The prominent Victorian company is being buffetted by the strong dollar and weak consumer sentiment and will start to cut jobs and close stores overseas. . . BusinessDaily can reveal Rip Curl, which is privately owned, suffered a net loss of $4.1 million for the year to June. A year ago, it recorded a $7.9 million profit, and three years ago its profit clocked in above $30 million. . . Finance director Lachlan Farran said the group had shouldered one-off costs for a European restructure and to meet accounting rules linked to its purchase of the Ozmosis and Waves brands.
Guess this wave of bad news is continuing to roll.
[Link: Herald Sun]