Ted Baker fashions 18% sales rise
Fashion retailer Ted Baker has notched up an 18% rise in group sales after its spring and summer collections sold well in the UK and abroad.
The improvement in the 19-week period to June 7 was helped by a 9.5% increase in trading space as the firm opened two new stores, at Heathrow's Terminal 2, and in Glasgow – the city where founder and chief executive Ray Kelvin launched his first store in 1988.
Ted Baker has one stand-alone store in Belfast's Victoria Square shopping centre, and a concession in the centre's House of Fraser.
Internationally, the group opened new stores in Philadelphia and California; concessions in France, Spain and Tokyo; and a joint venture outlet in Brisbane.
The business now has more than 180 UK stores and another 60 across Europe, the US and the Middle East, and Asia.
Mr Kelvin said: "The Ted Baker brand has continued to perform very well and we have delivered further progress across our global markets and distribution channels."
The firm, which sells classic garments with a quirky twist, said it performed well in established markets, as well as continued progress in newer markets.
The high street retailer added that its online business continued to grow, with sales rising 48.1% over the period. Gross margins were in line with its expectations and last year.
Cantor Fitzgerald analyst Freddie George said: "The trading update was better than our expectations and indicates that the spring and summer ranges have been well received both in the UK and overseas."
Mr George said Ted Baker should see strong momentum in its womenswear sales, which he said accounts for 56% of the fashion group's sales.
The analyst added that the group also had "a significant opportunity" to keep growing its online sales. Cantor upgraded its 2015 profits forecast to £45.5m from £43.5m, having seen it post a figure of £38.9m in the year to January 26.