Fashion brand Ted Baker is “delighted” after recording a 32.7% surge in group revenue across the 20 week period to June 15.
In its first update since its year-end, Ted Baker revealed retail sales soared 30.7%, while its online business “has continued to perform very well”.
Ted Baker said it increased retail square-footage in the period by 13.4% to 295,769 sq ft.
The fashion brand opened an accessories store in Gatwick North terminal in the period but it closed its store at Stansted Airport due to redevelopment at the terminal. It also pulled the shutters down on its Kings Road store in London as the lease expired at the end of the period.
Overseas, Ted Baker opened its first concession in France and added to its concessions in Spain and the Netherlands. The brand also opened a store and outlet in Shanghai and a concession in a Tokyo department store.
Ted Baker founder and chief executive Ray Kelvin said: “The group has delivered a very good result across all territories over the start of 2013.
“We are continuing to invest in developing the Ted Baker brand internationally and have been encouraged by the reaction to the brand and the collections in our new markets. While as ever the outcome for the full year will be dependent on the second half, we remain very confident of our prospects.”
Ted Baker said it has been investing in people and infrastructure to support growth in the US and Asia and the “long-term development of the brand”. It warned that it after opening stores and concessions in six new countries last year it will “incur disproportionate administration and compliance costs as we establish our businesses in these markets”.
The brand said its wholesale sales increased 41% in the 20-week period and anticipates full-year growth to be “slightly ahead” of initial expectations of single digit growth.
Its licenses are also “performing well”, with new licensed store openings in Adelaide, Beirut, and Kuwait, and planned openings in Abu Dhabi and Dubai.