Home / Knowledge / News / Apparel/Garments / Aussie fashion retailer Billabong posts loss in H1FY'13
Aussie fashion retailer Billabong posts loss in H1FY'13
23
Feb '13
Billabong International Limited announces its half year financial results to 31 December 2012 and provides an update on the progress of its Transformation Strategy.

Overview
- Net Loss after Tax for half-year to 31 December 2012 of $536.6 million
- $567.0 million of significant items ($534.4 million is non-cash)
- Excluding significant items, Group EBITDA up 12.9% (in constant currency terms on the prior corresponding period (pcp)) to $57.2 million (45% up in the Americas, 29% up in Australasia and 78% down in Europe)
- Transformation Strategy significantly reducing costs across the business
- Previously announced due diligence by bidding consortia expected to conclude next month

Reported Earnings

Billabong incurred a Net Loss after Tax for the half-year of $536.6 million. The result was impacted by $567.0 million of significant items, including $427.8 million non-cash impairment for goodwill and brands, and $106.6 million relating to a non-cash write down of its investment in Nixon.

Transformation Strategy

Billabong announced a four year Transformation Strategy in August 2012 with the key developments for the first six months being,

- Store closure programme on track with 119 retail outlets closed to date, targeting a total of approximately 160 stores to be closed by June 2013

- Apparel supplier numbers to be reduced from over 275 to 50 commencing March 2013 as part of a major restructure of the global supply chain

- Management restructure and a staged move from regional to global reporting lines

- Global IT head appointed and strategy in place with new reporting and operational systems rolling out from mid-2013

- Billabong girls and women’s wear global strategy advanced

“Our management team, including those who have taken on new responsibilities in recent months, are having a positive impact in addressing the well-publicised challenges faced by the Group”, said Ms Inman. “However, given the lead times, the benefits from reduction in supplier numbers and brand improvement strategies will not be seen in this financial year.”

Billabong International


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search