Globe International, the Australian parent of the Globe, Salty Crew, Impala Skate, FXD Workwear and Dot Electric Skateboards, reported a 44 percent drop in annual attributable net income to 18,641,000 Australian dollars (€12.0m) for the 12 months ended June 30. Ebit fell 41 percent in the FY to A$27.5 million (€17.7m) from A$46.7 million and was negatively impacted by major shipping delays in Q1 that led to canceled orders, a softening hardgoods market starting in Q2 and higher supply chain costs.
Annual revenues, against difficult year-ago comparisons, rose by 3.0 percent to A$274.5 million (€176.8m) as apparel and footwear sales increased and hardgoods revenues declined. Regionally, home Australia sales slipped 2.7 percent to A$120.7 million (€77.7m) from A$124.0 million as segment Ebit fell by 13 percent to A$23.6 million (€15.2m). Annual Ebit in Europe declined by 76 percent to A$1.7 million (€1.07m) on a 4.8 percent revenue (-3 percent in constant currency) drop to A$39.9 million (€25.7m). North America was the strongest region for the 12 months, with sales rising 13.2 percent to A$113.9 million (€73.3m) from A$100.5 million, but regional Ebit fell 59 percent to A$8.7 million (€5.6m) from A$21.4 million.
Due to rising interest rates and inflationary pressures on consumers worldwide, Globe Intl. is anticipating downward pressure on sales during the current fiscal year but promising to “look for opportunities to grow and supplement existing brands to maintain the scale achieved over the last two years.”
