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London department store Liberty has defied the recession and recorded its best performance in 10 years.
Sales soared 18% to £25.3million in the first half of this year, pushing the retailer into profit for the first time since 1999.
The 134-year-old West End store floundered in the Nineties, gradually losing its edge and fashion reputation.
But a new management team has turned the company around in the past two years and invested in more trend-setting clothing and beauty labels.
Liberty today reported a £30,000 underlying profit for the six months to the end of June, a striking improvement on the £2.7million loss it made in the same period last year.
The bottom line received a £700,000 boost from giving up the lease of its store in Sloane Street, Chelsea.
Chairman Richard Balfour-Lynn said: "Our efforts to raise Liberty's profile as a global luxury brand are beginning to pay dividends. It has recaptured its authority in fashion.
"While the business has had a strong first half, we are, nevertheless, adopting a cautious approach to the remainder of the year."
Liberty is in talks with international retailers about expanding its brand abroad and luxury group Hermes is setting up an instore pop-up shop at Liberty's next month.
In February, Slumdog Millionaire star Freida Pinto revealed the store's new look after a six-month refurbishment.
