Footwear and apparel retailer Vivarte SA has posted a sharp fall in first half net profit to EUR4.7 million, down from EUR36.9m in the same period a year ago.

The company attributed the decline to an exceptional charge of EUR16.4m incurred during the six-month period, which included costs associated with restructuring and depreciating inventories, and a EUR12.7m writing-down in the value of its Kookai fashion chain.

Despite the downturn, Vivarte reported a three per cent year-on-year rise in revenue to EUR938m for the half, along with a two per cent year-on-year increase in operating profit to EUR67.5m.