Fashion retailer Ted Baker revealed a stellar set of results for the 19 week period to 9 June 2012 but said it remains mindful of the uncertain economic environment.
The British designer brand posted a 14.6% increase in revenue for the 19-week period while retail sales for the period climbed 16.2% from the same period last year. Average retail square footage rose by 12% to 259,936 square feet.
"We are pleased with performance across all territories despite a backdrop of challenging trading conditions," Ted Baker said in a statement.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
During the period the group opened additional concessions in the US, Spain and Ireland and has recently opened a new store on the Brompton Road, London.
It also continued it expansion into new international markets, opening its first store in Tokyo, Japan, and new concessions with leading department stores in the Netherlands and South Korea.
Wholesale sales for the period rose 8.9% from the same period last year, after strong growth at its US wholesale business. "We expect full year growth to be at a similar level," it said.
Gross margins were, as anticipated, in line with last year, it added.
The group's product and territorial licences continue to perform in line with expectations and new licensed store openings are planned in Indonesia and Malaysia later this year.
"Whilst we have been pleased with the group's performance to date, which is in line with the Board's expectations," it said.
Commenting on trading, founder and chief executive Ray Kelvin said: "The group has made a good start to 2012, despite continued uncertainty in the trading environment."
"We continue to develop the Ted Baker brand in the UK and overseas...with planned for the coming months, including Fifth Avenue, New York, Harbour City, Hong Kong and our first stores in Toronto, Canada, along with Beijing and Shanghai, China."
Equity release rates drop – is it worth unlocking cash from your home?
News Lifetime mortgage rates are falling from their record highs - is equity release worth another look?
By Marc Shoffman Published
Hargreaves Lansdown launches fixed-term cash ISA product
savings/hargreaves-lansdown-fixed-cash-isa-launch Investment platform Hargreaves Lansdown is to offer fixed term cash ISAs via its Active Savings platform paying 4.8%, tax free - but is it any good?
By Kalpana Fitzpatrick Published