and early December had been disappointing in Europe and Australia. He also said the high prices of raw materials and the company’s inability to pass those costs on fully had made an impact, as had the discounting strategies of many retailers.

Mr O’Neill said the brand had experienced a strong increase in online sales.

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