Ted Baker's profits rise despite tough trading conditions
Fashion chain Ted Baker shrugged off tough trading on the high street to hike half-year profits by more than a fifth, but cautioned conditions remain 'challenging'.
Founder and chief executive Ray Kelvin hailed a strong performance despite difficult trading in all its markets as the group posted a 20.5% leap in pre-tax profits to £21.5 million for the six months to August 13.
The firm notched up a 13.6% rise in retail sales, up 9.6% with currency movements stripped out, helped by surging online sales in the first half - up 29.7%.
Mr Kelvin said Ted Baker “continues to perform well” since the first half and the group is pleased with the reaction to its autumn/winter collections.
But it warned: “Ongoing external factors impacting trading across our established markets have meant that conditions remain challenging.”
The results come amid a torrid past few months for high-street clothing chains.
Next, John Lewis and House of Fraser have all warned over difficult trading in recent weeks amid a shift in consumer spending, while last month’s unexpected heatwave caused chaos for clothing stores.