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Profit swells for Rip Curl

 

ripcurlSurfwear maker Rip Curl’s profit has swelled by 63 per cent thanks to strong sales growth in Asia and America.

Rip Curl has made more than $23 million in the year to June 30 from continuing operations, up from $14.3 million in 2012/13.

Total revenue lifted about eight per cent to $429,582,000 largely because of double digit sales growth in Asia, North America and South America.

The brand, founded 45 years ago at the Victorian coastal town of Torquay, also reported solid growth in Australia. The only market it experienced a decline in sales was Europe.

However, declines in comparative sales of Rip Curl’s multi-brand business, Ozmosis, dented the company’s growth.

Privately owned Rip Curl says its earnings have lifted 35 per cent so far for 2014/15.

Positive sales growth, a reduction in discounted stock and reduced overheads are behind the growth, the company said in a statement on Tuesday.

Rip Curl appears to be the star among the surfwear brands with Billabong and Quiksilver each posting successive losses in recent years.

AAP

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