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Ted Baker continues expansion

TED Baker continued to defy the gloom surrounding the retail sector as its global expansion helped deliver a surge in sales and profits.

The brand, which has 179 stores in the UK including concessions, said retail sales were up 15.4% in the 28 weeks to August 11 as it increased average retail square footage by 12.6%, after opening stores in London, New York and Tokyo. The upbeat performance implies like-for-like sales growth of around 3%.

The group revealed a 10.4% increase in underlying pre-tax profits to £9.4 million in the half year period as revenues rose to £118.6m from £102.8m.

Ted Baker, which started as a shirt store in Glasgow in 1988, unveiled a 10.5% rise in the interim dividend to 7.9p per share.

Its share price was up nearly 4%.

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