Surfwear retailer Billabong International Ltd (ASX: BBG) announced on Friday that its net profit for full year 2010 dipped by nearly five percent but the company quickly set that aside and projected that its profit would surge by as much as eight percent for the rest of the year.

The surfwear specialist reported that as of June 30 this year, it has collected a net profit of $145.988 million, giving up by as much as 4.5 percent from the earnings posted in 2008/09 while overall revenue also retreated by 11.2 percent to $1.488 billion during the same period.

However, Billabong is optimistic that growth would still visit the company for the remainder of the year as it stressed that "we expect NPAT in constant currency terms to grow in the range of two per cent to eight per cent compared with the prior year."

The company asserted that this would happen, "as an improving outlook in the Americas and continued strength in Europe is offset by a challenging market in the key territory of Australia."

Billabong chief executive Derek O'Neill said that the current figures were along with company's projections and considering the backdrop of uncertain and volatile consumer environment, he stressed that "the group performed well."

Mr O'Neill said that Billabong, which currently retails its products in more than a hundred countries, saw remarkable results during the period's second half thanks to the improved conditions of the US and European markets but this was largely offset by difficult trading situations in Australia in the past few months.

He revealed that the company is expecting for a 20 percent reduction on its Australian sales for the coming fiscal year though it gained by as much as 8.1 percent in constancy currency terms and 3.1 percent in constant currency following the waiving of the one-off impairment incurred in 2008/09.

Billabong said that the total group sales of $1.48 billion were steady in constant currency terms and a retreat of 11.2 percent in reported terms as against the results from the previous year, which the company attributed to the negative effects of the currency movements.

Also, Billabong is set to shut down stores in the US, which were either underperforming or facing expiring leases as Mr O'Neill asserted that outlets not contributing to the company would be taken out of operations.

He noted that a total of 20 stores were closed in North America during the full year 2010 period and nine of those were located in the US.

From the results, Billabong said that company shareholders would receive a final dividend of 18 cents, with nine cents franked and en route to a full year dividend of 36 cents, declining a bit from the 45 cents issued in 2008/09.

As of 1314 AEST on Friday, Billabong shares were trading at $8.03, losing 88 cents or 9.88 cents of its value from previous trading session.