Coastal Capital reduces Billabong stake

 

BillabongNew York-based hedge fund, Coastal Capital, is believed to have reduced its stake in surfwear retailer, Billabong International, following a $13.6 million trade on Tuesday, reports The Australian Financial Review.

According to the AFR, Morgan Stanley executed the deal, which involved 20 million shares equating to almost two per cent of the stock. It is understood the shares, which were not offered to a wide range of investors, were sold at 68¢ each, the highest price for seven months.

Last month the troubled surfwear retailer reported that its net loss shrank to $233.7 million in the year to June 30, from $863 million in 2012/13. Revenues climbed 1.6 per cent to $1.2 billion.

Revenues from Billabong’s businesses in the Americas fell to $538 million from $636.8 million, weighed down by drops in wholesale sales in Canada and Brazil.

Comparative store sales in North America fell six per cent in the second half. Earnings for the Americas dropped to $17.6 million from $38 million.

Elsewhere, revenues rose in the Asia Pacific to $480.5 million while earnings lifted to $34.6 million from $31.9 million. Revenues in Europe dropped to $199 million from $232 million while losses rose to $8.1 million from $100,000.

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