Billabong has made a remarkable turnaround from a $234 million loss last year.
The surfwear group has posted its first full year profit in four years, reporting net profit of $4.2 million.
Earnings before interest and tax were up $65.7 million from $60.3 million last year.
Earnings recovered in the Americas on stronger sales and Europe returned to profit despite weaker revenues.
These markets offset softer sales and earnings in the Asia Pacific region, which reported revenue of $418.9 million compared to $420.5 million.
The region is the first to roll out the group's new omnichannel platform.
During the period, 20 underperforming stores were closed or consolidated and 17 were opened.
Billabong CEO Neil Fiske credited the turnaround to a focus on its three core brands Billabong, RVCA and Element.
Billabong has simplified its business by reducing the number of products and stores, cutting costs, ramping up marketing spend and consolidating its supply chain.
Fiske remains optimistic of the future ahead.
"Challenges remain but this result confirms our confidence in the resilience of our brands and provides the conviction to see through the complex changes we're undertaking globally to deliver sustained, long-term profitable growth."