RESULTS of the 2014/15 fiscal year of once troubled global surfwear specialist Billabong showed clear evidence of a very successful turnaround. Sales rose by 2.6 per cent to AUD 1.05bn producing a net profit of AUD 4.2m against a loss of AUD 233.7m loss in the preceding year. CEO Neil Fiske commented: “Two years into our turnaround, Billabong is back to full-fiscal profit and back to doing what it does best, building great global brands. Challenges remain, but this result confirms our confidence in the resilience of our brands and provides the conviction to see through the complex changes we’re undertaking globally to deliver sustained profitable growth. For fiscal 2015, Billabong brand witnessed strong growth in the US wholesale market, with sales up 13.1 per cent and accelerating in the second half.” Friske added that Element continues its growth in its largest market of Europe and the forward order book in the US indicates the brand is on the way back. According to Billabong, the Group returned to full-year EBITDA growth for the first time since 2008 with the first full-fiscal profit since 2011.
Now that corrective measures have been implemented successfully, the company will again exert considerable competitive pressure on its competitors worldwide.