Ted Baker FY profit surges 24%

24th Mar 2011 07:53

Fashion retailer Ted Baker revealed a 24.2% rise in annual pre-tax profit, after strong international demand, and said it is well placed for 2011 despite the uncertain economic outlook. "Whilst the economic outlook for 2011 is uncertain, we have demonstrated in previous years our ability to trade through more difficult times and are confident that we are well placed to continue to do so," the group said in a company statement. The group, which opened new stores in Santa Monica, New York and Chicago, said pre-tax profit increased to £24.2m for the 52 weeks ended 29 January 2011 from £19.5m the year before. Revenue rose to £187.7m during the year from £163.6m previously. Ted Baker said it was encouraged by its spring/summer collections. Founder and chief executive Ray Kelvin said, "We have continued carefully to expand the brand internationally and will build on this momentum in 2011, with new store openings in the first half of the year including Paris, Hong Kong and Manchester." Wholesale sales were up 28.9%, helped by a strong start at its US wholesale business while underlying licence income was up 6.4%. The retailer has proposed a final dividend of 14.3p, making the total dividend 20.6p, an increase of 20.1%.