Very strong revenue growth with more to come. Looks like they now have a very clean balance sheet with all the intangible assets writen down to zero. Strong cash position with no debt and no increase in working capital to support the revenue growth. Net inc was $500 k but includes costs of new COO and additiional bonuses paid so looks closer to $1.0mil underlying. Cost base also includes the launch of Globe products into the US retail channels. From what I can see the have launched into the USA in Urban Outfitters (approx 200stores)' Nordstrom and Nordstom Rack (approx 150 stores each) , Zappos.com (US largets online shoe store ) and have some new products in PacSun (700 stores). Will be intersting at the AGM to see if they comment on sell thru. In Aust looks like the are launching the Globe brand in The Generals Pants retail chain - approx 45 stores. Disappointing that there was no dividend but can see that the cash will be needed if these new distribution channels take off. Looks like this will be the make or break year for Globe. This is just my research so make your own investment decisions. Also looks like Chapter brand is in Nordstrom as well. In all of these I cannot tell if this is just online sales or instore as well.
GLB Price at posting:
45.0¢ Sentiment: Buy Disclosure: Held
