UK: Ted Baker plots US expansion on FY profit boost
- FY pre-tax profit up 9.8% to GBP19.5m
- Revenue up 7.2% to GBP163.6m
- Plans further US store openings this year
Designer fashion company Ted Baker is planning more store openings in the US market after posting a 9.8% rise in full-year pre-tax profit to GBP19.5m (US$29.1m).
The UK company’s revenues rose 7.2% to GBP163.6m in the year to 30 January, with retail sales growing by 15.4%.
Trading in the UK beat expectations, but business overseas remained difficult, company chairman Robert Breare said, and wholesale revenues were down 21.2%.
Chief executive and founder Ray Kelvin said the company had delivered a strong result in a challenging trading environment.
“We have been encouraged by trading since the start of the current financial year and the positive reaction from our customers to our spring/summer collections,” he added.
Ted Baker is planning to further expand its US business, opening new stores in Chicago, Santa Monica, Phoenix and New York in the second half of the financial year.
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