Mar 17, 2016
New stores, fashions boost Ted Baker's profit
Mar 17, 2016
Ted Baker Plc's full-year profit rose by nearly a fifth due to strong demand for its offbeat fashions and the opening of new stores from Mexico to the Middle East.
The British clothing retailer, which has outperformed many of its rivals in a competitive market, said on Thursday that initial reaction to its spring and summer collections had been "positive".
For the year ended Jan. 30, Ted Baker's profit before tax and exceptional items rose 18.6 percent to 58.7 million pounds ($83.7 million). Revenue increased 17.7 percent to 456.2 million pounds.
Established retailers are engaged in a fierce battle on Britain's high streets with fast-fashion brands such as Inditex's Zara and the trendsetting designs of the likes of Reiss and Whistles.
Ted Baker's dresses, suits and shirts, often sporting quirky details such as flowery collars and polka-dotted sleeves, have helped it to stand out from rivals in Britain and, increasingly, overseas.
The company said it had opened its first stores in Amsterdam, Azerbaijan, Hawaii, Mexico and Qatar over the last financial year. As of Jan. 30, it traded from 448 stores and concessions worldwide.
Ted Baker raised its total dividend to 47.8 pence from 40.3 pence last year.
$1 = 0.7017 pounds
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