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Surging revenues from its European operations enabled surf-inspired apparel company Quiksilver to record a third quarter profit of US$2.9m.
The profit came after a $7.9m loss in the same period last year, and included a tax gain.
Consolidated income for the three months to 31 July dropped 7.3% to $33.1m, but revenues were up 7% to $564.9m.
Quiksilver chairman, CEO and president Robert B McKnight Jr said he was "relatively pleased" with the performance, bearing in mind the difficult economic environment.
He added: "Our gross margins benefited from a higher proportion of our revenues coming from Europe and from our retail stores than in the same quarter a year ago, and we again achieved some improvements in sourcing margins.
"At the same time, this business mix drove our expense ratio higher, and a weaker performance at retail, together with conservative ordering by our wholesale customers, led to some deleveraging of expenses."
European revenues leapt 25% to $232m, but sales in the Americas fell 4% to $271.9m. Asia/Pacific edged down 0.5% to $59.6m.
Quiksilver said it continued to forecast full-year earnings per share of slightly below $0.90.
The company announced late last month that it had agreed to sell its under-performing Rossignol ski business to Chartreuse & Mont Blanc for EUR100m ($143m).
