TED BAKER’S £25m BOOST TO PROFITS

BOOMING demand for online shopping helped luxury fashion firm Ted Baker post rising sales and profits.

Sales rose 14pc to £295.7m in the six months to August 12 and profits increased 17.8pc to £25.3m. Retail turnover grew 9.2pc to £217.7m while online purchases rocketed 40.7pc to £42.7m.

UK retail sales increased 9.1pc to £145.6m. Chief executive Ray Kelvin said business is resilient despite ‘challenging’ trading conditions and it has been expanding internationally to establish itself as a global brand.

Ted Baker recently opened stores in LA, Houston and Shanghai, however business in North America has been squeezed by the strong dollar and promotional activity by competitors.