Globe reports annual results

Globe International, based in Australia, reported full year results this week.

 

Globe owns its namesake brand and a roster of other skate brands under the Dwindle Distribution umbrella.

 

Total company results

(All figures in Australian dollars)

 

Sales: $82.3 million, flat in constant currency

 

EBITDA: $1.7 million, down 41.3%. Globe cited lower gross margins due to sales mix, competitive pressures and increased cost of goods for the EBITDA decline.

 

Net Profit After Tax: $0.1 million vs. $1.1 million the same period last year

 

Cash reserves: $10.2 million

 

Debt: none

 

Despite the challenging year, the company said it was pleased it was able to invest in new areas of its business such as Globe lifestyle skateboards and Globe apparel, which performed well, as did Enjoi apparel and the 4Front Clothing division in Australia.

 

North America

Sales: $41.7 million, down 15%

 

*EBITDA: $1.7 million, down 49%

 

Europe

Sales: $16.1 million, up 7.7%

 

*EBITDA: $973,000, up 350%

 

Australasia

Sales: $24.9 million, up 4.3%

 

*EBITDA: $2.1 million, down 4.2%

 

* Note: EBITDA in the regional segments excludes central corporate costs.