New store openings lift Ted Baker's profits
Wednesday 21 March 2012
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."
- 1 What marriage would look like if we actually followed the Bible
- 3 The Chinese city where men have 'three girlfriends because there are so many women'
- 4 'Heartbreaking' Syria orphan photo wasn't taken in Syria and not of orphan
- 5 Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
Britain to take more refugees as Cameron bows to pressure after more than 250,000 back our campaign
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Make your voice heard: Sign The Independent's petition to welcome refugees
iJobs Money & Business
£16000 - £40000 per annum: Recruitment Genius: A Foreign Exchange Dealer is re...
£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...
£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...
£14000 - £16000 per annum: Recruitment Genius: This company was established in...