Ted Baker grows sales and profits despite 'challenges' in global markets
Fashion brand Ted Baker grew its pre-tax profits by 4.4 % to £61.3 million in the year to 28 January as revenue increased by 16.4% to £531 million.
The company said the rise was achieved despite a backdrop of on-going external factors which have impacted trading across all its markets. This included increased levels of promotional activity and a fall in international tourism in North America, and a “challenging” trading environment in Asia.
Retail sales including ecommerce were up 15% to £400.7 million on an increase in average square footage of 8.5%. Online sales delivered strong growth of 35.1%.
Wholesale sales grew by 20.9%.
Ray Kelvin, Ted Baker founder and chief executive, said: "I am pleased to report another good year of progress in Ted Baker's expansion as a global lifestyle brand. We have continued to trade well and develop despite a backdrop of on-going external challenges across our global markets. This success reflects the strength and appeal of the brand as well as the outstanding quality of our collections.”
Ted Baker continued its international expansion throughout the year with openings across Europe, North America and Asia.
In the UK and Europe, the company is now planning to open new stores in Oxford and Paris, an outlet shop in Gloucester and its first Dutch outlet in Roermond. It will also launch additional concessions in the UK, France, Germany and the Netherlands.
Outside of Europe there will be new store openings in Los Angeles and Houston in the US and Shanghai in China.
David Bernstein, Ted Baker chairman said: “We have a clear strategy for the continued expansion of Ted Baker as a global lifestyle brand across both established and newer markets. This is underpinned by our controlled distribution across channels as well as the design, quality and attention to detail that are at the core of everything we do.
“Ted Baker's business model, as well as the strength of the brand and collections, support our confidence in the Group's continued development and further growth.”
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