Ted Baker's profits surge by almost 20%

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Ted Baker's profits surge by almost 20%

Ted Baker's share price climbed 2.79 per cent this morning after the luxury brand reported an 18 per cent jump in sales over the festive trading period.

In the United Kingdom and Europe, the Brexit vote caused economic uncertainty and a spate of terror attacks in Europe over the course of the year discouraged tourism, a key demand driver for luxury goods companies. Slowing growth in China put pressure on Asian trading. For the half-year to August 13, 2016, it posted a 21% rise in pretax profit and a 14% rise in revenue and hiked its interim dividend by 12%.

Peel Hunt said the performance was "very solid", pointing to the pick up in retail sales from growth of 6.7 percent in constant currency that Ted Baker reported for 13 weeks to November 12.

His comments come as Ted Baker announced a 17.9% increase in retail sales for the eight weeks to January 7.

As well as increased sales, Ted saw its average retail square footage rise by 8.5% over the two months to 386,252 sq. ft., with particular expansion in China, Bahrain and Indonesia.

The company will publish annual results for the 52 weeks to January 28 on March 23 and anticipates these results will hit its expectations.

Ted Baker's performance contrasts with some of Britain's other clothing retailers, which have had tough time over Christmas.

Shares were up 3.5% to 2,740p in early deals on Wednesday. "On behalf of the board, I would like to thank all colleagues across the world for their continued passion and Tedication", said Ray Kelvin, Ted Baker's founder and chief executive.

Ted Baker Plc is a global lifestyle company.

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