Fashion retailer Charles Voegele has posted full-year net profit of CHF37.5 million for fiscal 2003, up from CHF15.9m in the previous 12 months.

The company, which attributed the result to improved sales in the second half and a reduction in inventory levels, also reported pre-tax earnings of CHF171.9m for the year, up from CHF165.4m in fiscal 2002.

Full-year sales, however, fell 5.6 per cent year-on-year to CHF1.415 billion.