BRITISH retailers may be bemoaning the tough conditions on the high street, but Ted Baker’s sales continued to smash expectations in the first half of the year.
The fashion retailer yesterday posted a 31 per cent rise in revenue to £155m in the 28 weeks to 10 August thanks to new store openings and strong demand for its womenswear range.
Profit before tax was up by 24.3 per cent in the period to £11.6m.
Retail sales in the UK and Europe rose by 22.6 per cent to £91.6m in the first half, which analysts said implied like-for-like growth of 20 per cent.
Ted Baker has been expanding aggressively overseas and launched new stores in six new markets over the past year including Japan, South Korea and France.
It now has 341 stores and concessions worldwide, including 178 in the UK, 60 in Europe, 40 in the Middle East and Asia and five in Australasia.
“This is a business I started on my kitchen table and so it is hard to believe we are now in countries like Japan and Korea – great testimony to our staff, customers and our brand,” chief executive Ray Kelvin told City A.M.
“It’s a bit of a cliche to say this but it has been a marathon rather than a sprint – it is about building a brand of quality,” he added.
Shares have risen by over 65 per cent to £19 in the year to date, giving the retailer a market capitalisation of £800m.