{"id":50417,"date":"2016-09-01T15:02:48","date_gmt":"2016-09-01T22:02:48","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=50417"},"modified":"2016-09-01T15:06:16","modified_gmt":"2016-09-01T22:06:16","slug":"things-arent-so-swell-at-surfstitch","status":"publish","type":"post","link":"http:\/\/www.boardistan.com\/?p=50417","title":{"rendered":"Things Aren&#8217;t So Swell At SurfStitch"},"content":{"rendered":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-50418\" src=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2016\/09\/surfstitch_logo.jpg\" alt=\"surfstitch_logo\" width=\"232\" height=\"45\" srcset=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2016\/09\/surfstitch_logo.jpg 232w, http:\/\/www.boardistan.com\/wp-content\/uploads\/2016\/09\/surfstitch_logo-200x39.jpg 200w\" sizes=\"(max-width: 232px) 100vw, 232px\" \/><a href=\"https:\/\/www.surfstitch.com\">SurfStitch<\/a><\/strong> the Australian online surf retailer who was formerly owned (partially) by\u00a0<strong>Billabong<\/strong> (and then took over Billabong&#8217;s North American online business including\u00a0<strong>Swell.com<\/strong>) had a pretty rough go in fiscal 2016. According to a story on the <a href=\"http:\/\/www.ocbj.com\/news\/2016\/aug\/30\/swellcom-parent-puts-rebranding-hold\/\"><em><strong>Orange County Business Journal<\/strong><\/em><\/a>, the company (which went public in 2014) lost $116.4 million on $176.9 million in revenue for 2016.<\/p>\n<blockquote><p>The loss accounts for \u201cstrategic review adjustments,\u201d including impairment, administrative, selling and distribution expenses. Its revenue total includes $157.5 million in retail revenue, $16.82 million from Surf Hardware, and $2.55 million from its media properties (<em><strong>Stab Magazine<\/strong><\/em> and <strong>Magicseaweed.com<\/strong>).<\/p><\/blockquote>\n<p>They were reportedly planning on &#8220;rebranding&#8221; the entire business under the Swell.com name, but things at Swell.com didn&#8217;t go much better in 2016 so they&#8217;re going to put those changes off for a bit.<\/p>\n<blockquote><p>Swell in Irvine, which will shrink to 14 employees after 65% staff reduction is complete in October, contributed $18.92 million to retail total. That\u2019s down 12 % from $21.6 million the brand posted in fiscal 2015. Swell\u2019s gross earnings were down 44% to $5.4 million.<\/p><\/blockquote>\n<p>Apparently, the kids just aren&#8217;t blowing all their money on expensive, branded, logo&#8217;d surf togs anymore. What a surprise.<\/p>\n<p>Oh, and if you know anyone who wants to buy San Diego, California&#8217;s\u00a0<strong><a href=\"http:\/\/www.surfhardware.com\">Surf Hardware International<\/a>\u00a0<\/strong>(parent company of <strong>FCS Fins<\/strong>), please let SurfStitch know. They bought the company\u00a0in November 2015 for $16.6 million, but have\u00a0now decided that it&#8217;s not such a good fit.<\/p>\n<p><strong>[Link: <a href=\"http:\/\/www.ocbj.com\/news\/2016\/aug\/30\/swellcom-parent-puts-rebranding-hold\/\">OCBJ<\/a>]<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SurfStitch the Australian online surf retailer who was formerly owned (partially) by\u00a0Billabong (and then took over Billabong&#8217;s North American online business including\u00a0Swell.com) had a pretty rough go in fiscal 2016. According to a story on the Orange County Business Journal, the company (which went public in 2014) lost $116.4 million on $176.9 million in revenue [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[10,16,6,12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50417"}],"collection":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50417"}],"version-history":[{"count":4,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50417\/revisions"}],"predecessor-version":[{"id":50423,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50417\/revisions\/50423"}],"wp:attachment":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50417"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}