Briscoe Group has posted an 81% jump in full year profit to more than $21 million.
The retailer - which owns the Briscoes Homeware, Rebel Sports and Living and Giving chains - says sales grew 7% to $417 million during the year to the end of January.
Last month, the company said it expected an annual result of about $20 million, on the back of strong sales in the second half of the year.
Managing director Rod Duke says the surge in profit is due to changes put in place during the downturn, including giving managers an incentive by offering them a share of any profits their store made, and investing in a stock management system
On a key indicator of sales at stores open at least a year, the company says sales rose 5%.
Briscoes Homeware sales increased by 4%, Rebel Sports sales jumped 6%, while the Living and Giving chain has not done so well, with the company taking a $1.8 million impairment charge.
Mr Duke says these stores have undergone a restructuring which he hopes will improve the chain's profitability when the market picks up.
Briscoe will pay a dividend of 5 cents a share.
