Troubled surfwear retailer Billabong says its brand will grow in the US for the first time in many years after 14 per cent sales growth in first quarter wholesale in the market.

CEO Neil Fiske, on Friday told shareholders that second quarter US sales are expected to lift eight per cent although shipping delays due to America’s West Coast port congestion could cut into that before the end of the first half of the financial year.

“The turnaround of Billabong in the US is particularly heartening, given that it’s our largest brand and will grow in the US market for the first time in a number of years,” he said.

Fiske said the company was seeing positive early signs, including in Europe.

“Europe has turned around. We expect the region to be profitable this year, and it is showing steady improvement,” he told Billabong’s annual general meeting.

Its Australian retail side has had a slow first quarter, although its results will depend on December trade.

However, Canada continues to prove a difficult market, with like for like sales down 17 per cent.

Brazil is off nearly 25 per cent as the company undergoes a major restructure there.

While Billabong made a $234 million net loss for 2013/14, that was an improvement on the $859 million loss it suffered the year before.

The company went through a major restructure during the year, selling off underperforming and loss making brands and focusing on investing on its three core labels: Billabong, Element and RVCA.

Fiske said the turnaround would take some time.

“The Americas remains our biggest challenge and opportunity,” he said.

AAP