UK-based fashion retailer Ted Baker has announced an 11.9 per cent increase in retail sales in full-year results published today.
Group revenue for the 52 weeks ending January 29th grew 14.7 per cent and profit-before-tax rose to £24.2 million, a 24.2 per cent jump from last year.
Major US expansion during the period has seen the retailer open stores in Scottsdale, Santa Monica, New York and Chicago.
Ray Kelvin, Founder and CEO of Ted Baker, commented: “The group’s excellent performance is testament to the strength of the Ted Baker brand, with design, quality and attention to detail at the heart of everything we do.
“We have continued carefully to expand the brand internationally and, supported by our strong balance sheet, will build on this momentum in 2011, with new store openings in the first half of the year including Paris, Hong Kong and Manchester.”
Sales at the Ted Baker held up well in the second half of the year, with trading up 8.6 per cent and 7.6 per cent year-on-year for the third and fourth quarter respectively.
Last year was also one of personal achievement for Kelvin, who was awarded a CBE in the New Year’s honours list for his work in fashion.
Kelvin added: “We have been pleased by the customer response to our Spring/Summer collections, both in the UK and internationally.
“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.”
Total dividend increased 20.1 per cent to 20.6p per share but cash balance decreased 1.2 per cent during the year to £13.5 million.