Ted Baker retail sales up 14.1%
Profit before tax and exceptional costs rose 11.7% to £27.1 million. Pre-tax profit was little changed at £24.3 million compared to £24.2 million in the prior year.
The group’s retail division performed well across all markets and delivered an increase in revenue of 14.1% to £174.2 million, on an increase in average square footage of 6.6%. Gross margins were broadly maintained at 65.2% compared to 65.5% in the previous year.
Wholesale sales increased by 18.5% to £41.4 million. This reflected a good performance from the UK wholesale business, which also included the results of the UK export business, and the continued growth of the US wholesale business, which contributed its first full year of trading under own management.
The clothing company, which is undergoing a period of international expansion, said the new financial year had started well in all of its markets despite the challenging environment.
The group incurred exceptional costs £2.8 million during the year relating to rent for stores that will not begin trading until 2012, set up costs for expansion into China and a provision for bad and doubtful debts for the group's exposure in Greece.
Ray Kelvin CBE, founder and CEO, said: "This has been a very exciting year for the Ted Baker brand. We have further developed our presence in established markets with new stores in Europe, the US and Hong Kong and laid strong foundations to support growth into new markets in 2012 with the recent openings of our first store in Japan and an opening in Korea as well as exciting new openings planned in London, Fifth Avenue, New York, Toronto, Canada and China later this year.
"The group's excellent results for the year, delivered against a challenging trading backdrop, are testament to the strength of the Ted Baker brand, our collections and, above all, the energy and commitment of our team in bringing Ted to the world stage. I would like to take this opportunity to thank them all for their Tedication."
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