Ted Baker first-half profits jump as retail sales surge

UK and European retail sales advanced 22.6% to £91.6m in the half to August 10 while US and Canada revenue surged 56.8% to £25.4m.

Ecommerce sales soared 51.6% to £9.4m and the retailer is preparing to launch its new ecommerce platform for the UK during the second half, which it said will “drive multichannel opportunities” and will provide local content to its European customers.

Chairman David Bernstein said it is “encouraged by the positive reaction” to its autumn collections in the second half.

Current trading is within its expectations but it forecasts that growth will be lower in the second half as its store openings from last year will annualise over the period.

The fashion retailer’s overseas expansion continued with two new stores and an outlet in Shanghai, China as well as further concessions in the US, France, Spain and the Netherlands.

Ted Baker founder and chief executive Ray Kelvin CBE said: “We have been pleased with the group’s performance across all distribution channels. The last 12 months have seen Ted Baker enter six new international markets and we have been encouraged by the reaction to the brand and collections in these latest territories.

“Our results for the full year will, as always, be dependent on the important second half trading period. However, early trading has been positive across the business and we remain focused on managing the pace of our growth and development of Ted Baker as a global brand.”