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Billabong
posts another big loss - 26th February 2016
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Billabong
will again not pay an interim dividend after swinging
to a $1.6 million first half loss.
The
surfwear manufacturer, which made a net profit of
$25.7 million in the prior corresponding period, said
gross margins were down due to excess inventory in
the wake of a strike at US ports in early 2015.
'As
we get inventories back in line, we believe margins
will recover,' chief executive Neil Fiske said.
The
company said its three big brands - Billabong, Element
and RVCA - had all grown sales.
(AAP)
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