Wednesday, March 3, 2021

Ted Baker reports double digit revenue growth

Ted Baker appoints Jon Kempster to the board

Ted Baker’s full-year results indicate strong growth despite “external challenges” across its expanding global markets.

The British fashion retailer published a pre-tax profit boost of 4.4 per cent to £63 million for the year to January 28, as total revenues shot up 16.4 per cent to £531 million.

Online revenue has been attributed to healthy overall figures, seeing a 35.1 per cent boost to £72.3 million.

Global expansion efforts also boosted the retailer‘s income, with store openings in Beijing and Madrid over the year.

Sales in the UK and Europe saw double digit growth of 10.7 per cent to £279 million, alongside a 28.3 per cent rise in the US and Canada to £103.4 million.

READ MORE: Ted Baker launches Keeping Up With The Bakers sitcom

For the next year, Ted Baker is in a position to weather the increasing Brexit cost pressures as it extended its hedging investment guarding against currency fluctuations.

It also receives revenue from the US market, currently reeling from the stronger dollar, but it warned that decreasing tourism to the US was starting to affect margins.

“We have continued to trade well and develop despite a backdrop of ongoing external challenges across our global markets,” chief executive Ray Kelvin said.

This success reflects the strength and appeal of the brand as well as the outstanding quality of our collections.”

Click here to sign up to Retail Gazette’s free daily email newsletter


Please enter your comment!
Please enter your name here