Rip Curl sees success despite industry revenue slump
Surfersvillage Global Surf News, 7 October, 2014 - Privately owned global surfwear retailer Rip Curl has dodged the earnings wipe-out that has sunk most of its competitors to ride a wave of climbing sales from Brazil to Indonesia, with the apparel group benefiting from a restructure that saw it plunge to a loss two years ago.
The surfwear group, founded in the Victorian seaside town of Torquay 45 years ago by business partners Doug “Claw” Warbrick and Brian “Sing Ding” Singer, has even booked robust gains in America and parts of Europe, two regions that for the last few years have seen surfers desert retail stores in droves.
While the sector has been battered by revenue slumps and swelling losses, with global players such as Quiksilver and Billabong International drenched in red ink, Rip Curl has strung together its second consecutive profit and justified its board decision to junk a planned $400 million sale of the business last year.
Documents lodged with the corporate regulator show Rip Curl posted a 63 per cent increase in full-year net profit to $23.329 million in the 12 months to June 30, 2014, as revenue for the period rose 7.8 per cent to $429.58 million.