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Ted Baker full-year profits rise 26.7% to £40m

Ted Baker reported a 26.7% jump in profit before tax and exceptional costs to £40m in its full-year results, and said current trading was performing well.

The retailer and brand, which has 362 stores and concessions worldwide, said sales increased 26.5% to £321.9m in the 52 weeks to January 25, 2014.

Retail sales grew 24.6% to £259.1m, with UK and Europe up 20.3% to £198.6m. Average retail square footage rose 4.1% over the period to 212,745 sq ft, while retail sales per square foot increased 13% from £738 to £834.

The company said ecommerce sales climbed 55.7% to £23.2m during the period.

Wholesale sales were up 35% to £62.8m. Ted Baker said its wholesale business was delivering a good performance in line with expectations, with the division predicting low double-digit sales growth in the coming year.

Chief executive Ray Kelvin said: “This has been another excellent year during which we have continued to build Ted Baker as a global lifestyle brand. We have further developed our presence internationally and invested in markets where we see long-term growth opportunities whilst remaining unwavering in our focus on quality, design and attention to detail that underpins everything we do.”

On current trading, Ted Baker non-executive chairman David Bernstein said the business continued to perform well in a competitive trading environment and remains focused on its global development plans.

Speaking to Drapers, Kelvin Ted Baker had enjoyed a strong start to this year, with its male customers buying jackets and trousers and women snapping up leather products and elegant footwear.

He added: “I think the consumer has more confidence; it’s been a brisk start to the year.”

There are plans to open stores in Glasgow and London Heathrow Terminal Two and relocate its York outlet store. In continental Europe, Ted Baker recently opened further concessions in France and the Netherlands, with further openings planned in Spain. A store in Marseilles is also earmarked for May and a Paris outlet store will open in March.

Bernstein said: “Further openings are planned across all of our markets. In our newer markets, where we are investing for the longer term, we are also focused on enhancing brand awareness.”

He added that capital expenditure in the current year is anticipated to be higher than last year at £25m, in part due to the investment in new systems across the business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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