Ted Baker posted a 22.1% surge in sales in its latest trading update as both retail and wholesale revenues rose.
In the 13 weeks to November 10 retail sales were up 24.6% compared to the same period last year as average retail square footage rose by 13.7%.
Wholesale revenues rose 14.2% reflecting continued growth in Ted Baker’s US wholesale business plus a “good performance” from its UK business. The company said it expects wholesale revenues for the full year to be 12% ahead of last year.
The premium brand said it was particularly pleased with its performance in the UK and added that in the rest of Europe it has opened its first concessions in Germany plus further in the Netherlands, Ireland and Spain. In the US Ted Baker’s momentum was disrupted by the effects of Hurricane Sandy towards the end of the period.
Founder and chief executive Ray Kelvin said: “The group has delivered a good result over the period, in line with our expectations. We are very encouraged by the reaction to the brand and collections in our new markets where we are investing for the longer term development of the brand and further new store openings are planned for the coming months, including our first store in Toronto, Canada, further stores in Shanghai, China as well as a new store in Heathrow Terminal 3.”
He added: “Whilst we are pleased with our performance to date, full year results will as always be dependent on trading over the key Christmas period.”