LONDON, March 20 British designer clothing brand
Ted Baker said trading in its new fiscal year had
started well as it posted a 26.7 percent rise in annual profit.
The group, which has 362 stores and concessions globally and
is known for its classic cuts with quirky details, said on
Thursday profit before tax and exceptional costs for the year to
Jan 25 rose to 40 million pounds ($66 million), in line with
Annual retail sales grew by a quarter, helped by a strong
showing in the UK and Europe, its biggest region, and good
growth in the United States and Asia.
Despite a squeeze on consumer spending and a market offering
heavy discounts, Ted Baker has enjoyed strong demand in the UK,
while sales overseas have also jumped following a big expansion
across Europe, the United States and Asia.
The group said its retail business, which makes up around 80
percent of revenue, had started well in its new year, with a
good reaction to its Spring/Summer ranges. Its wholesale and
license arms were also performing in line with expectations.
Shares in the firm closed at 2,205 pence on Wednesday, up 64
percent on a year ago, valuing the group at 965 million pounds.
($1 = 0.6014 British Pounds)
(Reporting by Neil Maidment; editing by Sarah Young)