Struggling surfwear icon Billabong has warned it cannot carry on business as usual if a takeover by the owner of rival Quiksilver does not proceed, as the company reported worsening revenue and net loss for the first half of the year.
Billabong posted a net loss of A$18.4 million ($20m) for the six months to December 31, worse than A$13m a year earlier, while revenue declined seven per cent to A$476.4 million.
The company reiterated it expects full-year earnings of between of A$51.1m and A$54m just above its result for 2016/17.
Billabong chief executive Neil Fiske said the result reflected "ongoing difficult trading conditions in retail and much of the action sports sector".
Fiske said despite efforts to address costs and streamline the business, the company was facing "systemic, structural" industry issues.