Shares in women's fashion retailer Noni B have jumped after its posted a half-year net profit of $11.8 million, up more than fourfold on a year ago.
The parent company of Noni B, Rockmans and W Lane retail chains also lifted revenue for the six months to December 31 by 35 per cent to $193.2 million, with like-for-like sales up three per cent on the same period a year ago.
Shares in Noni B gained 12 cents, or 5.6 per cent, to a five month high of $2.26.
A larger store network, contribution from the newly acquired Pretty Girl Fashion Group and strong growth in online sales were behind the pleasing results, Noni B chairman Richard Facioni said.
"We are confident that our extensive physical store network combined with our investment in online are a strength of the group and will continue to underpin growth," he said in a statement to the ASX on Wednesday.
During the half, the group expanded its network by a net 28 stores to 642 stores across its portfolio of brands.
There was a 68 per cent lift in the group's online sales which now account for nearly five per cent of total sales, up from three per cent a year ago.
Mr Facioni said 2017 was a year of transition following Noni B's acquisition of Pretty Girl Fashion in September, 2016 and 2018 will be a year of growth and continual improvement in the group's business model.
Noni B's bank debt has been reduced to $21.5 million and the company has $34.1 million in cash, placing it in a cash-positive position.
It has declared a fully franked interim dividend of nine cents a share compared to no dividend in the same period a year ago.
It is the second distribution since the group stopped paying dividends in 2014 and comes after Noni B paid a final dividend of four cents in October.
NONI B HALF-YEAR PROFIT SOARS:
* Net profit of $11.8m, up from $2.5m
* Revenue up 26.3 pct to $193.2m
* Fully franked interim dividend of 9.0 cents v. no dividend previously
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