US surfwear brand Quiksilver swung into a fourth-quarter net profit, as full-year net losses widened.

The company announced yesterday (15 December) that fourth-quarter net income reached US$67.8m for the period ended 31 October, against a loss of US$22m in the same period of the previous year. Revenue grew 10% to $545m over the quarter.

For the full-year, the company saw losses widen to $21.3m, against a $9.7m loss in the previous year. Full-year revenue rose 6% to $1.95bn.

The company said it ended the year in shape to deliver on its long-term plans after improving its products and making a heavier push in developing markets around the world.

"We exit 2011 in great shape to deliver improved performance in 2012 in line
with our long-term plans. We made investments in fiscal 2011 to deliver better products from each of our brands, but we are most encouraged by the performance of our Roxy brand, which continues to gain traction in the marketplace and whose revenue performance compared to prior periods has improved steadily in each of the past five quarters. Additionally, despite particularly challenging consumer environments in parts of Europe and Australasia, we continue to see solid growth in our emerging and developing markets around the world," said chairman, president and CEO Robert McKnight.