Premium brand and retailer Ted Baker posted a 20.4% rise in retail sales over the 19 weeks to June 12, while wholesale sales increased 8.2% over the period.
Ted Baker said gross margins and the increase in wholesale sales were in line with expectations. Total sales at Ted Baker climbed 18% over the 19 weeks.
The retailer increased retail square footage over the period by 10% to 222,339 sq ft. 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.
It added that the relaunch of its US wholesale business under its own management had started well and the business said that it was “encouraged” by the positive reaction in the market.
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 one in 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.
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 that while the company remained “mindful of the uncertain economic environment” it believed it is “well positioned to deal with the challenges ahead”.
In March Ted Baker posted a 3.6% rise in pre-tax profit to £20.3m over the year to January.