Jewellery chain Lovisa has benefited from the demise of competitor Equip.
The retailer has seen first half net profit soar 50% to $20.3 million and sales rise 21% to $99.7 million.
In addition to 18 new stores and price increases, Lovisa reaped the proceeds of 120 store closures by competitor Equip.
MD Shane Fallscheer said the closures, which occured in the first half of the 2015/16 financial year, helped promote growth.
“The first half result has been strong, following same store sales growth of 12.6% and a lift in gross margin to 77.8% resulting in an earnings lift of 50% to $20.3 million net profit after tax," he said.
Lovisa raised prices this year after suffering from the weaker dollar in the first half of fiscal 2015.
The move has seen gross margins lift 180 basis points to 77.8%.
Lovisa currently operates 268 stores with plans to operate 15 UK sites by the end of the financial year.