Ted Baker bucks downward trend

Fashion chain Ted Baker posted a 21% hike in annual profits today and said demand for its menswear ranges contributed to a strong start to its new financial year.

The retailer said double-digit sales growth across the business had helped lift profits to £16.8m (€24.2m) in the year to January 29.

It said the brand’s “quirky sense of humour” was driving demand for its clothing ranges and helped it buck the trend elsewhere on the high street.

Total sales were 23% higher in the six weeks since the start of the new financial year, leaving Ted Baker confident of another successful year.

The update contrasted with the downbeat picture of the retail sector painted by Ted Baker’s competitors in recent weeks. French Connection announced a shock 17% fall in recent sales earlier this month and admitted recent ranges had failed to please shoppers.

Finance director Lindsay Page said menswear was one of the key contributors to the strong performance.

He said: “I think customers are attracted to the brand for its quirky sense of humour – it’s not too serious.”