MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
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.