Australian apparel chain Miller’s Retail Ltd on Wednesday announced a 34.5 per cent jump in full-year net profit to US$17.5 million and forecast solid growth for 2003 through “organic growth”.

The Sydney-based operator of 970 stores in Australia and New Zealand under banners including Katies and Go-Lo, said revenue soared 49 per cent year-on-year to US$537.7m.

Miller’s executives said in a statement inventory levels were being well controlled and significant appointments had been made to strengthen the management team.

Chairman Bill Cutbush commented: “The company is confident of an improved performance over the next 12 months courtesy of organic growth. The outlook for the current year is very positive.”