In financials reported today (August 19, 2011) by Billabong it appears that the company’s profits are down 18 percent from the year previous, according to a story in the Sydney Morning Herald.
Billabong said it had been hurt in the year just ended by the strong Australian dollar and a weak retail environment. . . Billabong reported annual profit of $119.139 million in the year to June 30, down 18.4 per cent from the prior year. . . Revenue was 13.5 per cent higher, however, at $1.688 billion. . . Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 16.2 per cent in constant currency terms, and down 24.3 per cent in reported terms, Billabong said in a statement on Friday.
Apparently, the current financial storm isn’t over just yet.
[Link: Sydney Morning Herald]
So happy I sold my stock when it was still above $20 a share. Publicly traded companies are expected to make 15% gains per year, something that becomes more and more impossible each year, that’s why these huge corporations keep buying up smaller brands to add “value” for their shareholders. End the stock market today and everything would be OK in America.
cant keep smashing your traditional wholesale (surf shop) base with online(suckstitch) and own shops sales and expect business as usual from traditional wholesale base?
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