Fashion brand Ted Baker has reported increased sales in the first quarter of this year as online growth soared.
The retailer’s sales were up 8.4 per cent while group revenue rose 14.2 per cent compared with the first quarter of last year.
Shares in the company are trading up 1.6 per cent at 2463p following the update.
Ted Baker has announced increased sales in the first quarter of this year as online growth soared.
The stellar growth was largely driven by online sales which increased by 32.3 per cent from 29 January to 10 June as wholesale revenues rose 8.9 per cent, reflecting good performance in the UK and North America.
But as online growth rises, Ted Baker is continuing to invest in high street stores, opening outlets in Los Angeles, Paris, Shanghai and the Netherlands during the quarter.
Bosses anticipate achieving high single digit growth in the wholesale business for the full year despite ‘external factors’ impacting trading across some of its global markets.
Chief executive Ray Kelvin said: ‘This continued good performance across all of our distribution channels is a reflection of the strength and appeal of Ted Baker as a global lifestyle brand.’
‘The continued expansion of the brand remains underpinned by an unwavering focus on quality and attention to detail as well as the passion, skill and ‘Tedication’ of our team.’
‘We are very pleased with the customer response during the period and, despite an uncertain macro environment, we remain positioned to deliver further progress and our expectations for the full year.’
In January, Mr Kelvin vowed shoppers will not be subjected to price hikes this year with the combination of hedging against currency fluctuations and a dollar-denominated income from its US operations helping to offset the collapse in sterling in the wake of Brexit.
Ahead of last year’s referendum, Ted Baker extended its hedging arrangements to April 2018, giving it an extra breathing space compared to other retailers.