Fashion retailer Ted Baker delivered a “good performance in line with the Board’s expectations” for the 19 week period to June 9 but stressed it remained cautious of the uncertain economy.
Across the period Ted Baker generated a 14.6% increase in group revenue and gross margins were in line with last year.
Retail sales surged 16.3%, as it increased retail trading space, opening additional concessions in the US, Spain and Ireland. It also opened its first store in Tokyo, Japan while launching concessions in the Netherlands and South Korea.
Ted Baker opened its Brompton Road store in London on Saturday.
Ted Baker founder and chief executive Ray Kelvin said: “The Group has made a good start to 2012, despite continued uncertainty in the trading environment. This is a testament to the strength of our brand, our collections and above all, the commitment of our team.
“Ted Baker remains committed to design, quality and attention to detail as we continue to carefully expand the brand.”
Kelvin said more international store openings are planned for the year, including a store on Fifth Avenue in New York as well as Harbour City in Hong Kong and its first stores in Toronto, Canada, along with Beijing and Shanghai, China.
Wholesale sales for the period advanced 8.9% driven by the growth of its US wholesale business. Ted Baker said it expects full year growth to be at a similar level.
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