Footwear retailer, RCG Corporation, has seen its annual net profit more than double to $29.9 million, thanks its $200 million acquisition of footwear chain Accent Group.

Its annual underlying earnings – a key figure tracked by retail analysts – has also more than doubled to $60.4 million, from $21.8 million a year earlier.

The retailer behind The Athlete’s Foot and Dr Martens posted an underlying net profit after tax of $33.0 million, a 142 per cent increase from the previous year.

“The business has delivered cumulative total shareholder returns of 665 per cent over the eight years to June 2016, at a compound annual growth rate of 34 per cent,” said Hilton Brett, RCG co-CEO.

“It is a great testament to the strength and quality of our people, our integrated management team and our business that we have been able to consistently deliver outstanding results over an extended period of years, and RCG continues to be defined by the exceptional returns it delivers on shareholders’ funds,” Brett said.

The Athlete’s Food brand recorded a sales growth of 3.6 per cent to $223.7 million for the year, with a like-for-like sales growing 3.5 per cent.

Brett said the brand’s growth has been driven by the company’s ongoing investment in retail management, business intelligence and CRM systems over the last three years.

Underlying earnings for the year to June 30, 2017, is forecast to rise sharply to $90 million.

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