MELBOURNE (Reuters) - Australian surf wear retailer Billabong Ltd (BBG.AX: Quote, Profile, Research) said on Friday its first-half net profit fell 2 percent as a strong Australian dollar reduced profits made in the U.S. and Europe, but it maintained its full-year forecast.

Billabong said net profit for the six months to December fell to A$88.7 million ($81.4 million) from A$90.4 million. That was below forecasts of A$91.2 million, according to a Reuters survey of five analysts.

In constant currency terms, profit rose 4.7 percent.

Billabong said it expects to meet its earlier full-year EPS guidance of 5-10 percent growth in earnings per share, or 15 percent growth in constant currency terms, despite worries about U.S. consumer spending.

Billabong's shares have fallen 20 percent this year on worries about a slump in U.S. retail spending and the impact of a strong Aussie dollar on offshore profits translated back into local currency. It has been pursuing an aggressive expansion in the U.S. and Europe.

"While the company is not immune to general U.S. market conditions, this result shows our sales have been, and continue to be, resilient," Chief Executive Derek O'Neill said, adding that the U.S. business had a strong January.

U.S. sales rose 13.2 percent in the half to US$249.6 million, but earnings translated back into Australian dollars fell 6.0 percent.

Sales in Australasia rose 16.8 percent to A$231.0 million, while sales in Europe rose 19.6 percent.

Macquarie Research analysts said earlier this month that at current prices, Billabong was a potential candidate for takeover or for being taken private, depending on the attitude of founder and major shareholder Gordon Merchant.