LONDON, June 10 (Reuters) - British designer clothing brand Ted Baker posted an 18 percent rise in first-quarter sales, driven by growth in its core retail division.
The firm, known for its classic cuts with quirky details, said on Tuesday that retail sales rose 15.8 percent in the 19 weeks to June 7, helped by 48.1 percent growth in online business.
Despite a squeeze on consumer spending and a market offering heavy promotions, Ted Baker has enjoyed strong demand in the UK, while sales overseas have also grown following a big expansion across Europe, the United States and Asia.
In March, the company posted a 26.7 percent rise in adjusted pretax profit to 40 million pounds ($67.2 million) for the year to Jan 25.
First-quarter sales were up 25.2 percent in the company’s wholesale business - which accounts for about a fifth of group turnover. The company said it anticipated low double digit growth in the wholesale business in the full year. ($1 = 0.5956 British Pounds) (Reporting by Roshni Menon and Neil Maidment; editing by James Davey)