Billabong will not pay a dividend after swinging to a full-year net loss of $23.7 million on the back of higher tax expenses.
The surfwear manufacturer, which booked a net profit of $4.15 million in 2014/15, lifted revenue 4.5 per cent to 1.1 million in the 12 months to June 30.
Billabong said its tax-related expenses, compared to a tax credit it received the previous year, had wiped out its profit.
“The big three brands Billabong, Element and RVCA all grew and gained share in key markets, we improved the cost base and simplified the business further and comparable retail revenue increased with e-commerce sales up 52 per cent,” said Neil Fiske, CEO of Billabong Group.
“Our strategy is to create strong global brands with tight distribution and an omni platform that integrates wholesale, retailer stores, e-commerce and social media.
“That’s the way our consumer wants to shop. In an industry transition, we believe our strategy is right and positions us well,” he said.
EBITDA excluding significant items and discontinued operations was $57.5 million, down from $65.7 million on the prior corresponding period.
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