TED BAKER posted a 15 per cent rise in first-half revenue yesterday, helped by strong sales in the US as it seeks to grow out of a sluggish European market.
Retailers have come under pressure in the face of squeezed consumer spending, muted wages growth and government austerity. But Ted Baker has notched up solid growth by tapping fast-growing demand in the US and Asia, recently opening new stores in New York, Tokyo and Beijing.
The company, which started as a menswear brand in Glasgow in 1987 and now has nearly 300 stores and concessions worldwide, revealed a 10.4 per cent rise in underlying pre-tax profits to £9.4m in the half year to 11 August as total revenues rose to £118.6m from £102.8m.
Retail sales were up 15.4 per cent as it increased average retail square footage by 12.6 per cent. In the UK and the rest of Europe, sales grew 7.9 per cent to £74.7m while in the US retail sales jumped 53 per cent to $25.6m (£15.9m).
Shares closed up 7.5p to 921p.
City A.M. Reporter