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Tie Rack, the tie and scarves retailer, plans to open 50 new stores this year, mostly in Europe as it seeks to reduce its dependence on the mature UK market. Only four or five of the new stores will be in the UK. The 379-strong chain announced a 7 per cent increase in profits to pounds 7.9m on sales up 15 per cent at pounds 96.6m. The American division made its first profit since 1987.