The Australian surfwear company Billabong International Ltd posted a first-half net loss of 536,6 million Australian Dollars (419 million Euro). Over the same period of the previous year Billabong earned a profit of 16,1 million AUD. Revenues fell in the first-half quarter by 8% to 699,6 million AUD.

According to the company, Billabong has continued to face difficult trading conditions in Europe (-23,2%) and the performance of Nixon has not met expectations. Billabong CEO Launa Inman says: “We have continued to address issues of the past and are seeing some positive signs emerging in several markets and witnessing early benefits of the transformation strategy. These results emphasize that significant structural change is essential to return the Group to profitable growth. Our focus remains on simplification of the business, reducing costs and continuing to build a culture of transparency and accountability providing a platform for future growth for our brands.”

In August 2012 Billabong announced a four year transformation strategy. The company have already closed 119 retail outlets, and before June 2013 they are targeting a total of approximately 160 store closures. Also the apparel suppliers are affected. Billabong wants to reduce their number from over 275 to 50. The company also announced that the ongoing negotiation with the two potential buyers, Altamond Capital Partners and the apparel group VF, will be continued.