Billabong International Limited (BBG) announced a FY08 NPAT of $176.4 million, up 5.5% in reported terms. The result was up 12.6% in constant currency terms, the increasing value of the Aussie dollar working against the company.
The profit figure came in spite of a slowdown in Australian and US consumer spending and was just above consensus forecasts from seven brokers of $175.1 million.
Looking ahead, CEO Derek O'Neill said he remained confident in the company's prospects for the 2008-09 financial year, with good growth evident in the early forward orders in the US and Europe and more moderate growth in Australasia.
"While there is understandable caution among retailers the world over, we remain confident that our multi-brand, multi-region business model will deliver healthy growth and our forward orders support this view," he said.
Mr O'Neill also said that short-term forecasting was becoming more difficult given major market fluctuations and volatile economic conditions.
He did say however that based on existing market conditions and assuming current exchange rates, the company expected to deliver full year EPS growth in the range of 8% to 12% in the 2008-09 financial year.
The company said for fiscal 2008 sales revenue for the year lifted 17.6% in constant currency terms, or 10.2% in reported terms, to $1.35 billion.
Mr O'Neill said that the results were very pleasing, particularly in the prevailing economic conditions.
"This again demonstrates the resilience of our business model and the heightened global demand for the group's brands," he said.
The company declared a fully franked final ordinary dividend of 28.5c per share, taking the full year dividend to 55c, up 10% on last year.
At 1025 AEST, shares in Billabong were up 65c to $11.40.