Billabong’s Americas Division Sees Sales RiseFriday, February 17, 2012
The parent of Irvine-based Billabong USA reported sales for the six months through December in its Americas division rose 5.1% from a year earlier to $400.8 million in constant currency.
Australia-based Billabong International Ltd.’s Americas business includes sales in the U.S., Canada, Brazil, Peru and Chile.
Billabong makes and sells clothes and accessories under brands such as RVCA, Element, Von Zipper and Honolua.
The company announced the sale of half of Encinitas-based Nixon Inc. to New York private equity firm Trilantic Capital Management LLC on Thursday. The deal, which is set to close within 90 days, is expected to bring net proceeds of $285 million to be used by Billabong to reduce its debt.
The Nixon sale is part of a strategy that also includes store closures and job cuts in an effort to rework its balance sheet.
Earnings for the Americas region before interest, taxes, depreciation and amortization were up 12.1% for the six-month period to $30.1 million, excluding the effects of exchange rates.
Billabong International saw overall revenue up for the six-month period to $847.2 million, up 6.3% from a year earlier.
Billabong International EBITDA for the period fell 18.3% to $74.1 million.