Designer-clothing brand Ted Baker has posted a 20.5 per cent rise in annual pre-tax profits and said demand for its menswear ranges contributed to a strong start to its new financial year.
The retailer, which has its flagship store in London and 19 other UK outlets including its Birmingham branch, said double-digit sales growth across the business had helped lift profits to £16.8 million in the 52 weeks to January 29.
Turnover was up 19 per cent to £105.7 million from £88.8 million the previous year with the group's core retail division lifting its sales by 17 per cent to £ 71 . 7 million from £ 61 . 3 million as it increased its number of outlets by nine.
The company opened a store in London's Covent Garden last year focusing on its Endurance range, which stocks suits, shirts and ties made of creaseresistant and liquid repellent fabrics, as well as mosquito-repellent T-shirts.
The wholesale arm saw sales rise 24 per cent to £34.1 million, reflecting growth in collections such as Endurance, childrenswear and accessories. Sales at the licensing arm lifted 28 per cent to £3.2 million.
Total sales were 23 per cent 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 disappointing 17 per cent fall in recent sales earlier this month and admitted recent ranges had failed to please shoppers.
Ted Baker's 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 because it's not too serious."
Analyst Matthew McEachran at Investec Securities said the recent performance was excellent, given the UK market backdrop.