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UPDATE 1-Retailer Ted Baker revenue up as online sales jump
October 11, 2016 / 9:16 AM / a year ago

UPDATE 1-Retailer Ted Baker revenue up as online sales jump

(Adds CEO comments, share movement, details)

By Rahul B and Sanjeeban Sarkar

Oct 11 (Reuters) - British apparel company Ted Baker said revenue rose 14.4 percent for the 28 weeks ended Aug. 13, driven by online growth and strong retail sales back home and the rest of Europe.

The company has not seen any “discernible impact” on consumer spending from the UK’s vote to leave the European Union, Chief Operating Officer Lindsay Page told Reuters.

Ted Baker’s shares rose as much as 6.05 percent, before paring some gains to trade 5.2 percent higher at 2548 pence by 0912 GMT.

The retailer, which trades through 470 stores and concessions globally, said revenue rose to 259.5 million pounds ($322.69 million) during the reporting period from 226.8 million pounds ($282.03 million) a year earlier.

UK and Europe retail sales rose 8.5 percent to 131.2 million pounds, while online sales jumped 29.7 percent to 29.7 million pounds.

The company, which opened its first store in Glasgow in 1988, sells dresses, suits and shirts, often sporting quirky details such as flowery collars and polka-dotted sleeves, helping it stand out from rivals in Britain and, increasingly, overseas.

Ted Baker has adopted multiple routes to reach target audience including retail, wholesale, licensing and online, helping it outperform, despite volatile trading conditions in recent weeks, analysts at brokerage Liberum said in a note for clients. ($1 = 0.8042 pounds) (Reporting by Rahul B and Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair and Amrutha Gayathri)

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