Revenue surge at Ted Baker

Ted Baker, the British fashion brand, revealed a 22.1 per cent hike in revenue for the 13 week period to November 10th 2012 as consumers snapped up items in the UK and overseas.

Retail sales for the period were up 24.6% from the same time last year as average retail square footage climbed 13.7% to 269,942 square foot.

"We were pleased with our overall performance, particularly in the UK and also in the rest of Europe where we have opened further concessions in leading department stores in the Netherlands, Ireland and Spain as well as our first concessions in Germany," the group said in a company statement.

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Ted Baker's e-commerce business continued to perform well while its move into Asia, with the opening of its first store in Beijing, was 'encouraging'.

It added that momentum in the US was disrupted by the effects of Hurricane Sandy towards the end of the period.

Wholesale sales rose 14.2% for the period after a good performance from its US and UK wholesale businesses. It expects group wholesale sales for the full year to be some 12% ahead of last year.

Gross margins were, as anticipated, in line with last year.

Founder and Chief Executive Ray Kelvin said: "We are very encouraged by the reaction to the brand and collections in our new markets where we are investing for the longer term development of the brand and further new store openings are planned for the coming months, including our first store in Toronto, Canada, further stores in Shanghai, China as well as a new store in Heathrow Terminal 3."

"Whilst we are pleased with our performance to date, full year results will as always be dependent on trading over the key Christmas period."

CJ