Fashion retailer Cortefiel has reported a 97.6 per cent jump in first-half net profit to €32.2 million, helped by increased access to the Chinese market.

Cortefiel said the doubled earnings were because of the expiration of clothing and textile quotas in January, which had permitted it to purchase more goods from cheaper countries such as China.

Sales grew 11.9 per cent to €474.6m during the first half, during which the company opened 37 new stores.

Cortefiel was recently taken over by venture capital groups PAI, Permira and CVC in a deal which pushed costs up by 12 per cent in the first-half period.

The company operates units including Cortefiel, Springfield, Women' Secret and Pedro del Hierro.