Ted Baker’s new Spitalfields store has strong start as fashion chain’s sales surgeComments Off on Ted Baker’s new Spitalfields store has strong start as fashion chain’s sales surge
The FTSE 250 firm today said reaction to its Ted Baker & Moore store on Commercial Street, which showcases headphones, glasses and has a grooming room, has been “very positive”.
It opened at the tail-end of the 18 weeks to 6 June, where the company also made its Hong Kong debut with a street-level store.
International expansion also saw licensed shop openings in countries such as Azerbaijan, Dubai, Qatar and Thailand.
Women’s dresses and men’s suits continue to sell well, helping push revenue up. Retail turnover increased 18.9% and wholesale sales soared 41.2%.
Ted Baker added that its e-commerce business performed well in the UK and US. Sales rose 46.9%.
Standout: Ted Baker founder Ray Kelvin said the retailer’s spring/summer ranges had been well-received (Picture: Ted Baker
Founder and chief executive Ray Kelvin praised the performance of the spring/summer collections in the UK and overseas.
He said: “We remain focused on our strategy to develop Ted Baker as a global lifestyle brand.”
Brenda Kelly, head analyst at London Capital Group, said: “Shares in Ted Baker have had a pretty good year to date, up 31% and may well present a challenge on the all-time highs at 3000p.”
Liberum analyst Tom Gadsby said the retailer is “considerably less high risk than most of [its] peers”.
The shares were up almost 64p at 2878.9p.
Elsewhere, womenswear chain Bonmarché’s wish for a sales boost from pension reforms, giving older shoppers more disposable income, came true.
Revenue rose 8.7% to £178.6 million in the year to 28 March.
The company, aimed at older women, also benefited from good weather and 29 store and concessions opening.
It recommended a final dividend of 4.5p per share, taking the full-year to 6.8p.