Ted Baker’s full-year profits have been hit by difficult market conditions, down 11.4 per cent to £19.6m in the 53 weeks to January 31.

Retail sales for the fashion group grew 14 per cent for the year with group revenue up 7.3 per cent to£152.7m.

Ted Baker chief executive Ray Kelvin said: “I am pleased that the group has delivered a good result for the year in a very challenging environment.”

Kelvin said that the climate for the year ahead would remain uncertain but that Ted Baker was well placed to “weather this difficult environment.”

Wholesale sales were weaker for the group, down 12.2 per cent for the year, the overall results was offset by the transfer of some of its wholesale accounts to retail concessions.

Singer Capital analyst Matthew McEachran: “Although management remains very cautious about prospects for the year ahead, they indicate Ted Baker is well placed to weather the conditions and has a strong balance sheet that will allow them to continue investing in the worldwide development of the brand and take advantage of any opportunities should they arise, namely on property.”