Billabong cuts forecast due to soft consumer spending in U.S. and elsewhere

Billabong has cut its forecast for the 2008-09 financial year citing softness at the wholesale and retail level, particularly in the U.S.

The company said it is trying to avoid deep discounting where possible to maintain brand equity.

Unfortunately, the company publishes releases in a PDF format that discourages cutting and pasting.

Here’s a link to the Billabong investment website on the Australian stock exchange. Click on the top company announcement dated 4/12/08 (Dec. 4, 2008).