TED BAKER posted bumper full-year profits yesterday thanks to a strong performance in the US and its rapid expansion into new markets overseas.
The quirky fashion retailer, which was founded in Glasgow 27 years ago by its chief executive Ray Kelvin, said profits before tax and exceptional items rose 23.7 per cent to £49.5m for the year to 31 January.
Group revenue jumped 20.4 per cent to £387.6m, which is double the amount it posted five years ago.
Retail sales for the UK and Europe grew 16.7 per cent in the year and were up by 24.9 per cent in the US and Canada. International sales now generate around 30 per cent of the group’s turnover compared with seven per cent a decade ago.
The group, which has 398 stores and concessions worldwide, has been expanding into new territories, including Spain. It has also ramped up its presence in North America by launching dedicated websites last year and opening new stores in Las Vegas, Miami and Toronto.
“This was another excellent year as we continued to develop Ted Baker as a leading lifestyle brand,” Kelvin said.
“Our customers’ reaction to our spring/summer collections across markets has been very encouraging and we are excited by our new store openings in the coming months,” he added.