Swedish clothing chain Lindex AB on Wednesday announced it more than doubled its third quarter net profit to $3 million as it reaped the rewards of improved gross margins.

In a statement, the company said its gross margin climbed to 58.1 per cent on sales of $138m compared to a gross margin of 52 per cent on sales of $126m in 2001.

It added the profit jump was the result of fewer price reductions, the phasing out of inventories and its continuing cost-cutting program.