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Business Description: Billabong International Limited (BBG) engages the marketing, distribution, wholesaling and retailing of apparel, accessories, eyewear, wetsuits and hardgoods in the boardsports sector. Billabong's products are licensed and distributed in more than 100 countries and are available in approximately 11,000 doors worldwide. Products are distributed through specialised boardsports retailers and through the Company's own branded retail outlets.
Strategy Analysis: BBG´s strategy is to differentiate its products through quality, novel designs and branding. Management aims to initially build up a core niche brand then slowly differentiate products to appeal to a broader market without diluting this core. This strategy has been successful in moving designs away from men´s surfwear to the broader general apparel market. Management is duplicating this strategy with its less mature skate brand. This strategy aims to tap latent demand for products within a broader international market.
Billabong International reported a net loss of $536.64m for the half-year ended 31 December 2012 compared to a NPAT of $16.1m in the prior corresponding period (pcp). This result was impacted by significant items and the partial sale of Nixon on 16 April 2012. Excluding the after tax impact of the significant items in both years, adjusted profit attributable to members of the company for the half-year was $19.2m, a decrease of 49.8% in reported terms (a decrease of 48.1% in constant currency terms) compared to the pcp. Revenues from ordinary activities were $702.32m, down 17.4% from the same period last year. Basic and Diluted EPS was (108.3) cents compared to (0.7) cents last year. Net operating cash flow was $29.02m compared to $87.04m last year. No interim dividend was declared compared with 3.0 cents last year.
The Age 24/05/2013 |
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The Age 24/05/2013 |
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The Age 24/05/2013 |
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The Age 24/05/2013 |
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The Age 24/05/2013 |
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