The Australian action sports company booked a 12 percent sales increase in Europe for the financial year ended last June 30, recovering from a 32 percent decrease suffered the year before. However, in terms of Australian dollars, European sales declined by 8.9 percent to 15.0 million Australian dollars (€10.9m-$15.7m), while operating earnings before amortization (Ebitda) from the region fell by 76.1 percent to A$0.22 million (€0.16m-$0.23m).
On a global basis and in terms of local currencies, Globe International's sales increased by 5 percent, but in reported terms, they declined by 3.5 percent to A$87.7 million (€63.7m-$91.7m) for the year.
Currency-neutral sales increased by 5.6 percent in North America, but declined by 1.7 percent in Australasia. Ebitda fell by 31.6 percent in North America but grew by 25.1 percent in Australasia.
Higher input costs led Globe's gross margin to dip by 6.1 percentage points to 44.3 percent of sales. Operating costs were held in check, but foreign exchange losses caused further pressure on the bottom line, which ended up with a net profit of only A$1.09 million (€0.79m-$1.14m), down 17.1 percent from the previous financial year.
