Soaring online sales help Ted Baker to increased profits of £61.3m

Soaring online sales help Ted Baker to increased profits of £61.3m

Fashion chain Ted Baker has unveiled a rise in full-year sales and profits, helped by continued global expansion and stellar online growth.

Pre-tax profits rose 4.4% to £61.3m in the year to January 28, while total revenue rose 16.4%, or 10.8% on a constant currency basis, to £531m.

Ted Baker opened stores in Beijing and Madrid during the period, but added that it has been impacted by increased levels of promotional activity and a fall in international tourism in the US and Canada.

Chief executive Ray Kelvin said: "We have continued to trade well and develop despite a backdrop of ongoing external challenges across our global markets. This success reflects the strength and appeal of the brand as well as the outstanding quality of our collections."

In January, Mr Kelvin vowed that shoppers will not be subjected to price hikes this year with the combination of hedging against currency fluctuations and a dollar-denominated income from its US operations helping to mitigate the collapse in sterling following the Brexit vote.

Ahead of last year's referendum, Ted Baker extended its hedging arrangements to April 2018, giving it an extra breathing space compared to other retailers.

In the UK and Europe, retail sales were up 10.7% to £279.5m, while in the US and Canada they grew 28.3% to £103.4m.

Online revenue grew 35.1% to £72.3m.

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