Fashion retailer Ted Baker posted a 20.4% rise in retail sales over the 19 weeks to June 12.
Ted Baker said gross margins and the increase in wholesale sales, up 8.2%, were in line with expectations.Total sales climbed 18% for the period.
The company said trading in the UK continued to perform well and trading conditions in its overseas markets continued to improve. Ted Baker will open four stores in the US later this year in Chicago, Santa Monica, Phoenix and New York.
Ted Baker founder and chief executive Ray Kelvin said: “We have made a good start to the financial year and I am pleased with our performance, especially in our overseas markets. Quality of service, design and creativity are at the heart of everything we do at Ted Baker. Whilst we are mindful of the uncertain macro economic environment, these strengths continue to drive our business forward and we have been pleased with the customer response to our Spring / Summer collections.”
The company will open a store in Sydney, Australia and Abu Dhabi, in the United Arab Emirates with its joint venture partners by the year end. In April Ted Baker opened a store in the Dubai Marina Mall with its territorial licensee RSH Limited.
Ted Baker said the stores it bought in Hong Kong at the start of the financial year are performing well and that the company is considering further opportunities to expand in the region.
In a company statement Ted Baker said it while the company remains “mindful of the uncertain economic environment” it believes it is “well postioned to deal with the challenges ahead”.
In March Ted Baker posted a 3.6% rise in full year pre-tax profit to £20.3m.