Here’s what I said six months ago about Billabong:
“Six months ago [talking about a year ago], reporting on Billabong’s results for the whole year, I said this was a challenging turnaround, Billabong was doing things right, they were starting to see results, but the market was tough, and implementing their plan was taking longer and costing more (perhaps because it’s taking longer) than they’d initially expected. That’s all still true…”
And it’s still, still true as we review the results for the year ended June 30, 2017. I thought the delay was especially highlighted in Billabong’s July 28 “Omni Update” press release where they noted they’d “…terminated the agreement with the Omni-channel solution provider…” and taken a write down of AU $11.7 million as a result. Billabong continues to try and change the engine oil while driving the car. Tough task- but it’s what they have to do.