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Article Date: February 2022
Word Count: 201

Globe International Net Falls Despite Sales Gain

Net income dropped 18% to A$12,447,000 ($9.1 mm) from A$15,260,000 on a 15% sales gain to A$142,874,000 ($105.0 mm) from A$124,819,000 for the fiscal first half ended Dec. 31. The four pillar brands of FXD, Impala, Salty Crew and Globe led top line growth. EBIT margin dropped 410 b.p. to 12.7% from 16.8% on inflationary pressures, a shift in sales mix, and sustained shipping delays and freight cost hikes. U.S. delays hit hardest as the peak summer period saw 8- to 12-week delays and 5X to 10X price increases. The delays resulted in some order cancellations, which combined with a ... Log in to view full article.


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