Ted Baker upbeat on 2014 as profits riseThursday 20 March 2014 08.00
Designer clothing brand Ted Baker said trading in its new fiscal year had started well as it posted a 26.7% rise in annual profit.
The group has 362 stores and concessions globally and is known for its classic cuts with quirky details.
It said today that profit before tax and exceptional costs for the year to January 25 rose to £40m, in line with market estimates.
Annual retail sales grew by a quarter, helped by a strong showing in the UK and Europe, its biggest region, and good growth in the US and Asia.
Despite a squeeze on consumer spending and a market offering heavy discounts, Ted Baker has enjoyed strong demand in the UK, while sales overseas have also jumped following a big expansion across Europe, the US and Asia.
The group said its retail business, which makes up around 80% of revenue, had started well in its new year, with a good reaction to its Spring/Summer ranges. Its wholesale and license arms were also performing in line with expectations.