Billabong released year-end financials and it looks like a strong year for the Aussie Surf-wear manufacturer with sales in America and Europe leading the way.
Billabong reported fiscal year 2003 revenues increased 24% to A$622.9 million ($364.2 million), while net earnings gained 29% to A$76.2 million ($44.6 million), marking the third consecutive year in which Billabong has achieved over 20% EPS growth.
U.S. sales accounted for nearly half of the total revenues, growing nearly 33% to A$302.8 million ($177.0 million). In U.S. dollars, revenues grew an impressive 48% led by sales of the Billabong brand. Sales of USA Girl brand surfwear grew 50%, and is now approaching 1/3 of U.S. sales for the company.
European sales grew 27% to A$151 million ($88.3 million), with Spain and France driving a majority of sales. Again womens product had the strongest growth. Australasia sales saw modest growth of 8% to A$169.1 million ($98.9 million) after a tough first half.
