Billabong profits are down 7.1 percent in the “first half” thanks to the US economy, according to a story on News.com.au. Not knowing all the much about currency markets it’s always funny to hear companies saying things like this:
“While the company has experienced margin erosion in its biggest division, the Americas, the effect is being partially offset by strong appreciation in the US dollar against the Australian dollar,” Billabong chief executive Derek O’Neill.
So, if we’re hearing this properly, sales in the US are down, but luckily for Billabong the Australian dollar is going all to hell. Good times in international business, huh?
[Link: News.com.au]
