Billabong, the Queensland based surfwear brand and one time backpack du jour of Australian school kids everywhere circa 1995-2005, has posted a full year loss of $275.6 million, a 331% drop from the $119.1 million it made last year and its first full year loss since the company went public in 2000.
“At an underlying trading level, the group remains profitable…as previously flagged to the market, the group’s results have been adversely impacted by various significant and exceptional items. In recording the various significant and exceptional costs and charges, the group has endeavoured to adopt a conservative position,” Billabong CEO Launa Inman said.
“The group is well on track in implementing the initiatives outlined in the previously announced Strategic Capital Structure Review and will continue to implement a number of new strategic initiatives announced today as part of Billabong’s Transformation Strategy. These initiatives will target both cost savings and revenue growth.”
Those initiatives include shuttering up to 82 nonperforming stores by next year, discontinuing unpopular product lines, aggressive promotion, overhauling their websites and e-commerce platforms, tightening retail wages and streamlining their supply chains.
Which is just another way of saying that modern Aussie teenagers need to stop sexting each other and start buying more Billabong backpacks. What is wrong with you people?
