Shares in sports goods company Quiksilver fell by more than 10% after the company unveiled losses in its fourth quarter and full fiscal year.

The US company, whose brands include Quiksilver, Rossignol and Roxy, predicted a small loss for the first quarter of fiscal 2008 after special charges transformed last year's full-year profit of US$94.1m into a loss this year of $98.6m.

Fourth-quarter net revenues rose 6% to $779.2m, while pro-forma net income inched up to $65.9m from $65.8m last year. But non-cash charges of $170.7m, mostly related to goodwill impairment, led to a net loss of $104.9m, compared to a net profit of $65.8m last year.

However, Quiksilver chairman and CEO Robert McKnight Jr maintained a bullish outlook, pointing to "continued strength" in the company's apparel and footwear brands.

"These strong results are masked by the difficulties we've experienced in the equipment business, which includes the charge we have taken during the fourth quarter to reduce goodwill," he said. "While this is unfortunate, we remain optimistic about our longer-term prospects. We have seen and overcome difficult market conditions at a variety of points in our history and have always emerged a stronger company."

Quiksilver president Bernard Mariette said the company was pursuing a three-pronged strategy, aimed at expanding its successful apparel and footwear businesses; creating a close co-ordinated global sourcing structure; and improving the fortunes of its equipment business.

"The state of the market, along with the currency movements over the past year, has negatively impacted both our revenues and profitability," said Mariette. "Even so, we continue to believe that the business will improve over the course of the next two seasons."