Billabong International Limited saw currency exchange eat into its first half results as the U.S. dollars downturn caused its reported sales and EBITDA growth to be well below currency-neutral results. On a reported basis, net sales grew 8.4% to A$662.0 million ($572.7 mm) for the first half ended December 31, 2007 from A$610.7 million ($464.5 mm) for the year-ago half. On a currency-neutral basis, net sales grew 15.8% over fiscal H1 2007.
In the Americas, net sales were relatively flat on a reported basis, increasing only 0.4% to A$287.5 million, but grew 13.2% in U.S. dollars to $249.6 million from $220.4 million for the year-ago half. EBITDA for the region decreased 6.0% to A$48.0 million, but grew 7.9% in U.S. dollars to $41.6 million from $38.6 million last year. North America was said to have experienced double-digit sales fror the half with the east coast showing slightly stronger growth than the west. At PacSun, element sales increased, but Billabong declined.
European revenues increased 15.5% to A$143.4 million ($124.1 mm), but jumped 19.6% in local currencies. Australasia revenues increased 15.3% to A$231.0 million ($199.8 mm) from A$200.3 million ($152.3 mm) in the year-ago half.
Group EBITDA of A$147.3 million ($127.4 mm) was up 12.5% in constant currency terms, or 6.2% in reported Australian dollars. Net profit after tax decreased 2.0% to A$88.7 million ($76.7 mm) from A$90.5 million ($68.8 mm) for the year-ago period.
Looking at the full fiscal year, the company expects revenues to grow between 5% and 10%.
