SYDNEY: Oroton has recorded an 18 per cent jump in net profit for the financial year to July 31, despite slower sales for its Polo Ralph Lauren division.
The figure of $23 million compared to $19.4 million the previous year. Revenue was reported as $146.4 million, up eight per cent from $135.6 million in the prior corresponding period.
Its like-for-like store sales were up 10 per cent for the Oroton brand, yet down six per cent for Polo Ralph Lauren.
The company reduced its total expenses by 47.1 per cent, which it accredited to reduced logistics, administration and more efficient marketing expenditure.
During the year, six new Oroton stores were opened, including three retail, two concessions and one factory outlet. Overall the group had 76 stores operating across Australia and New Zealand at the end of the period. Four more stores are due to open in the current financial year.
Chief executive officer Sally Macdonald said the company also intends to expand into Singapore within the next 12 months.
“We look forward to further selective opportunities to expand our Oroton store footprint in the Asian region over the next few years,” she said.
In the period the company renewed its license with the US based Polo Ralph Lauren Corporation to continue operating the brand in Australia.
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