Ted Baker beats ‘challenging’ market with sales and profit uplift
Ted Baker has increased its full year pre-tax profit by 12.3% to £68.8 million despite on-going “challenging external factors” across its global markets.
In the year to 27 January, the fashion retailer’s group revenue climbed by 11.4% to £591.7 million while retail sales rose by 10.4%.
Ray Kelvin, founder and chief executive of Ted Baker, said: “I am pleased to report a year of continued progress in Ted Baker’s expansion as a global lifestyle brand. The group’s good performance demonstrates the strength of the brand as well as the quality and appeal of our collections.”
While retail sales in the UK and Europe were up 7.7%, sales in the US and Canada increased by 16.2% in the period.
Ted Baker has recently opened a new store at Luton Airport and plans to launch stores at Barcelona Airport and London Bridge station as well as further concessions in the UK, France, Germany and Spain.
The company is also planning to expand its presence in the US with new store openings in Austin and Orlando.
Ted Baker said recent unseasonal weather across Europe and the east coast of the US has had an impact on the early part of trading for Spring/Summer. As a result, it expects trading conditions to remain challenging across many of its markets.
Kelvin added: “The strength of our brand and business model mean that we remain well positioned to continue the group’s momentum and long-term development. We have a clear strategy for growth across both established and new markets which is underpinned by our controlled, multichannel distribution as well as the design, quality and attention to detail that are at the heart of everything we do.”
