"The Americas remain our biggest challenge and opportunity."
Billabong CEO Neil Fiske has revealed the brand is set to grow in the US market for the first time in many years.
Speaking at its annual general meeting, Fiske said first quarter wholesale orders in the region grew 14 per cent.
Billabong is projecting the second quarter to be up eight per cent, with "encouraging" spring sales and forward orders ahead on last year by 23 per cent.
"We are seeing important early indicators of success," Fiske said.
"Europe has turned around, we expect that region to be profitable this year, and it is showing steady improvement.
"In the U.S., Billabong is growing again and RVCA is re - accelerating, with both brands showing strong forward orders for spring.
"Across the globe inventories are cleaner and turns are improving. And we are validating the potential we see in building global platforms such as supply chain and direct to consumer."
Trouble spots for the brand continue to be "severe contractions" in Canada and Brazil.
Sales in Canada are down 17 per cent year to date on a like for like basis.
"Brazil is off nearly 25 percent as we resize and restructure the business for a better quality, more sustainable sales base," Fiske said.