Sales at Ted Baker stores rose 17.5% to £53.3 millon in the first half of the year as shoppers traded up in the credit crunch.
Chief executive Ray Kelvin said retail sales had performed well. “People are buying investment pieces,” he said. “We’ve done well on all divisions but womenswear performed particularly well, along with our Pashion formalwear range, which has had a good reaction.”
Kelvin said the market would be tough in the second half but felt the business was well placed to cope, and that Ted Baker would continue to look for UK store opening opportunities.
Ted Baker will launch a new premium store format and also a mainline store in the Westfield London shopping centre in White City on October 30. The 1,200sq ft premium shop called Ted Baker Pashion will sell the Pashion and Phormal menswear ranges and upmarket womens-
wear collection Langley Court.
Group sales for the retailer rose by 8.2% to £71.6m for the 28 weeks to August 9 and pre-tax profit climbed 5.4% to £7.4m for the period. The group’s licence income was up 26.1% to £2.9m. However, sales in the wholesale division dropped by 12.1% to £18.3m.
The business has streamlined its distribution with wholesale stockists and has converted a few accounts to concessions. Ted Baker opened four stores during the period, while stores in Bristol and Liverpool have opened more recently.