Ted Baker has reported healthy increases in its interim profits and sales, driven by increased demand in America and Asia and a thriving ecommerce arm.
The upmarket fashion retailer posted a 12.7% boost in pre-tax profit to £24.2m in the 28 weeks to August 12 and a 14% surge in group revenue to £295.7m.
The fashion retailer’s strong performance was bolstered by its ecommerce sales, which jumped 43.8% to £42.7m, as well as continued sales rises across its North American and Asian divisions, up 18.8% and 29.5% respectively.
The retailer’s sales in America were boosted by the weak pound, and rose 7.8% on a constant currency basis.
Ted Baker’s retail sales during the period increased £13.9% to £217.7m driven by further bricks-and-mortar expansion.
The fashion retailer opened two new US stores and new stores in the UK, China and France, as well as licensee openings in countries including Australia, Kuwait, Lebanon and Mexico.
The retailer’s wholesale revenue increased 14.1% to £78m and licence income rose 23.1% to £9.7m.
Chief executive Ray Kelvin said: “This good performance reflects the strength and appeal of the Ted Baker brand, our business model and the passion, creativity and innovation of our global teams.
“We have a clear strategy for the development of the brand across both established and newer markets and this remains underpinned by the focus on design, quality and attention to detail that is at the core of everything we do.
“While trading conditions in some of our markets remain challenging, we are confident of making further progress for the full year, in line with our expectations.”
Ted Baker’s interim results come a month after the fashion retailer’s global director Chris Browne left the business after nearly three decades, as revealed by Retail Week.