Ted Baker retail sales up 30.2% helped by international expansion
Ted Baker saw its pre-tax profits increase by 49.7% to £11.6 million in the first half of its financial year as retail sales soared by 30.2% and group revenue jumped by 30.9% to £155.2 million.
The fashion retailer, which has 341 stores and concessions worldwide, said sales in the UK and Europe had risen by 22.6% to £91.6 million. In the US and Canada, retail sales climbed 56.8% to £25.4 million while in Asia they increased by 78.6% to £5 million as the retailer continued its international expansion.
E-commerce sales rose by 51.6 % to £9.4 million with growth across all channels.
During the period, Ted Baker opened further concessions in the US and Europe and new outlets in Belgium and Canada. It also continued its expansion in Asia with two store openings and an outlet in Shanghai, China. The retailer said it had been encouraged by the reaction to the Ted Baker brand and collections in its newer markets.
While average retail square footage increased by 12.4% to 297,011 sq ft in the period, the retailer said the level of increase in average selling space would reduce in the second half as planned. As a result, retail growth in the second half of the year is expected to be below that of the first half.
Ray Kelvin, Ted Baker founder and chief executive, said: "We have been pleased with the group's performance across all distribution channels. The last 12 months have seen Ted Baker enter six new international markets and we have been encouraged by the reaction to the brand and collections in these latest territories.
“Our results for the full year will, as always, be dependent on the important second half trading period. However, early trading has been positive across the business and we remain focused on managing the pace of our growth and development of Ted Baker as a global brand.
“Our performance is testament to the passion and dedication of the Ted team throughout the world."
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