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Ted Baker beats expectations with 33% profit growth

Ted Baker has issued another strong set of interim results, beating expectations with a 30.9% rise in group revenues and underlying profit before tax up by 33%.

The premium brand and retailer grew group revenue to £155.2m in the 28 weeks to August 10, with strong performance across all channels. Profit before tax, bonuses and exceptional costs rose a third to £12.5m, up from £9.4m in the same period in 2012.

Retail sales including ecommerce were up 30.2%, outpacing the 12.4% increase in floor space over the period.

In the UK and Europe, sales were up 22.6% to £91.6m while in the US and Canada sales rose 56.8% to £25.4m. The burgeoning business in Asia saw revenues rocket 78.6% to £5m.

The wholesale arm performed equally well, with sales up 33.4% to £33.2m. License income rose 7.4% to £4m.

Ted Baker is continuing its store expansion with a further two stores and an outlet planned in Shanghai, as well as further concessions in the US, France, Spain and the Netherlands and outlets in Toronto and Belgium.

Founder and chief executive Ray Kelvin said: “We have been pleased with the group’s performance across all distribution channels. The last 12 months have seen Ted Baker enter six new international

markets and we have been encouraged by the reaction to the brand and collections in these latest territories.

“Our results for the full year will, as always, be dependent on the important second half trading period. However, early trading has been positive across the business and we remain focused on managing the pace of our growth and development of Ted Baker as a global brand.”  

Independent analyst Nick Bubb said the results had been “even stronger than expected”, describing Ted Baker’s profits as “impressive”.

 

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