Oct 3, 2013
Expansion push helps Ted Baker sales rise
Oct 3, 2013
LONDON, England - Designer clothing brand Ted Baker said new stores had helped push up first half revenue by almost a third, and added that its autumn/winter collections had been well received.
The British firm, known for its classic cuts with quirky details, said on Thursday group revenue rose 30.9 percent to 155.2 million pounds in the 28 weeks to Aug. 10, with pretax profit before exceptional costs up 24.3 percent to 11.6 million pounds ($18.83 million).
Retail sales jumped 30.2 percent in the quarter on 12.4 percent more space, with womenswear performing very strongly. Sales were up by a quarter in the UK and Europe, and by almost half in the United States and Canada.
Shares in Ted Baker have more than doubled in a year to 1,920 pence as the firm continues to attract British shoppers despite pressure on consumer spending, and develops it global presence with new stores in Asia and the United States.
The company, which makes around 80 percent of sales in the UK and Europe, opened new locations in Tokyo, Beijing and New York in 2012, and has added more in the U.S. as well as Belgium, Canada and Shanghai in the first half of 2013.
The group, which has over 340 stores and concessions worldwide, said it had been encouraged by the reaction to the brand in its latest territories.
Wholesale sales rose 33.4 percent in the period. The first half of the year accounts for around 30 percent of Ted Baker's annual profit.
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