Australia's Billabong year profit up 15 pct

(Adds detail, company comment)

MELBOURNE, Aug 24 (Reuters) - Australian clothing retailer Billabong International Ltd (BBG.AX: Quote, Profile, Research, Stock Buzz) reported a 15 percent rise in full-year profit on Friday as it continued an international expansion, and said it expected 15 percent earnings per share growth in fiscal 2008.

The clothing retailer, whose sales in the U.S. and Europe now exceed Australasian sales, said net profit in the year to June was a record A$167.3 million ($137.1 million), up from A$145.7 million in the previous year.

That compares with analysts forecasts of A$169 million, according to a Reuters Estimates survey of nine brokers.

The surf and snow gear firm, which competes mainly with California-based Quiksilver Inc (ZQK.N: Quote, Profile, Research, Stock Buzz), has been pursuing an aggressive expansion and now has 50 stores in the U.S. and 30 in Europe out of a total 144.

"Demand for the group's products grew strongly in all major territories, most notably Europe where there was also good EBITDA margin growth," said Billabong Chief Executive Derek O'Neill.

European sales grew by 32 percent in constant currency terms, while sales were up 22 percent in the U.S. and 21 percent in Australasia.

The company said it was well positioned to take advantage of acquisition opportunities as they arise.