Australian multi-brand apparel firm Globe International sales jump 76%

18 Sep '21

2 min read

Pic: Globe International Limited

Globe International Limited, an Australian footwear and clothing producer and designer, has reported a 76 per cent sales leap to $266.5 million in the full fiscal ended on June 30, 2021, compared to the previous year. The company’s earnings before interest and tax (EBIT) rose from $7.3 million in FY20 to $46.7 million in the current fiscal.

“It was an exceptional year in so many ways. We delivered a record performance for the financial year as our business benefited from having a captive market for our products. Our consumers had government stimulus money to spend, but limitations on how to spend it due to the restrictions in place globally for much of the year,” Matt Hill, chief executive officer at Globe International Limited, said in a press release.

The sales growth was driven by the group’s four main brand pillars of FXD, Impala, Salty Crew and Globe hardgoods, according to the company. Together, these brands comprise all the group’s core product categories of skateboards, apparel, footwear, workwear and rollerskates.

Regionally, all divisions reported sales growth of 50 per cent or more during the fiscal 2021. North America was the stand-out, delivering a 141 per cent revenues jump, partially fuelled by a shift towards online sales. Across the Australian group, online sales were four times higher than FY20 and wholesale sales grew by 63 per cent for the year.

Moreover, net profit after tax for the year expanded to $33.3 million (FY20: $6.1 million).

Looking ahead, Hill said that “We do not expect to see the kind of extraordinary growth in sales and profitability that was experienced during FY21, but we are optimistic about the position of our brands and their prospects this coming financial year. Trading conditions so far this financial year have been challenging but performance has remained solid.”

Fibre2Fashion News Desk (JL)

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