Billabong cuts earnings forecast

Billabong International, the world’s biggest publicly traded surf-wear maker, forecast fiscal first-half earnings per share would fall for a second straight year as a U.S. recession cuts demand for clothing and surfing accessories.

Slowing demand in the U.S. “has accelerated throughout November,” the Burleigh Heads, Australia, company said.

It cut its forecast for annual earnings-per-share growth to a range of 6% to 10% in the year ending in June, down from an October prediction for an increase of as much as 16%.