City raises Ted Baker profit forecasts after bumper quarterly performance

The fashion brand and retailer delivered a 17.9% increase to group sales in the 19 weeks to June 7. Retail sales rose 15.8% in the period.

Broker Cantor Fitzgerald has raised its pre-tax profit forecast to £45.5m from £43.5m. Oriel Retail moved its forecast up 1% this year and 2% next year.

Liberum increased its full-year forecast 1.5% from £45.6m to £46.3m.

Liberum Sanjay Vidyarthi added: “Ted has delivered strong growth against tough comparatives, with continued momentum in established and new markets.”

Ted Baker chief executive Ray Kelvin told Retail Week it was a “very good performance” considering the “exceptionally strong” comparable quarter last year.

Kelvin said no single thing is driving the sales and profit growth at the retailer.

He said: “We do it by keeping focused. We can’t afford to take our eye off the ball.

“America has been particularly strong. We’re trading very well in the States because we are becoming more famous [there].”

In the quarter Ted Baker opened a store in Philadelphia in one of the largest shopping malls in the US. The Middle East has also been performing well and the retailer has opened its first store in Saudi Arabia.

Ted Baker also opened further concessions in Spain, France and the Netherlands, and an outlet in Paris.

In Asia it opened two concessions in a Tokyo department store.