Ted Baker has announced a rise in profit by 3.6 per cent, however the Group expects 2010 to be a tough year for its wholesale customers.
Group revenue increased by 7.2 per cent to £163.6m (2009: £152.7m) for the 52 weeks ended 30 January 2010. Profit before tax and impairment increased by 3.6 per cent to £20.3m (2009: £19.6m) and profit before tax increased by 9.8 per cent to £19.5m (2009: £17.8m).
The retail division enjoyed sales increasing by 15.4 per cent to £136.5m (2009: £118.2m). Average retail square footage rose by 13.6 per cent over the period to 210,238 sq ft (2009: 185,102 sq ft). At 30 January 2010, total retail square footage was 217,733 sq ft (2009: 202,206 sq ft), representing an increase of 7.7 per cent on the prior year. Retail sales per square foot remained broadly level at £649 against £639 in the prior year.
“We have been encouraged by trading since the start of the current financial year and the positive reaction from our customers to our Spring/Summer collections,” the group said. Trading in the UK exceeded the group’s expectations, but trading overseas remained difficult. Ted Baker said it still plans to open more overseas stores in New York, Dubai and Sydney.
“Whilst we believe that 2010 will be a difficult trading year, we remain well placed to deal with the challenges and opportunities ahead,” it added.
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