Ted Baker first half profits up by 24.2%
Fashion retailer Ted Baker has reported a 24.2% increase in first half pre-tax profits following strong sales performances in all of its markets.
In the 28 weeks to 9 August, pre-tax profit before exceptional items climbed to £14.4 million while group revenue rose by 17.4% to £182.2 million.
Retail sales including e-commerce increased by 14.8% to £140 million. Sales growth was seen in all of the company’s markets with retail sales rising by 15.1% in the UK and Europe, 16% in Asia and 13.8% in the US and Canada.
Online sales surged by 48.9% to £14 million.
Never Miss a Retail Update!Ted Baker operates 381 stores and concessions worldwide, comprising 183 in the UK, 77 in Europe, 67 in the US and Canada, 47 in the Middle East and Asia and seven in Australasia.
During the period the company continued to expand by opening two new stores in the UK, a new store and outlet in France, and a new store and outlet in the US. It also opened further concessions in department stores across the US, Europe and Asia.
Ted Baker founder and chief executive Ray Kelvin said: “Ted Baker has continued to deliver a strong performance across its global markets and distribution channels during the first half of the year. We have successfully opened new space in our international markets, with further planned for the second half of the year in line with our strategy to focus on expansion opportunities that are appropriate for our brand.”
The company said the second half of the financial year had started well with a good performance from its Autumn/Winter collections despite the unseasonably warm weather in September.
Kelvin added: “Whilst our results for the full year will be dependent on the more weighted second half, we continue to look forward with confidence as we further develop Ted Baker as a leading global lifestyle brand.”
