Billabong International’s interim result was terrible. Revenue fell 8.1% to $699.6m, while the $534.5m writeoff to its namesake Billabong brand and Nixon joint venture led to a $536.6m loss. Can shareholders expect a dividend? Not a chance.
If you were expecting a speedy recovery to Billabong’s fortune, you should be disappointed. If, like us, you take a longer view, things aren’t quite as bad as they appear.