Saturday, September 5, 2009

09/04/09

Billabongs economic status
Surfwear group Billabong International Ltd has posted a 13.3 per cent fall in annual profit and reduced its final dividend. Net profit for the year ended June 30 was $152.84 million, down from $176.38 million in the previous year. Billabong chief executive officer Derek O'Neill said the result reflected the swift and unprecedented economic slowdown that impacted global economies. Billabong has cut its forecast, Mr O'Neill also said the group was approaching 2009/10 with conservative expectations, it was difficult to build a potential recovery in retailer demand and consumer spending into its forecasts. In response to current conditions, the Company continues to scrutinise and reduce costs, manage receivables and inventory levels across all regions and closely monitor and review both small and large accounts.

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