Surfwear company Quiksilver saw its net loss for the fourth quarter widen to US$22m, from $1.8m in the same period last year, on the back of lower sales.

Consolidated net revenues for Q4 decreased by 8% to $495.1m, a smaller decrease than the company expected.

Robert B. McKnight, chairman of the board, CEO and president of Quiksilver, said: "We’re very pleased to again deliver financial results that exceeded our prior expectations. Our team executed well in an inconsistent global economic environment.

"And we were delighted to take advantage of a favorable high-yield debt market to sell EUR200 million of Senior Notes at a good rate. By repaying our European term loans and eliminating their required amortization payments, we now have significantly more financial and operating flexibility."

During the quarter Quiksilver completed its previously-announced offering by its wholly-owned European subsidiary, Boardriders SA, of EUR200m aggregate principal amount of its 8.875% Senior Notes due 2017.

The notes, which are unsecured, were issued at 100% of their face value. Quiksilver used the proceeds of the offering to repay approximately EUR190m of existing secured European term loans and to pay related fees and expenses, the company said.

Click here to view the company's full financial release.