Fashion
Online surf and action sports retailer Surfstitch is on track to deliver its first profit in three years and is eyeing the sales and market share of bricks and mortar and online rivals as part of a five-year plan to lift sales fivefold to AUD1 billion (USD788.2 million).
Surfstitch reaffirmed its full-year prospectus forecasts on Wednesday after record pre-Christmas trading and recent acquisitions fuelled a 23 percent surge in December-half sales and boosted gross margins by 236 points to 46.9 percent.
Pro-forma earnings before interest, tax, depreciation and amortisation jumped 160 percent to AUD3 million and net profit excluding one-off costs came in at AUD300,000, compared with a loss of AUD1.4 million in the same period in 2014.
