Billabong triples FY loss

Billabong International (BBG) declined to provide any earnings guidance for the year ahead after widening its full-year loss in fiscal 2013, but the embattled surfwear retailer does expect the securing of its short and long term financing commitments and new chief executive to herald a new era of rebuilding.

In the year to June 30, Billabong posted a net loss of $859.5 million, a 211.8% widening on the $275.6 million loss recorded in fiscal 2012. 

In the same period revenue was $1.35 billion, a 6.8% decline on the $1.44 billion posted in the previous corresponding period.

The group declined to pay a dividend.

"We are soon to transition to a new capital structure and a new chief executive officer who will be leading ongoing reform and rebuilding over the next 24 months," the group said.

"Accordingly, the focus will be on sustainable restructuring and improvement rather than solely short term performance and accordingly we are not providing EBITDA guidance.

"In the next 12 months the Company will drive product innovation, improve our presentation of product and brand stories across all channels, and continue to refine our processes and reduce costs in areas such as supply chain" (see Billabong poised for a turnaround)