New store openings lift Ted Baker's profits

Ted Baker defied the gloom in fashion markets with a 12% rise in profits today, adding that its "exciting" overseas expansion plans should further boost prospects.

The group, which started as a shirt store in Glasgow in 1988, is following in the footsteps of UK brands Burberry and Mulberry by building a global footprint and last year opened stores in Hong Kong, Paris, San Diego and Manchester.

It plans more openings in Fifth Avenue in New York, Brompton Road in London, Toronto and China and last week opened in Tokyo - its first outlet in Japan.

The new stores and strong wholesale trade helped sales rise 15% to £215.6 million in the year to January 28 and underlying profits increase 12% to £27.1 million in a performance founder Ray Kelvin described as "excellent".

Unlike many of its rivals, it did not have to put on special offers over the Christmas period to drum up trade and sold all of its stock by the end of the season.

The group also said its new spring ranges have been well received since their recent launch.

Mr Kelvin said: "This has been a very exciting year for the Ted Baker brand.

"We have further developed our presence in established markets with new stores in Europe, the US and Hong Kong and laid strong foundations to support growth into new markets in 2012."

PA