UK's Ted Baker posts strong rise in first quarter sales

British designer clothing brand Ted Baker said first quarter revenues had risen by almost 25 percent, boosted by strong demand at home and abroad, online growth and new stores.

Ted Baker's classic cuts with quirky details have attracted a loyal UK customer base, enjoying success despite heavy industry promotions and shoppers maintaining a close watch on spending during the downturn. Demand is also growing abroad as it steadily expands across Europe, Asia and North America.
In March the firm posted a 24 percent rise in annual profit, with revenue double that reported five years ago.

The group, which trades from 414 stores and concessions globally, said on Friday retail sales for the 18 weeks to June 6 grew 18.9 percent, with store space increasing by 6.6 percent.

Ted Baker opened new stores in London and Hong Kong and concessions in countries including France, Germany and Japan in the quarter as it looks to grow international sales already up from 7 percent of total turnover a decade ago to 30 percent now.

First quarter wholesale sales rose 41.2 percent on strong demand in Britain and North America, the firm said, adding that it now anticipated full-year growth of around 18 percent.

The group said gross margins were in line with last year and that it was on track to meet full-year profit expectations.

Shares in the company closed on Thursday at 2,815 pence, up 45 percent on a year ago, valuing the business at 1.24 billion pounds ($1.92 billion).