Billabong stays positive despite reporting revenue loss of 4.6%
Surfersvillage Global Surf News, 21 February, 2014 - Billabong has reported a net loss of $126.29 million for the six months to December 31, much less than its $536.64 million loss in the previous corresponding period.
The surfwear company’s revenue for the six month period was $669.99 million, down 4.6% on the $702.32 million for the same time last year.
After years of challenges the group received financial backing from the Centerbridge Oaktree Consortium in the US. It reported that the smaller loss showed signs its turnaround strategy was working.
Billabong chief executive officer Neil Fiske said the business was in the midst of a seven-part restructuring strategy. He said it was a “complex, difficult turnaround” and people will need to be patient to see results on the bottom line.