Billabong reported that first half net sales jumped 22.1% as healthy growth in the companys home Australasian market was outpaced by stronger gains in the Americas and Europe. Net sales grew to A$808.6 million ($632.6 mm) from A$662.0 million ($575.2 mm) for the year-ago first half as EBITDA held steady at A$147.3 million ($115.2 mm) for both periods. On a currency-neutral basis, first half net sales increased 11.3%, but EBITDA slipped 8.1%.
In the Americas, net sales jumped 33.9% to A$385.1 million ($301.3 mm), but EBITDA dropped 15.0% to A$40.8 million ($31.9 mm). Currency-neutral, net sales jumped 16.3% as EBITDA dropped 29.4%.The EBITDA decline in the margin was attributed in part to a higher volume of lower margin sales.
Net profit declined 7.1% to A$82.4 million ($64.5 mm) for the company for the first half. However, management reported that the company remains on track to deliver full year earnings per share growth in the range of 6% to 10% for the full 2008-09 financial year.
