Profit hike for clothes retailer Ted Baker
Fashion retailer Ted Baker said it remained cautious ahead of the crucial Christmas period, despite a 25% hike in half-year profits driven by womenswear sales and improved trading overseas.
It has made a good start to the second half of the year but said its annual results were dependent on Christmas trading, and it was wary given the "uncertain economic environment".
Ted Baker posted pre-tax profits of £7.5m in the first half, on group revenues of £88.1m, up from £76.6m last year.
Matthew McEachran, analyst at Singer Capital Markets, said the figures were likely to positively affect forecasts for the full year.
He said: "Although comparatives get tougher in the second half, current trading remains robust and Ted Baker's credentials and positioning leave it well placed to continue out-performing if domestic conditions get tougher."
The retailer saw a 17.3% increase in womenswear sales to £43.3m, representing 49.1% of total sales. Menswear was up 12.8% to £44.8m.
The designer brand said sales in the UK and Europe division were up 14.4% to £62.2m, and were supported by a 20% rise in US sales to $9.6m (£6m).
After double-digit declines for two years, the group's wholesale business moved into positive territory in the first quarter of the year. This performance has continued with group wholesale sales 6.3% up on last year at £16.2m.