 up by 14.2 percent during the first half of 2017.){kind=link}
Strong online sales helped propel revenues at Ted Baker (LON:TED) up by 14.2 percent during the first half of 2017.
The clothing brand saw its retail sales boost 14.3 percent in the weeks till June 10th. In addition, its e-commerce business performed particularly strongly, witnessing a growth of 35.9 percent.
Founder and chief executive Ray Kelvin commented on the results: “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.”
He added: “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.”
Alongside strong sales performance, the clothing company continued to drive expansion into new locations globally. Across the period, the retailer opened boutiques in Paris, Shanghai, Los Angeles and Roermond, which helped drive up sales volume.
The brand continues to offset the trend in the retail sector of late, which has been struggling with an uncertain economic environment and currency fluctuations. This strong performance has been aided in part by the company’s vast amount of concessions within larger retailers which has sheltered sales from the fall in footfall in recent years.
George Salmon, equity analyst at Hargreaves Lansdown, commented:
“While it’s always tempting for retailers who have found a popular niche in the market to cash in by opening stores left, right and centre, Ted is more than aware of the dangers of smothering its customers with too much of a good thing.
“The group opens up a smattering of new stores in attractive new locations every year, and so retains a firm grip on its image, which remains quirky and fresh,” he added.
Following the encouraging update, shares in Ted Baker are currently up 2.60 percent as of 12.26PM (GMT).