Ted Baker no fashion victim as profits soar
Fashion chain Ted Baker posted a leap in annual profits as online sales surged and the group opened more stores.
The retailer - which has 448 stores and concessions worldwide, including one stand-alone store at Victoria Square in Belfast - said underlying pre-tax profits rose by 18.6% to £58.7m in the year to January 30.
Sales rose 8.9% across the UK and Europe, or 10.7% with currency movements stripped out, while online sales jumped 40.5% to £46.8m across the region.
Ted Baker secured the sales hike despite last year's unusually warm weather in the run-up to Christmas, which hit many of its clothing rivals.
It said in January that festive sales rose 10.1% as it was able to hold off from the significant discounting seen elsewhere on the high street.
Ted Baker - which branched out from selling colourful shirts to include menswear, womenswear and fragrances - added in its annual results that its latest spring/summer collections have also been well received.
But it said the group has not been immune to the woes in Asia where the China slowdown has been impacting trading and continues to be "challenging".
Ray Kelvin, founder and chief executive of Ted Baker, said: "We have again traded very well - despite an uncertain backdrop in some of our markets - which is testament to the strength of the Ted Baker brand."
"We are pleased by the initial reaction to our spring/summer collections, which has been positive. Trading is in line with our expectations, with the exception of Asia."