Billabong International

Billabong International has finally announced that the Sycamore and Altamont/VF consortiums are the latest to walk away from potentially making a bid for the struggling retailer. The bad news also came with a sting in the tail; a third profit downgrade since the capital raising in March 2012. Management now expects annual earnings before interest, tax, depreciation and amortisation (EBITDA) to fall to $67m-$74m. It’s hardly surprising, given weak retail conditions and the giant management distraction of drawn out negotiations that have included a senior executive temporarily vacating his position. Although sales in the US are slightly ahead of...

Billabong International has finally announced that the Sycamore and Altamont/VF consortiums are the latest to walk away from potentially making a bid for the struggling retailer. The bad news also came with a sting in the tail; a third profit downgrade since the capital raising in March 2012. Management now expects annual earnings before interest, tax, depreciation and amortisation (EBITDA) to fall to $67m-$74m. It’s hardly surprising, given weak retail conditions and the giant management distraction of drawn out negotiations that have included a senior executive temporarily vacating his position.

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