Ted Baker saw pre-tax profits rise 24.6% to £7.5m for the 28 weeks to August 14, thanks to a good performance across both retail and wholesale.
Ted Baker’s retail sales grew 17.2% to £71.9m over the period. UK and European store sales were up 14.4% to £64.2m. Retail square footage in the terriroties was up 7.2% to 186,605sq ft at August 14. Retail sales per square foot in the same territories increased 5.4% to £331.
Wholesale sales grew 6.3% to £16.2m over the 28 weeks. Ted Baker said wholesale growth was attributable to an encouraging start to its US wholesale business. Total UK wholesale sales dropped to £14.9m from £15.3m the previous year due to some wholesale accounts being transferred into concessions. However underlying UK wholesale sales were 2.5% above the same period last year and in line with expectations.
Womenswear delivered a strong performance with sales up 17.3% to £43.3m, representing 49.1% of total sales. Menswear sales rose 12.8% to £44.8m and accounted for 50.9% of total sales.
Ray Kelvin, chief executive, Ted Baker, said: “This is a strong performance for the first half of 2010. We continue to expand the Ted Baker brand in new and existing territories, whilst maintaining our focus on design, quality, innovation and attention to detail.”