Maxeda, the Dutch store group run by former Asda boss Tony DeNunzio, generated a leap in interim profits despite difficult retail conditions.

The retailer, which runs chains including V&D department stores and DIY business Praxis, posted operating EBITDA up 14.3 per cent to €102 million (£80.7m)

Turnover advanced 1.2 per cent to €1.58 billion (£1.25bn) but like-for-likes declined 1 per cent.

DeNunzio said Maxeda had performed well in a tougher trading climate and market share gains had been made in most formats and categories.

He said: “For the second half of this year our challenge will be to weather the predicted worsening economic trend.

“We will do this by continuing to focus on the successful execution of our proven strategies and by controlling those factors that we can more directly influence.

Maxeda, which is backed by private equity group KKR, has 1,379 shops and is expanding internationally.