Clothing retailer Charles Voegele Holding AG has reported a bigger-than-expected first-half net profit after boosting its product range and deploying cost-cutting measures.

The company, which has been struggling to make a profit over recent years, said that first-half net profit totalled CHF33.6 million compared with CHF5.7m last year. First-half sales grew 5 per cent to CHF66.5m.

Analysts had predicted net profit of between CHF14.5m and CHF29.8m.

The company said it had enjoyed larger market share in Switzerland, Germany, Austria, Belgium and the Netherlands, and said that new ranges had gone down well.