The operator of leading high street fashion chains Warehouse and Principles on Monday revealed it swung to an operating profit in 2002.

Rubicon Retail Ltd, which also bought the Hawkshead and Racing Green banners from Arcadia for £7 million in 2001, posted an operating profit of £9.9m versus a year-ago loss of £9.4m.

The firm said in a statement it made a pre-tax profit of £5.2m after an exceptional charge for disposing of the Racing Green brand to Speciality Retail Group earlier this year.