Retailer Ted Baker's sales soared double-digits in the third quarter thanks to a popular autumn/winter line and international store openings, the company reported in an statement this morning.
Sales rose 20.5 per cent in the last three months while store sales jumped 18 per cent with openings in Stansted Airport, Amsterdam, Malibu, Toronto and Hawaii.
Ted Baker also saw a 74.3 per cent rise in e-commerce sales while wholesale rose 27 per cent with healthy growth coming from both the UK and US.
Ray Kelvin CBE, founder and chief executive said: "Ted Baker has continued to perform well with further development of the brand internationally and across distribution channels. Underpinned by the skill and dedication of our team across the world, our unwavering focus on product quality and design, and our continued investment across the business, we remain fully focused on the long-term growth of Ted Baker as a global lifestyle brand."
The company said that gross margins were very much in line with expectations but that the Christmas sale period will be crucial to end-of-the-year results.
Ted Baker's shares closed up 1.8 per cent following the announcement.
Analysts at Liberum agree that though these next few will be critical to yearly results, they feel that the strong third quarter growth is enough to leave them on track to deliver an expected 18 per cent profit growth.
"While the company may outperform its own targets in some years Ted chooses not to chose further growth aggressively and risk boom and bust," the investment banking company said. "We believe that investors value that consistency and the company's premium to the sector is earned accordingly."