Ted Baker profits soar as retailer aims for global expansion
Thursday 20 March 2014
Ted Baker has reported a 26.7 per cent pre-tax profit jump to £40 million as the London-based retailer vows to cement "truly global” presence.
Ray Kelvin, founder of the quirky group, said the full-year results showed it has been performing well across all its markets with wholesale up 35 per cent and website sales ahead by 55.7 per cent. Group sales soared 26.5 per cent to £321.9 million.
Kelvin said: “Not many brands that wholesale and retail have cracked America and we have. We have done reasonably well in all territories that we have opened in. We are now truly becoming a global brand.”
The results were in line with City expectations and it said it had a good reaction to its spring/summer ranges.
The brand now has 362 stores and concessions worldwide including Turkey, China and Australia. Kelvin said its Panama store is a test bed for further Latin America expansion, but plans for Russia are on hold due to the current political issues.
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