Brand defies gloom on UK high street, selling more womenswear than menswear for first time in firm’s history

Ted Baker has defied the gloom elsewhere in the high street by posting a double-digit leap in profits.

Once known for selling garish shirts for young men, the brand has transformed into a high-end retailer for the fashion-conscious, with womenswear overtaking menswear sales for the first time in the company’s 24-year history.

Sales in the year to 26 January were up 18% to £254.5m, driving a 19.2% increase in pre-tax profits to £28.9m.

Ted Baker’s aggressive international expansion strategy has seen the retailer open its first New York store on fashionable Fifth Avenue. Stores have also been opened in China and Canada, with concessions in Germany and the Netherlands.

Sales in UK and European stores rose 11.1% to £165.1m, with retail space increasing by 5.7%.

Analysts said the results were in line with expectations. Freddie George, analyst at Cantor, said: “The strategy of accelerating development overseas through new stores and concessions appears to be working and is set to boost earnings growth over the medium term.”