Ted Baker sales surge again as store expansion pays off
LONDON Nov 14 (Reuters) - Designer clothing brand Ted Baker said third quarter revenue had jumped by almost a quarter as strong sales at home and abroad, and store expansion boosted its performance.
The British firm, known for its classic cuts with quirky details, said on Thursday group revenue for the 13 weeks to Nov. 9 had jumped 24.4 percent to 77.1 million pounds ($123 million).
Retail sales, which generate over 80 percent of group revenue, rose 19.8 percent to 58.1 million pounds on 11.4 percent more space. The group said it had seen a good reaction across all of its markets to its Autumn/Winter collections.
Wholesale sales jumped 40.8 percent to 19 million pounds, driven by improved trading in the UK and United States, and the firm said it expected full-year sales to be 25 percent ahead of a year ago.
Shares in Ted Baker have risen 85 percent on a year ago to 1,790 pence as the firm continues to attract British shoppers despite pressure on consumer spending, and develops its global presence with new stores in Asia and the United States.
The group, which has over 340 stores and concessions worldwide, opened concessions in the U.S., Netherlands, Spain, France, Germany and its first in China during the period.
In October, the firm reported a 31 percent rise in first half revenue. It is expected to post a full-year pretax profit of 39.24 million pounds according to a Reuters poll of 8 analysts.