When Billabong reported their financial results for the year ended June 30, 2012 this week there weren’t many surprises. The company reported a $275.6 million loss, according to a story in the Business Spectator. But CEP Launa Inman is still confident.
Chief executive officer Launa Inman said that at an underlying trading level, the group remained profitable. . . “As previously flagged to the market, the group’s results have been adversely impacted by various significant and exceptional items,” Ms Inman said. . . “In recording the various significant and exceptional costs and charges, the Group has endeavoured to adopt a conservative position.” . . “The group is well on track in implementing the initiatives outlined in the previously announced strategic capital structure review and will continue to implement a number of new strategic initiatives announced today as part of Billabong’s transformation strategy.”
According to Inman’s new plan (click here to dowload) the company “will focus on simplifying the retailer’s business, leveraging its brands, expanding its online business and globalising its supply chain.” Billabong has closed 58 retails stores since February 2012 and 82 more shops are set to close this year. Ouch.
Follow the jump for the official word from Billabong. [click to continue…]
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