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Billabong expects double digit EPS growth FY04
Billabong International Ltd today said it expects double digit earnings per share growth for 2003/04, but admitted the stronger Australian dollar made its target of 15 per cent growth unlikely.
The iconic Australian surfwear company reported a $40.6 million net profit for the half year to December 2003, up 12.3 per cent.
Strong overseas revenue growth, a buoyant domestic business and the continued popularity of denim, men`s t-shirts, women`s swimwear and accessories drove the result, Billabong said, adding that earnings per share grew 11.1 per cent in the half year.
There was strong global momentum, forward orders were encouraging and a strong second-half performance was expected, but the full-year result would be sensitive to currency trends, it said.
"The recent appreciation of the Australian dollar makes the achievement of a targeted 15 per cent EPS (earnings per share) growth rate unlikely," the company said.
"But it is difficult to foresee any FX (foreign exchange) environment where the company would not report double-digit EPS growth for the full year to 30 June 2004."
Chief executive Derek O`Neill denied the comments amounted to a downgrade in expectations for 2003/04 results.
"We`re looking inside our company and everything`s pretty well firing right now," he told AAP.
"It`s pretty hard to call it a downgrade when US sales are 27 per cent growth, (and) Australasia, which we expected in the single digits, (was) up at 11 per cent."
European sales grew 13.4 per cent, dampened by an early autumn heatwave when winter stocks were already on shelves, while revenues in Japan were up more than 50 per cent.
"Overall it was a really great contribution from all departments," Mr O`Neill said.
Billabong shares closed 10 cents lower today at $7.30.
Charlie Green, director of broking firm Hunter Green, said the result was within the range of analysts` forecasts, although results in Europe were below expectations.
"(The company acknowledged) the reality of the impact of currency movement and the market`s saying that looks like a bit of a downgrade to us," he said.
"The underlying businesses are all to a greater or lesser extent going quite well so that`s why you`re seeing the shares off a bit but not dramatically.
"It looks like they`ve got a few issues in Europe they need to tidy up but beyond that Australia seemed to go well and the US went well."
Mr O`Neill dismissed suggestions of problems in Europe, saying the results there were good, especially considering the autumn heatwave.
"There would be an enormous amount of apparel companies (in Europe) that would be pleased with a 13 per cent revenue growth in that market over the past six months," he said.
Billabong was coming off a torrid 2002/03, in which former chief executive Matthew Perrin resigned after he sold $66 million of his company shares without informing the board.
The interim dividend was a fully franked 12.5 cents pe share, up from 11 cents previously.
By Jordan Baker
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