Ted Baker has reported a 17.9% increase in group revenue on the back of a raft of new stores and concessions, but has warned wholesale growth looks set to slow for the rest of 2014.
The results, announced this morning (June 10), are for the 19-week period from 26 January to 7 June.
Retail sales were 15.8% above the same period last year, and sales on the brand’s revamped ecommerce site almost doubled, increasing 48.1%.
Wholesale revenue, traditionally the brand’s strongest market, was up 25.2%. It warned, however, that “notwithstanding this strong performance, we anticipate low double-digit growth” for wholesale for the full year.
“Gross margins were in line with our expectations, and broadly in line with last year,” it added.
Stores were added in Glasgow and in Heathrow’s Terminal 2 in the UK over the period, as well as concessions in Spain, France and the Netherlands, and an outlet in Paris. In the US, it opened a store in Philadelphia, two concessions in luxury department store Neiman Marcus and a discount outlet in California.
The brand, founded in 1988, said that “product and territorial licences continue to perform well”, with licensed units opening in Dubai, Cairo and Saudi Arabia.
It also made a foray into audio products this month through a online deal with John Lewis.
Founder and chief executive Ray Kelvin said: “We have continued to perform very well and have delivered further progress across our global markets and distribution channels. We remain focused on our strategy to further develop as a global lifestyle brand.”
The next interim results will be for the 28 weeks from 9 August to 2 October 2014.