Billabong International Ltd
(ASX:BBG) says its 2011 first half net profit is expected to be between eight to 13 per cent lower than the same time last year.
First half earnings before interest and tax are also expected to fall by around 25 per cent in constant currency terms in the period.
The surfwear retailer has blamed the downgrade on weak sales, due to the impact of unseasonably cool and wet weather, and a strong Australian dollar.
Full year net profit guidance has also been slashed from the previously forecast amount of between two to eight percent growth.
Billabong now expects a flat result in constant currency terms for the 2011 financial year.
Billabong International recorded a 4.5 per cent drop in fiscal 2010 earnings, posting a net profit of $145 million.
