Ted Baker’s quiet march across the fashion globe continues.
The British brand drove profits up 23.4 percent last year to 44.2 million pounds, or $67.4 million, from 35.9 million pounds, or $58.7 million, in 2014. Earnings per diluted share rose to 99 pence, or $1.51, from 81 pence, or $1.32.
Revenues for the year ended Jan. 30 rose 17.7 percent to 456.2 million pounds, or $695.2 million, from 387.6 million pounds, to $635 million, in 2014.
Figures are converted to the U.S. dollar at average exchange rates for their respective periods.
The company’s quirky founder and chief executive officer Ray Kelvin, who always obscures part of his face while being photographed, said Ted Baker continued its development as a “global lifestyle brand” and indulged in a hint of financial and branding bravado.
“We have again traded very well — despite an uncertain backdrop in some of our markets — which is a testament to the strength of the Ted Baker brand as well as our unwavering focus on quality, design and attention to detail,” Kelvin said. “We have further developed the brand’s presence across international markets including first store openings in Amsterdam, Azerbaijan, Hawaii, Mexico and Qatar and we have new openings planned across our markets in the year ahead.”
The company has 448 stores and concessions, including 185 in the U.K., 93 in the rest of Europe and 97 in the U.S. It also purchased its Central London home at the Ugly Brown Building and invested in a U.K. distribution center.
Looking at the current climate and the outlook, non-executive chairman David Bernstein said: “We are pleased by the initial reaction to our spring collections, which has been positive. Trading is in line with our expectations, with the exception of Asia, where, as has been widely reported, the trading environment continues to be challenging. Whilst Asia currently represents a small part of our business at 3.4 percent of revenue, we remain positive about the long-term opportunities to develop the brand in this territory. Further store openings are planned across new and established markets and we continue to develop and invest in our e-commerce business. In our newer markets, we continue to build brand awareness for the long-term development of the brand.”
The company’s direct to consumer business accounts for just over three-quarters of its revenues, with growth at the company’s e-commerce business outpacing the still-larger business at the brand’s brick-and-mortar stores.
Last year, Ted Baker’s e-commerce business grew 45.8 percent to 53.5 million pounds, or $81.5 million.