Full-year pre-tax profits at premium brand and retailer Ted Baker have soared, driven by a strong performance from its wholesale arm both overseas and in the UK.
Pre-tax profits in the year to January 29 grew by 24.2% to £24.2m with total group revenues up 14.7% to £187.7m.
Total wholesale sales rose by 28.9% to £35m largely due to an encouraging start to its US wholesale business. Retail sales grew 11.9% to £152.7m.
The wholesale division in the UK and Europe outperformed the retail arm, with wholesale sales up 13.1% to £30.7m, in recognition of strong growth from both its export business and its UK wholesale business.
Retail sales in the region were up 8.2% to £136.7m with a “good performance” in the UK. Average square retail footage in the UK and Europe rose by 4.1% over the period to 188,035 sq ft.
Total web sales saw a “significant” increase after further enhancements were made to its website.
Ted Baker founder and chief executive Ray Kelvin said: “The group’s excellent performance is testament to the strength of the Ted Baker brand, with design, quality and attention to detail at the heart of everything we do. We have continued carefully to expand the brand internationally and, supported by our strong balance sheet, will build on this momentum in 2011, with new store openings in the first half of the year including Paris, Hong Kong and Manchester.
“We have been pleased by the customer response to our spring 11 collections, both in the UK and internationally. Whilst the economic outlook for 2011 is uncertain, we have demonstrated in previous years our ability to trade through more difficult times and are confident that we are well placed to continue to do so.”