Billabong's new executive team says the troubled surf retailer is finally starting to turn around, but it's too early to give any profit outlook.
Billabong has made successive losses and suffered crippling debt in recent years that has triggered concerns as to whether it would stay afloat.
Its chief executive Neil Fiske, who was appointed a year ago, says there's promising signs in the US and Europe but Brazil and Canada continue to weigh on Billabong's success in the Americas.
The Americas is not Billabong's biggest challenge, he told reporters at the annual general meeting on Friday.
"Our biggest challenge right now is coming together as a team because the team is so new," he said.
"Nine out of the 10 of us are new. Pete's (chief financial officer Peter Myers) the veteran and he's been here 18 months.
"When your longest tenured executive is 18 months, there's always a challenge in getting the team to come together quickly."
Billabong underwent a period of instability, with management changes while it dealt with several takeover bids and two recapitalisation offers before agreeing to a refinancing deal with US hedge funds Oaktree Capital and Centerbridge Partners last year.
Mr Fiske said Billabong was now focused on a seven point turnaround strategy. "I'm satisfied with our progress. I think we have accomplished a great deal in the last year," he said.
"The turnaround of Billabong in the US is particularly heartening, given that it's our largest brand and will grow in the US market for the first time in a number of years."
He said Billabong's business in Europe was also turning around and was expected to make a profit this year.
Australian retail side has had a slow first quarter, although its results will depend on December trade.
However, Canada continues to prove a difficult market, with like-for-like sales down 17 per cent.
And, Brazil is off nearly 25 per cent as the company undergoes a major restructure there.
While Billabong made a $234 million net loss for 2013/14, that was an improvement on the $859 million loss it suffered the year before.
The company went through a major restructure during the year, selling off underperforming and loss-making brands and focusing on investing on its three core labels: Billabong, Element and RVCA.
At 1430 AEDT, Billabong's shares were up 3.5 cents to 68 cents.
