Fashion house Ted Baker has reported increased revenue from online sales. The strength of revenue from its website has helped bolster profits across the entire company.
The luxury fashion retailer reported a rise in revenue of 11.3% in the first 19 weeks of its current financial year (ending 11 June).
Online sales rose by 32.3%, whereas physical retail sales increased by 12.7%.Despite what the company has cited as “challenging external trading conditions”, it is on course to meet its profit targets for 2016.
Ted Baker first started as a shirt shop in Glasgow in 1988 and grew into an FTSE 250 international brand, with recently opened stores in Beijing, Ottawa and Seattle and department store concessions in China, Germany, Spain, France and Japan.
Adding the online market to its portfolio, including a new language-specific German site, has seen the business retain its profitability.Ray Kelvin, Founder and Chief Executive, said: “Underpinned by our unwavering focus and passion across all of our products and distribution channels, the talent and dedication of our global teams continue to execute our multi-channel growth strategy. We are very pleased with the response from our customers over this period and remain will positioned to deliver our expectations for the full year.”
Analysts at London firm Liberum reported that Ted Baker was leading the market, outperforming its competitors both in store and online.
View Internet News Archive