Fast fashion fever: Ted Baker sales soar by a third

Strong online sales and high demand from Britain and the US pushes revenues up 32.7%.

by Elizabeth Anderson
Last Updated: 17 Mar 2016
High street retailers are currently facing an uphill struggle as they battle against unseasonal weather, sliding sales and weak consumer confidence. But it’s a different story at Ted Baker. The fashion chain smashed forecasts by recording retail sales growth of 30.7% for the 20 weeks to mid-June.

Overall group sales were up 32.7% after the group’s UK, overseas and website businesses performed particularly well. The chain also opened concessions in Europe, Asia and Australia as it looks to push its brand internationally, taking its total number of outlets to more than 300.

The group’s founder and chief executive Ray Kelvin said: ‘We are continuing to invest in developing the Ted Baker brand internationally and have been encouraged by the reaction to the brand and the collections in our new markets.’ But he added a note of caution. ‘Whilst as ever the outcome for the full year will be dependent on the second half, we remain very confident of our prospects.’

Ted Baker’s shares hit a high of £16.83 by early afternoon, up 14.5%.

Figures released by the ONS today also showed that UK retail sales recorded a larger-than-expected rise last month, helped by a strong increase in food sales. Sales were up 2.1% in May from the month before, and rose 1.9% on the same time last year. Is this further evidence that the UK economy is on its way to recovery?

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