Net loss widened 91% to NZ$95,058,000 ($55.1 mm) from NZ$49,760,000 for the fiscal year ended July 31, as revenue ticked up 1% to NZ$989,015,000 ($573.6 mm) from NZ$979,415,000. The bottom line was pulled down by a $45.4 million non-cash impairment at Oboz. Gross margin contracted 190 b.p. to 56.5% on increased promotional activity in a competitive market environment. Adjusted operating expense was up 4%, deleveraging 160 b.p. to 54.8% of sales.

Rip Curl sales increased 2% to NZ$550.4 million, driven by 5% growth in direct-to-consumer sales, powered by flagship stores in Australia, ... Log in to view full article.