Spanish fashion retailer Adolfo Dominguez continues to struggle with a 74% plunge in 2009 fiscal profits, the company has reported, adding that it closed 67 stores during the period.

Net profit totalled EUR970,000 (US$1.25m) on sales down 7.2% to EUR179m.

However, the company said the result would have been worse had it not implemented an aggressive cost cutting measure in the first half of the year when it was already losing EUR2.49m.

The company, which has established an big international franchise on the heels of similar expansions by Inditex and Mango in recent years, said it shut 67 stores during the year and only opened 57 new outlets through franchise agreements only.

As Spain continues to reel under one of its worse recessions on record, the retailer acknowledged its once aggressive local expansion plans will be curbed and limited to Spain's main cities only.

The company said it rolled out 34 corners in department-store chain El Corte Ingles during the period as these have been the most profitable.

Overall, the retailer closed the year with 593 stores compared to 603 in 2008.