Aussie apparel retailer Billabong International Limited was able to significantly reduce its net loss in the fiscal year ending June 30, 2014, when compared with fiscal year of 2013.
Including significant items and discontinued businesses, net loss after tax for full-year to June 30, 2014 totalled to Au $233.7 million compared to net loss of Au $859.5 million from fiscal year ending June 30, 2013.
However, Billabong said its revenues fell to Au $1217.5 million in fiscal year 2014, against Au 1,340.7 million in fiscal year 2013.
It added that, included in the result is $146 million of pre-tax significant items, including refinancing, restructuring and redundancy costs across all of its operations and non-cash impairment charges and fair value adjustments plus non-cash tax adjustments of more than $60 million.
Billabong’s portfolio of assets has changed since end of fiscal year 2013, with the sale of Dakine brand in July 2013, the exit from virtually the whole 48.5% interest in Nixon, and the sale of its Canadian retail chain, West 49.
Towards the end of the fiscal year, Billabong announced the conditional sale of both its 100% ownership of Swell.com in North America and 51% stake in SurfStitch.com in Australia and Europe.
CEO at Billabong Neil Fiske said, “In the nine months since announcing our seven part turnaround strategy, we have significantly stabilised, restructured and refocused the business. We now have a far stronger balance sheet.
“We have put in place a new global organisational structure and executive team, simplified the portfolio and have taken and will continue to take significant costs out of the business.”