Strong Dollar Pulls Rip Curl Down

by The Editors on November 2, 2012

Ripcurl-LogoThanks to a strong dollar (hard to believe we know) Rip Curl is getting yanked into the same undertow that’s been chewing on Billabong for the past 10 months, according to a story in the Herald Sun.

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]

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