Leading surf wear producer Billabong International Ltd on Friday said it expects its earnings to soar 25 per cent this year following a 45 per cent jump in profit in the last fiscal year.

The company told shareholders at its annual general meeting that earnings forecast would be underpinned by a strong contribution from the US market as it looks to build on last year’s earnings of A$61.1 million.

Billabong chairman Gary Pemberton also dismissed speculation CEO Matthew Perrin may quit. Mr Perrin on Thursday issued a statement saying he had no plans to resign from the iconic label.

Mr Pemberton added: "America continues to generate strong momentum in forward orders and we expect a strong full year result. Europe continues to produce solid results.

"The Australian business, however, faces difficult industry conditions and our early summer results have not yet met expectations."