Billabong International Limited
(ASX:BBG) has significantly widened its full year net loss and declined to provide any earnings guidance for the current financial year.
The surfwear retailer put a number on a difficult year after reporting a $859.5 million loss, exceeding the negative expectations of analysts.
After the difficulties of the past year, Billabong says it expects the securing of short and long term financing commitments and a new CEO to underpin a new era of rebuilding.
The full year result was weighed down by a total of $867.2 million of significant items, including a $604.3 million non-cash impairment for goodwill.
Revenues fell by 6.8 per cent to $1.35 billion as stores in the Australasian, Americas and European segments all underperformed.
Chairman Dr Ian Pollard says Billabong is within weeks of finalising long term funding arrangements.
