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North America sales boost Globe results

By Tiffany Montgomery
August 29, 2008 7:08 AM

Update: When I first posted this story, I made a mistake. The story should have said that North American sales rose 16.1 percent or by US$7.6 million. I wrote that sales rose to $7.6 million. I corrected it a few minutes later but in case you saw the first version, I wanted to note the error.


I was so busy with Billabong news at the end of last week, I failed to review the results of another action sports player out of Australia, Globe.


So today, here's the latest on Globe's 2007/08 financial year that ended June 30.


Total revenue for the year declined 3 percent to AUS$122.3 million. In constant currency terms, net sales rose 5.2 percent.


The company said Globe's skateboard brands, particularly in North America, "contributed largely to this outcome."


The company reported a loss after tax of AUS$24.6 million, mostly due to one-time items including a write down for goodwill and trademark litigation expenses in Europe.


Here's a regional report in constant currency terms:


North America: Sales rose 16.1 percent. Hardgoods showed strong growth. Footwear and apparel results were impacted in the second half by slower market conditions.


Australia: Sales in Australia rose 5 percent after adjustments for store closures. Footwear sales were strong, apparel sales are growing and open-toe shoes are gaining traction, the company said.


Europe: Growth in apparel was offset by a decline in footwear. Hardgoods sales are growing.


Outlook: The company expects difficult market conditions for the next 12 months and is cutting expenses accordingly.

 

 


More on: earnings, sales, Globe

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