Fashion retailer Ted Baker has reported a 16.6 per cent rise in group revenue in their half year results, published today.
The designer fashion company has seen a 12.7 per cent increase in profit before tax to £8.5 million in the 28 weeks ended August 13th 2011.
Retail sales are also up by 13 per cent compared to the same period last year, while wholesale sales rose 32.8 per cent to £21.6 million.
Operating a wholesale service in the UK, the company serves 15 countries across Europe and a wholesale business in the US.
The company saw an increase in UK and European sales, which jumped 7.8 per cent to £69.2 million, while US retail sales increased by a staggering 74 per cent to $16.7 million ().
Ray Kelvin, founder and CEO of the companywho was awarded with a CBE by the Queen in her last New Year’s Honours List, expressed his pleasure at the results.
“Ted Baker has delivered a strong performance during the first half of 2011 reflecting the continued investment in our brand and the strength and passion of our team,” he commented.
“Our autumn/winter collections have been positively received and we look forward to opening our new stores in Tokyo and Beijing early next year.
“We are also excited that we have signed a lease for a store on the internationally renowned Fifth Avenue, New York to be opened in the middle of next year.”
Reflecting the opening of stores in Paris, Hong Kong and Manchester, as well as concessions in department stores across the US, Spain and Portugal, capital expenditure rose by £3.4 million compared to 2010, reaching £8.2 million.
Eyeing further international expansion, the company has expressed its intention to open more stores in the second half of the year while refurbishment and improvement of infrastructure is also expected to be an area of investment.
Bluewater shopping centre currently houses a concession which will be moved to a larger unit, following the success of the brand’s move to outlet Bicester Village since the end of the last period.
The retailer recently launched a click & collect service in the UK, and sales through the e-commerce side of the business rose by 29.9 per cent compared to the same period last year.
Womenswear collections have fared particularly well, with sales up 22.6 per cent to £53.1 million, accounting for 51.7 per cent of total sales.
Robert Breare, Ted Baker’s Non-Executive Chairman, welcomed the results but maintains a vigilant approach.
“Whilst we have made a good start to the financial year, our results for the full year will be dependent on trading in the second half of the financial year and, at this stage, we remain cautious given the uncertain macroeconomic environment,” he said.
“Our costs and commitment remain under control and, with our strong balance sheet, we will continue to invest in the long term development of the Ted Baker brand.”