Retail sales up, wholesale down
Fashion group Ted Baker has revealed it hopes to open another 50 stores in the next five years, as it revealed pre-tax profit up 11.3 per cent to£7 million in the 28 weeks to August 12.

Trading in the seven weeks to September 30 delivered retail sales 14.7 per cent ahead of the same period last year.

However, over the same period, wholesale sales were 6.8 per cent below last year's figures. Ted Baker said that this was the result of 'earlier phasing of deliveries'.

The interim results showed that revenue across the group had increased 6.9 per cent to£61.1 million, with retail sales up 10.4 per cent to£39.4 million.

Ted Baker founder and chief executive Ray Kelvin said: 'We continue with our planned expansion of the brand into the US, the Far East and Asia.

'The second half of the year has started well and we are confident of a positive outcome for the year.'

Kelvin added that the company, which has 28 stores worldwide, had yesterday opened its first store in Hong Kong.

Finance director Lindsay Page told Reuters that the company hoped to open 50 more stores by 2011 'through retail licences focusing on the Middle East and Southeast Asia'.

Ted Baker plans to open five more stores this year: two in Dubai and one in Singapore, Bangkok and Jakarta.

In early trading, Ted Baker shares fell 1.52 per cent to 484.78p. Despite this, City analysts continued to say that 'the shares look undervalued', as present retail trading remained strong.

Broker Numis said that half-year profit was above the expected£5.8 million and that its target for the shares was 570p.