Oroton shares are on a tear

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Shares in accessories and clothing retailer Oroton surged after posting better than expected profits and sales.

A short time ago, they were up by more than one third to $2.74.

The retailer has been re-establishing its brand in the luxury end of the market, smartening up its stores and ending heavy discounting.

Today it posted a 73% rise in half year profit to $3.8 million as it concentrates on its own luxury brand and after ditching its joint venture with Brooks Brothers.

Revenue was up 12% to $74.5 million on improved sales of its own brand and that of its Gap stores.

Other listed retailers are also doing well on the ASX today.

Myer, which also posted better than expected results today, was trading almost 11% higher at $1.22.

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