Next And Ted Baker Grow Annual Profits

Fashion chains Next and Ted Baker have anounced strong increases in annual profits on improved sales growth.

Next reported a 12.5% rise in underlying profit before tax to £782.2m in the 12 months to 31 January, powered by sales growth at both its stores and Directory internet business.

The firm, which trades from over 500 stores in Britain and Ireland and almost 200 stores overseas, enjoyed a 10.4% increase in profits at its retail store division on the back of a near-5% rise in sales.

Next Directory sales rose more than 12%.

The retailer forecast sales growth of 1.5%-5.5% for its 2015-16 year, with pre-tax profit expectations rising to between £785m-£835m.

The company said it was benefiting from improvements to design content in its ranges and it was continuing to release some new products much closer to core seasons.

Its performance is in stark contrast to that of Marks & Spencer, which has struggled to grow its clothing offering.

The Next share price rose 14% over its last financial year while the value of M&S fell more than 10% over the same period.

Ted Baker, which operates from 398 outlets worldwide including licenced stores, said revenues for its year to 31 January rose 20.4% to £387.6m and that helped its profit before tax to rise 25% to £48.8m.

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