British designer clothing brand Ted Baker said business had started well in its new fiscal year as new openings and strong demand helped it post a big jump in profits.
Profit before tax and exceptional items for the year to Jan. 31 rose 23.7 percent to 49.5 million pounds, in line with analysts' forecasts, with revenue up 20.4 percent to 387.6 million pounds, double the amount posted five years ago.
The company hiked its total dividend 19.6 percent to 40.3p.
Ted Baker's classic cuts with quirky details have attracted a loyal UK customer base, enjoying success despite heavy industry promotions and shoppers maintaining a close watch on spending during the downturn. Demand is also growing overseas.
Retail sales for the UK and Europe grew 16.7 percent in the year and were up 24.9 percent in the United States and Canada. The group's wholesale and licence arms also grew strongly.
Ted Baker, which trades from 398 stores and concessions globally, said more store openings were planned in the new financial year, including in the UK, U.S. and Hong Kong. International sales now generate around 30 percent of the group's turnover compared with 7 percent a decade ago.
"Our customers' reaction to our Spring/Summer collections across markets has been very encouraging and we are excited by our new store openings in the coming months," the firm's founder and chief executive Ray Kelvin said on Thursday.
Shares in Ted Baker closed on Wednesday at an all-time high of 2,817p, up 29 percent on a year ago, valuing the business at 1.2 billion pounds.
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