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Australia's Billabong year profit up 5.5 pct

By
Reuters
Published
today Aug 21, 2008
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MELBOURNE, Aug 22 (Reuters) - Australian surf wear retailer Billabong Ltd posted a 5.5 percent rise in full-year profit on Friday, as second-half sales held up despite a slowdown in Australian and U.S. consumer spending.

Billabong said net profit in the year to June 30 rose to A$176.4 million ($155 million) from A$167.25 million a year ago, just above analysts forecasts of A$175.8 million.

In constant currency terms, profit rose 12.6 percent.

It declared a final dividend of 28.5 cents.

Billabong, which mainly competes with Quiksilver Inc , has been expanding in Europe and the United States, though profits translated back into local currency have been crimped by the high Aussie dollar. ($1=A$1.14) (Reporting by Victoria Thieberger)

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