Sales at Ted Baker rose 14.6% in the first few months of the year ahead of the premium brand’s next phase of international expansion.
In the 19 weeks from January 29 to June 9, retail sales rose by 16.2% with the average retail square footage rising by 12% compared to this time last year, up from 232,157 sq ft to 259,936 sq ft.
Wholesale sales rose by 8.9% compared with the same period last year, with the sales growth primarily driven by the growth of its US wholesale business.
During the period Ted Baker continued to expand into new international markets with the retailer opening its first store in Tokyo and concessions in the Netherlands and South Korea. Ted Baker also opened further concessions in America, Spain and Ireland.
Ray Kelvin, founder and chief executive, said Ted Baker has further international store openings planned for the coming months, including Fifth Avenue in New York, Harbour City in Hong Kong and its first stores in Toronto in Canada, along with Beijing and Shanghai in China.
Kelvin added: “The group has made a good start to 2012, despite continued uncertainty in the trading environment. This is a testament to the strength of our brand, our collections and above all, the commitment of our team.”
In its interim management statement, Ted Baker said its recent performance was in line with the board’s expectations, but it remains “mindful” of the uncertain economic climate.