British fashion brand & retailer Ted Baker has today reported a 14.1 per cent increase in its retail sales for the last full-year financial period.
In the 52 weeks ending January 28th 2012 revenues totalled £215.6 million for the retailer, up from £187.7 million during the previous year, and group profit before tax (PBT) rose slightly from £24.2 million to £24.3 million.
Once exceptional costs, related to advance rental charges, set up expenses in China and debt exposure in Greece, have been removed from PBT it actually rose 11.7 per cent.
Ray Kelvin, Founder & CEO of Ted Baker, said: “This has been a very exciting year for the Ted Baker brand.
“We have further developed our presence in established market with new stores in Europe, the US and Hong Kong and laid strong foundations to support growth into new markets in 2012 with the recent openings of our first store in Japan and an opening in Korea as well as exciting new openings planned in London, Fifth Avenue, New York, Toronto, Canada and China later this year.
New stores opened during the year included ones in Manchester, Paris, Hong Kong and San Diego, while retail concessions were launched in the US, Spain and Portugal.
UK & Europe retail sales grew 8.7 per cent to total £148.6 million and US retail sales rose a massive 69.4 per cent to reach $34.9 million (£22 million).
The group’s net cash position at the end of the year was £1.8 million, down from £13.5 million due to large amounts of capital expenditure, but basic earnings per share still increased 1.7 per cent to 42.2p.
Kelvin added: “The group’s excellent results for the year, delivered against a challenging trading backdrop, are testament to the strength of the Ted Baker brand, our collections and, above all, the energy and commitment of our team in bringing Ted to the world stage.