Spanish fashion retailer Cortefiel has recorded a first-half net profit of €15.1 million, boosted by improved inventory management, better prices and more negotiating power with suppliers.

Gross margin, which sets sales against the cost of production, was up to 56.1 per cent from 51.3 per cent in the same period of 2003 the firm said in a statement on Tuesday.

Like-for-like sales increased 3 per cent from the first half of 2003, while total sales rose 4.7 per cent to €424 million.
Earnings before interest, tax, depreciation and amortisation rose 47.1 per cent to €49.1m, whilst sales rose 4.7 per cent to €42m Cortefiel added.