Updated at 3:18 p.m., Thursday, February 22, 2007
Billabong profits boosted by U.S., European sales
Bloomberg News Service
Billabong International Ltd., the Australian surfwear maker that operates stores and sponsors surfers in Hawai'i, said first-half profit rose 14 percent on increased sales in Europe and the U.S.Net income rose to A$90.5 million ($71 million), or 44 cents a share, in the six months ended Dec. 31 from A$79.5 million, or 38 cents, a year earlier, Gold Coast, Queensland-based Billabong said. Sales rose 25 percent to A$614.1 million.
Chief Executive Officer Derek O'Neill is buying retail outlets and Billabong's international licensees to gain greater control of his brands and secure distribution for labels that include Nixon Watches, Kustom Shoes and Element clothing.
