Globe International Limited has released financials for the 08-09 fiscal year, and while sales in the US were down 20 percent and the company lost A$8.9 million, they are optimistic moving forward, according to a story on Sports One Source.
Globe International Limited Chief Executive Officer Matt Hill said “At the announcement of the company’s first half results in February this year, we outlined the operational restructuring and cost rationalisation plans that were being implemented. It is therefore pleasing to have seen the positive impact of these initiatives in the second half of the year despite difficult trading conditions.” . . . “It is difficult to predict when a recovery will take effect, and as a result we maintain conservative expectations of trading conditions as we enter the 2010 financial year. Now though, as a business we are in a better position to deal with these trading conditions due to the changes that have been implemented over the past twelve months.”
As Mad Men’s Duck Philips said last season, “When the economy is down, people don’t buy things.”
[Link: Sports One Source]
