Ted Baker books "enviable" H1 profit growth
- H1 profit jumps 32.6% to GBP11.4m
- Group revenue grows 17.4% to GBP182.2m
- Online sales surge 48.9% to GBP14m
Ted Baker's online sales surged 48.9% in the first half
UK lifestyle brand Ted Baker has booked an "enviable" 32.6% increase in first-half net profit, thanks to a surge in online sales and international expansion.
Net profit reached GBP11.4m (US$18.4m) for the 29 weeks to 9 August, compared to GBP8.6m in the same period of the prior year.
Group revenue increased 17.4% to GBP182.2m from GBP155.2m last year. Retail sales, including e-commerce, rose 14.8% to £140m. The UK and Europe recorded growth of 15.1%, while the US and Canada booked a 13.8% gain, and Asia a 16% increase.
During the period, Ted Baker opened new space in the US and Europe, including France and Spain.
Online sales surged 48.9% to GBP14m, accounting for around 10% of the company's retail sales. Wholesale sales jumped 26.8% to GBP42.1m, while licence income was up 37.1% to GBP5.5m.
"Whilst our results for the full year will be dependent on the more weighted second half, we continue to look forward with confidence as we further develop Ted Baker as a leading global lifestyle brand," said founder and chief executive Ray Kelvin.
Conlumino analyst Anusha Couttigane described the group's results as "enviable", adding that its online growth "is a clear indication that the investment the premium fashion label has put into its website is now seeing traction, and sets the company in good stead for a bumper Christmas".
Help test our new apparel sourcing tool.
Software provider K3 Software Solutions has released a new tool to help make collection planning easier for fashion and apparel firms....
Following its success last year, the next edition of the UK's Fashion SVP near-shoring sourcing event is set to increase the size and range of its exhibition by 40% in response to new demand....
Pentland Brands, owner of the Berghaus, Speedo and Ellesse labels, said it had a strong year thanks to continued international growth, and despite operating in a challenging retail environment....
- What TTIP might mean for US, EU textiles & apparel
- Unlocks for the future fashion sourcing landscape
- Four steps to reduce product defects
- EU eyes mandatory due diligence for apparel supply
- Geo-political uncertainty and how to survive it
- US Q4 in brief – Oxford Industries, Shoe Carnival
- H&M, VF Corp and Levi among most ethical companies
- Sears has "substantial doubt" of future
- Vietnam limits hazardous chemicals in apparel
- Target unveils "ambitious" store re-design plans
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective