Ted Baker's figures look smart as high street rivals falter

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The Independent Online

Ted Baker is to step up its expansion in the US after barnstorming sales in the country helped it to achieve a 12.7 per cent leap in first-half profits.

The fashion retailer's US retail sales grew by 74 per cent to $16.7m (£10.8m) in the 28 weeks to 13 August, boosted by new concessions and strong demand for its clothes. But UK and European sales rose by a more modest 7.8 per cent over the period, to £69.2m, while gross margins were dented by a higher level of promotional activity.

Ted Baker said it would open four new concessions, a standalone shop and an outlet store in the US in the second half, as well as a branch in Tokyo.

It will also add 13 concessions in US department stores, including Bloomingdales, and Nordstrum, and a new flagship shop in New York in 2012. Next year will also see the company opening a shop in Beijing.

Ted Baker posted a 12.7 per cent rise in pre-tax profits to £8.5m, saying the "strong performance" reflected its continued investment in the brand. Total revenues rose by 16.6 per cent to £102.8m.