Luxury retailer Barneys New York Inc has posted a third quarter net sales increase of 8.3 per cent to $111.9 million, compared to $103.3m in the same period last year.

The retailer also saw quarterly same-store sales rise 7.8 per cent year-on-year, while gross profit was up 45.3 per cent on last year's figure for the period.

Net income, meanwhile, came in at $4.1m for the quarter, compared to $2.9m in the same period a year ago, while pre-tax earnings rose 37.4 per cent year-on-year to $11.1m for the quarter, up from $8.1m in third quarter 2002.

"The strength we are seeing in the sales trends in both our luxury business and contemporary Co-Op business gives us a sound platform for future growth," CEO Howard Socol said of the results.

He said the retailer's best performing merchandise for the quarter included Barneys' private label apparel collection and men's sportswear.

Barneys New York operates flagship stores in New York City, Beverly Hills and Chicago, as well as three regional full-price stores, three Co-Op Barneys New York stores, twelve outlet stores and two semi-annual warehouse sales events.