Womenswear chain Phase Eight more than doubled profits last year, after increasing its open to buy budget and focusing on refining its customer base.

The womenswear retailer, which underwent a management buyout in May this year, said pre-tax profits were £7.3m in the year to January 30, an increase 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 that the strong performance had continued into the current year.

He said that the chain had reviewed its customer base and its supply chain to take into account the increase in open to buy budget, providing the flexibility to react quickly to the need to purchase new stock.

Despite having “concerns” about trade in 2011, Rahamim pointed out that the Armageddon predicted for the 2009 calendar failed to materialise.

He said: “2011 will be tough because of spending cuts. If the consumer spend is lower, we manage our business by producing better quality and manageable prices.”

Phase Eight was taken over by its management in May in a deal backed by Russian investors, ending its links with the private equity arm of Icelandic bank Kaupthing.

The business has 87 stores and 144 concessions in department stores such as John Lewis.