Billabong reports H1 net loss at 126.3 million AUD

REPORT_ Surf and skate wear retailer Billabong International reported a net loss

of 126.3 million Australian dollars (113.5 million dollars) for the six months ending December 2013. This loss is compared with a bottom line loss of 536.6 million Australian dollars (482.4 million dollars) in the year-ago period.

"I am pleased with the progress we have made," Chief Executive, Neil Fiske said in a statement, adding, "But make no mistake, this is a complex, difficult turnaround. Our turnaround strategy involves driving global sales of three key brands: Billabong, Element and RVCA.”

Underlying net profit fell from 19 million Australian dollars (17 million dollars) to just 1.8 million Australian dollars (1.6 million dollars), falling short of market forecasts of around 6.5 million Australian dollars (5.8 million dollars). Earnings continued to decline in North America and Europe, offsetting gains in Australasia.

Revenues slipped 4.6 percent after Queensland, Australia headquartered Billabong offloaded assets including Nixon and Canada's West 49 to bolster its balance sheet. Revenue from continuing operations, which only includes existing stores, rose 3 percent to 579.8 million Australian dollars (521.2 million dollars). Operating earnings from continuing operations fell 14 percent.