British fashion brand & retailer Ted Baker saw profit before tax leap 10.4 per cent in its first half year as it keeps its focus firmly on international expansion, it has been announced today.
Group sales rose 15.4 per cent to £118.6 million in the 28 weeks ended August 11th 2012 as UK and European retail sales increased to £74.7 million, a 7.9 per cent rise on the same period last year.
Internationally, US retail sales grew 53.3 per cent to $25.6 million (£15.8 million) as rest of the world retail sales soared 58.1 per cent to £2.8 million.
Over its first half, Ted Baker opened its first store in Japan, opening a unit in the capital of Tokyo and also unveiled its first concessions in South Korea and the Netherlands.
Expansion plans gained pace as the retailer also opened stores in existing markets on the Brompton Road in London, Fifth Avenue in New York and Hong Kong‘s Harbour City.
Commenting on the report, Ray Kelvin CBE, Founder and CEO of the brand, said: “We have delivered good results in a challenging environment whilst making important investments for the long term development of the brand, including opening new stores in Tokyo and on Fifth Avenue, New York.
“We are especially pleased with the positive reaction to our Autumn/Winter collections and I am delighted with the openings, since the period end, of our first store in China in Beijing and our first concessions in Germany, as we continue to build Ted‘s global presence.”
As with the majority of youth fashion brands, Ted Baker has ramped up its multichannel offering and has seen e-commerce sales rocket 82.4 per cent over the half, reaching £6.2 million.
Meanwhile in its wholesale division, sales now stand at £24.9 million, up 15.4 per cent on last year and Kelvin believes that the figures stand the company in good stead for the crucial months ahead.
He concluded: “As ever, our full year results will be dependent on trading in the important second half and we remain understandably cautious at this stage given the uncertainty in the global economy.
“However, we believe that we are well placed to deal with the challenges ahead.”