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Open-to-buy boosts Phase Eight profits

Phase Eight doubled profits last year after upping its open-to-buy budget and refining its customer base.

Pre-tax profits at the mainstream womenswear chain, which underwent a management buyout in May this year, were £7.3m in the year to January 30, 2010, up from £3.5m the year before. EBITDA rose £4.2m to £11m and sales jumped 23% to £72.7m during the period.

Chairman Michael Rahamim said the strong performance had continued into the current year. He added that the chain had reviewed its customer base and reassessed its supply chain to manage the increase in open-to-buy budget.

The business has 87 stores and 144 concessions in department stores including Debenhams, John Lewis, House of Fraser and Fenwick.

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