FASHION RETAILER Ted Baker has notched up an 18 per cent rise in group sales after its spring and summer collections sold well in the UK and abroad.
The improvement in the 19-week period to June 7 was helped by a 9.5 per cent increase in trading space as the firm opened two new stores, at Heathrow’s Terminal 2, and in Glasgow - the city where founder and chief executive Ray Kelvin launched his first store in 1988.
Internationally, the group opened new stores in Philadelphia and California; concessions in France, Spain and Tokyo; and a joint venture outlet in Brisbane.
The business now has more than 180 UK stores and another 60 across Europe, the US and the Middle East and Asia.
Mr Kelvin said: “The Ted Baker brand has continued to perform very well and we have delivered further progress across our global markets and distribution channels.”
The firm, which sells classic garments with a quirky twist, said it performed well in established markets, as well as continued progress in newer markets.
The high street retailer added that its online business continued to grow, with sales rising 48.1 per cent over the period. Gross margins were in line with its expectations and last year.
Cantor Fitzgerald analyst Freddie George said: “The trading update was better than our expectations and indicates that the spring and summer ranges have been well received both in the UK and overseas.”
Mr George said Ted Baker should see strong momentum in its womenswear sales, which he said accounts for 56 per cent of the fashion group’s sales.
The analyst added that the group also had “a significant opportunity” to keep growing its online sales.
Cantor upgraded its 2015 profits forecast to £45.5m from £43.5m, having seen the retailer post a figure of £38.9m in the year to January 26.
Ted Baker opened its refurbished Leeds store at the end of last year, with a refit designed to pay homage to the region’s textiles trade.
The brand sources fabrics from a number of Yorkshire mills, including Clissold and Abraham Moon & Sons.
Mr Kelvinfounded the business in Glasgow in 1988.