Fashion brand Ted Baker has hailed strong performances in London and the US for helping to drive an uplift in half-year profits ahead of expectations.
Ted Baker, which has nearly 300 stores and concessions globally, said trading in the capital had remained robust, helped by its new shop in Chelsea’s Brompton Road, which opened in June.
Founder and chief executive Ray Kelvin said: “London is still trading pretty well. Things are getting a bit easier, and we have traded through difficult times pretty well.”
In the UK, Kelvin said it had a “fantastic first half in womenswear”, particularly on dresses. The brand’s sales in the UK and Europe jumped by 7.9% to £74.7 million in the 28 weeks to August 11, lifted by new stores. However, Ted Baker’s sales per square foot declined by 2% from £349 to £342, “reflecting the challenging conditions”.
The star performer was its US retail business, which grew sales by 53.3% to $25.6 million (£15.9 million) and opened a flagship store on New York’s Fifth Avenue at the end of the trading period.
US revenues were boosted by Ted Baker expanding its presence to about 30 shop-in-shops inside the department store Bloomingdale’s. Underlying profits rose 10.4% to £9.4 million.
