Ted Baker performs in line with expectations
Fashion brand Ted Baker has seen its pre-tax profits climb by 17.8% to £25.3 million in the 28 weeks to 12 August despite external factors continuing to impact trading conditions in some of its global markets.
Group revenue was up 14% to £295.7 million after retail sales grew by 13.9% to £217.7 million.
Ray Kelvin, Ted Baker founder and chief executive, said: “The Ted Baker brand has continued to perform well and in line with our expectations across all distribution channels. This good performance reflects the strength and appeal of the Ted Baker brand, our business model and the passion, creativity and innovation of our global teams.”
During the period, Ted Baker launched two new stores in the US while the UK, China and France all saw one new store opening.
North America retail sales up were up 18.8% in the period while Asia retail sales rose by 29.5%. Sales in the UK and Europe increased by 11%.
The company said it is continuing to experience higher levels of competitor promotional activity in the US which has impacted sales.
Kelvin added: “We are dedicated to the long-term development of the Ted Baker brand and are continuing to invest in our infrastructure and people to support our future growth. Whilst trading conditions in some of our markets remain challenging, we are confident of making further progress for the full year, in line with our expectations.”
