Ted Baker pre-tax profits jump by 20.3%
Fashion retailer Ted Baker has seen its full year pre-tax profits rise by 20.3% to £58.7 million as it continues to expand into international markets.
In the year to 30 January, group revenue increased by 17.7% to £456.2 million while retail sales climbed by 13.5% to £348.4 million.
Sales were up 8.9% in the UK and Europe and by 27.3% in the US and Canada. The company said it performed well across its established territories and continued to invest in its newer markets in the year.
Ray Kelvin, founder and chief executive of Ted Baker, said: "We have again traded very well - despite an uncertain backdrop in some of our markets - which is testament to the strength of the Ted Baker brand as well as our unwavering focus on quality, design and attention to detail.
“We have further developed the brand's presence across international markets including first store openings in Amsterdam, Azerbaijan, Hawaii, Mexico and Qatar and we have new openings planned across our markets in the year ahead.”
Online sales rose by 45.8% as the company benefited from continued investment in its platform. E-commerce sales now represent 15.4% of sales.
Looking ahead and at current trading, Kelvin said customers’ initial reaction to the Spring/Summer collection had been positive.
He added: “Trading is in line with our expectations, with the exception of Asia, where, as has been widely reported, the trading environment continues to be challenging. Whilst Asia currently represents a small part of our business at 3.4% of revenue, we remain positive about the long term opportunities to develop the brand in this territory.”