Ted Baker interim profit jumps 18%
Ted Baker reported a jump in first-half profit and revenue on Tuesday as it said it was on track to meet its expectations for the full year.
FTSE 250
19,278.22
10:05 19/04/24
FTSE 350
4,303.26
10:05 19/04/24
FTSE All-Share
4,259.76
10:05 19/04/24
General Retailers
3,829.56
10:04 19/04/24
Ted Baker
109.80p
16:40 20/10/22
In the 28 weeks to 12 August, pre-tax profit rose 17.8% to £25.3m on revenue of £295.7m, up 14% or 9.5% at constant currency. The company said this was achieved despite external factors continuing to impact trading conditions in some of its global markets. In North America, in particular, continued higher levels of competitor promotional activity and lower international tourism have hit retail sales.
Retail sales including e-commerce were up 13.9%, or 9.2% at constant currency, to £217.7m.
In the UK and Europe, retail sales rose 11% to £145.6m, or 9.1% at constant currency, while sales in North America grew 18.8% to £60.7m, or 7.8% at constant currency. In Asia, sales rose 29.5% to £11.4m, or 19.6% at constant FX.
Founder and chief executive Ray Kelvin said: "The Ted Baker brand has continued to perform well and in line with our expectations across all distribution channels. This good performance reflects the strength and appeal of the Ted Baker brand, our business model and the passion, creativity and innovation of our global teams.
"We are dedicated to the long-term development of the Ted Baker brand and are continuing to invest in our infrastructure and people to support our future growth. Whilst trading conditions in some of our markets remain challenging, we are confident of making further progress for the full year, in line with our expectations."