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Gloucestershire Business News

Ted Baker half yearly profits up despite challenging market conditions

Lifestyle brand Ted Baker has recorded a rise in profits and sales despite a backdrop of difficult market conditions.

The high end retailer, which has a store at Gloucester Quays, reported a 14 per cent rise in revenue to £295.7 million, with half yearly pre-tax profits up 17.8 per cent to £25.3 million.

Retail sales up by 9.2 per cent to £217.7 million, while online sales were up by 40.7 per cent to £42.7 million, helped by the opening of new stores in the US and the UK, China and France.

Founder and chief executive Ray Kelvin said: "This good performance reflects the strength and appeal of the Ted Baker brand, our business model and the passion, creativity and innovation of our global team.

"Whilst trading conditions in some of our markets remain challenging, we are confident of making further progress for the full year, in line with our expectations."

He said there was a clear strategy in place to develop the brand across both established and newer markets, with the focus remaining on the core values of design, quality and attention to detail.

"We are dedicated to the long-term development of the Ted Baker brand and are continuing to invest in our infrastructure and people to support our future growth."

Continued expansion is planned across the UK and Europe, with plans to open new stores in Oxford and Luton Airport and further concessions later this year.

Ted Baker has 511 stores, concessions and outlets worldwide, including 192 in the UK, offering a range of clothing, accessories, interiors, jewellery and stationery.

Picture caption: The Ted Baker store at Gloucester Quays

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