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Billabong records mammoth loss

AFP-JIJI

Embattled Australian surf-wear brand Billabong reported a net annual loss worth 859.5 million Australian dollars ($771.7 million) Tuesday — triple the firm’s market value and far worse than analyst forecasts.

Billabong said the record loss, which significantly exceeded market predictions of a deficit worth AU$560 million, came after a 13.5 percent plunge in global sales revenue to AU$1.34 billion and AU$604.3 million in writedowns.

Chairman Ian Pollard said it had been “the most challenging period in the company’s history” with 158 of its stores shutting down, a sell-off of the DaKine brand and the restructuring of Nixon, which Billabong said it now valued at nil.