Surfwear brand Quiksliver has seen its fourth quarter net income plunge 95% after clearance sales and promotions ate into margins and offset a rise in sales.

Net income fell to US$4.4m over the quarter ended 31 October, down from $67.9m in the same period of the prior year.

Revenue increased 3% to $559m. In the Americas, net revenues increased 12% to $279m, European revenue decreased 9% to $192m, and Asia Pacific net revenues grew 6% to $87m.

For the full year, net losses narrowed to $10.7m, from a loss of $21.2m the year before. Sales grew 3% to $2bn.

In the Americas, full-year net revenue increased 8% to $992m, European net revenues fell 7% to $711m, and Asia Pacific revenues increased 13% to $307m.

"We are pleased, despite economic headwinds in certain markets, especially Europe and Australia, that revenues for fiscal 2012 increased across all three regions, all three major brands and all three distribution channels, in constant currency," said chairman, president and CEO Robert McKnight.

"We remain focused on our three core long-term initiatives, which are strengthening our brands, increasing global sales and driving operational efficiencies.

"Our focus on sales resulted in continued growth for the Quiksilver and Roxy brands, as well as strong growth in our DC brand, our e-commerce business and our emerging markets.

"And, we made measurable progress in operating efficiency by controlling expenses."