It’s been a rough year for the beleaguered Billabong. Last year they were back on the come-up with a profit of $4.2 million (which is kind of a sad thing to be happy about for the once profitable surf giant), but this year they say the taxes got ’em, according to a story in the Gold Coast Bulletin.
Billabong said more than two-thirds of its decline related to higher tax costs, with a tax expense of $7.8 million this year compared to a $12.2 million tax credit a year earlier. . . CEO Neil Fiske said FY16 was an “extraordinarily tough year” which had seen Billabong hit a significant “speed bump” in its multi-year turnaround strategy. . . But, he said, most of the pain had been outside Billabong’s control and he believes FY16 will be the year the company finally turns a corner.
It’s always next year isn’t it? We all hope for rainbows and unicorns in the coming fiscal year, don’t we? We certainly do and if we can share some of them with Billabong, we’ll do it.
[Link: Gold Coast Bulletin]
