Ted Baker profits up 12.7%
By Jennifer Creevy2011-10-06T08:58:00+01:00
Ted Baker has reported pre-tax profit up 12.7% to £8.5m in its interim results, but the quirky fashion retailer remains cautious given the uncertain macroeconomic environment.
For the 28 weeks ending August 13, group sales were up 16.6% to £102.8m. Retail sales were up 13% to £81.2m with average retail square footage increasing by 6.7%. Group wholesale sales were up 32.8%.
Sales in UK and Europe retail division were up 7.8% to £69.2m.
Chief executive Ray Kelvin said: "Ted Baker has delivered a strong performance during the first half of 2011 reflecting the continued investment in our brand and the strength and passion of our team."
Ted Baker said the strong performance it has seen in the first half has continued into the second half of the year, although the last few weeks have been affected by unseasonably warm weather.
"Our autumn/winter collections have been positively received and we look forward to opening our first stores in Tokyo and in Beijing early next year. We are also excited to announce that we have signed a lease for a store on the internationally renowned Fifth Avenue, New York to be opened in the middle of next year.
"As in previous years, results for the full year will be dependent on trading in the important second half and, at this stage, we remain understandably cautious given the uncertain economic environment, although believe that we are well placed to deal with the challenges ahead."
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