Troubled surfwear retailer Billabong has posted another multi-million dollar loss, but chief executive Neil Fiske says the company's recovery is under way.
Billabong made a $234 million net loss for 2013/14, a big improvement on the $859 million loss it suffered the year before.
But it lifted revenue for the first time in three years, albeit by a tiny 1.6 per cent to $1.2 billion.
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.
Mr Fiske said an internal shakeup had put the company in a stronger position.
"This is a complex, difficult turnaround," he said.
"And yet we feel, six months later, like we are in a much stronger position, the restructuring is well underway the turnaround is gaining traction and therefore there are tangible early signs of progress and validation of our seven point strategy."
But Mr Fiske said the turnaround process could take years and the latest results gave an indication of how far the company still has to go.
Underlying earnings, excluding the impact of the brand sales, fell more than 30 per cent to $52.5 million, due chiefly to ongoing problems with the company's operations in north and south America.
Revenue fell nearly 10 per cent from the Americas in constant currency terms, not including the discontinued businesses, and 7.5 per cent in Europe.
The Asia Pacific business remained the strongest performer, lifting revenue 1.1 per cent and earnings 7.8 per cent.
Still, Mr Fisk said the company's efforts to simplify its business structure would help drive future growth.
"We are laying the foundation to allow for growth and productivity in the growth ahead," he said.
ANOTHER LOSS FOR BILLABONG
* Net loss of $233.7m, down from $859m in 2012/13
* Revenue of $1.119m, up 1.6pct from $1.022m
* No dividend was declared
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