OrotonGroup has reported a $15.4 million net profit for the half year ended 29 January, which was in line with the same period last year.
It also saw earnings before interest and tax increased by 4.7 per cent for the period to $22.6 million. Meanwhile, group revenue increased 7.1 per cent from $81.6 million to $87.4 million from the previous year.
OrotonGroup CEO Sally Macdonald said she is pleased with the results in what was a highly discount focused environment.
“We strategically managed our own discounting levels to preserve the long term positioning of our two premium brands – increasing our average selling price in our core Oroton bag line as a result,” she said.
“We are monitoring our international store results carefully and remain confident Asian markets represent a vast growth opportunity for the Oroton brand.”
The group saw the opening of Oroton stores in both Hong Kong and Singapore markets in the first half. A second Oroton Singapore store opened this month and two further stores in Kuala Lumpur are planned to open in May 2011.
“In the second half we plan to open three Oroton stores in Singapore and Malaysia, and in Australia one Oroton store and 3 Polo department store concessions,” Macdonald said.
The company’s online sales grew by over 100 per cent in the half year period to become the Group’s fastest growing channel as well as a critical communications, customer research and experimental design tool.
“Overall the outlook for the second half remains cautious with the Group well placed to meet both changing customer expectations and uncertain market conditions,” Macdonald said.