Ted Baker has announced an increase of almost 25% in its first quarter revenues which have been enhanced by strong demand both at home and internationally, online growth and successful new stores.
The fashion brand’s CEO Ray Kelvin said that the company is largely pleased with its spring/summer collections results. The company’s revenue increase was achieved in spite of its trading at the more expensive end of the British high street, in addition to competition among cost conscious consumers.
Store sales for the 18 weeks to 6 June grew by 18.9% as Ted Baker capitalised on increased demand by opening more store space. These include new stores in Hong Kong, London and a number of concessions across Europe, Asia and North America. Ecommerce sales were also up by circa 47%.
Further, first quarter wholesale sales rose by 41.2% as a result of strong demand in Britain and North America, while it anticipated full year growth of around 18%.
Having grown from being a single shirt specialist in Glasgow, the tailored yet quirky brand now trades from 414 stores and concessions worldwide, the majority in the UK and mainland Europe. The fashion retailer has recently expanded with stores across the Middle East including Azerbaijan, Dubai, Qatar, Saudi Arabia as well as in Thailand and Taiwan.
“We are pleased with the performance of our spring/summer collections both in the UK and internationally, which is testament to our skilled and passionate team” Kelvin commented on Ted Bakers success.
Analysts Liberium said the start of the year for the retailer had been “exceptionally strong”.
Shares in the company ended on Thursday at 2,815p, up 45% from last year which valued the business at £1.24bn.