KUALA LUMPUR: The weak consumer spending does not affect fashion retailer Padini Holdings Bhd, which achieved record highs for both quarterly and annual earnings.

Padini’s net profit more than doubled to RM37.36 million in the fourth quarter ended June 30, 2016 (4QFY16) from RM18.36 million a year earlier, on higher sales growth.Quarterly revenue jumped 57% to RM348.88 million from RM221.94 million.

In view of the impressive earnings performance, Padini has declared the first interim dividend of 2.5 sen per share for the financial year ending June 30, 2017 (FY17), payable Sept 29, according to a filing with Bursa Malaysia. The ex-date and the entitlement date fall on Sept 9 and Sept 14.

Padini said in the notes attached to its financial result announcement that the increase was mainly due to the early Hari Raya Aidilfitri,  which came in the first week of July benefiting sales in June, and more Brands outlets and Padini Concept stores were opened during the quarter.

For the full-year ended June 30, 2016 (FY16), the fashion retailer’s net profit grew 71.3% to RM137.39 million from RM80.22 million.Revenue climbed 33% to RM1.3 billion from RM977.9 million.

Padini said it has been a very good year for the group despite the challenging economic environment. However, the group said it is aware that the volatile ringgit, weakening economy and rising costs could stay for a while. The group expects the coming financial year to be full of challenges for it to remain relevant and competitive.

Padini’s share price gained six sen or 2.34% to RM2.63, with a market capitalisation of RM1.73 billion. Year to date, the counter as gone up 43.7%, and hit a record high of RM2.92 in mid-August.