Ted Baker eyes overseas push as sales soar

FASHION retailer Ted Baker is poised for further overseas expansion after unveiling a sharp uplift in revenues.

A piece from Ted Baker's Spring/Summer 2013 collection. Picture: Contributed

The designer label, founded by chief executive Ray Kelvin as a Glasgow shirt store in 1988, has more than 300 outlets around the world. It opened its first retail stores in Canada, China and Japan last year, and is seeking more growth in Asia and the US.

Revenues in the 20 weeks to 15 June were 32.7 per cent higher than a year ago, boosted by a 41 per cent jump in wholesale revenues.

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.”

Shares in the group soared 15.6 per cent to 1,700p.

Cantor analyst Freddie George, who expects a pre-tax profit of £35 million for the full year, said: “The strategy of accelerating development overseas through new stores and concessions appears to be working well and is set to boost earnings growth over the medium term.”