Billabong International Limited said it returned to profitability in the half-year period ended Dec. 31 and that Billabong and RVCA brands grew sales to the U.S. wholesale channel.
The Australian action sports company said net profit after tax (NPAT) reached $25.7 million during the period, compared with a loss of $126.3 million a year earlier. Excluding significant items and discontinued businesses, EBITDA for the period reached $42.8 million, down from $45.0 and NPAT was $13.8 million.
In the Americas, revenues declined $95.3 million, or 32.2 percent to $200.7 million reflecting the divestiture of several businesses. Revenues from continuing operations reached $196.9 million, up 0.9 percent, or down 1.3 percent in currency-neutral (c-n) terms.
In the U.S. wholesale channel, brand Billabong sales grew 9.5 percent and RVCA grew 5.7 percent.
“In the United States, the Group's biggest market, brand Billabong's sales are up near double digits for the half in the wholesale market and RVCA sales are also growing in this key market,” said CEO Neil Fiske. “Meanwhile Element has experienced strong double digit growth in Europe, its largest region.”
In Europe, EBITDA increased $5.1 million following an ongoing restructuring. Australian retail sales declined during the Christmas holiday.
